J.P. Morgan did not treat workers well overall being the direct cause of falling wages and lack of regard for the health and safety of the workforces of his many companies, especially steel workers and miners, many of whom died while working at his facilities. The term "Morganization" was coined after his business practice of reducing workforce numbers and pay in order to dominate the competition.Know More
Morgan was primarily responsible for the creation of U.S. Steel. This company was the first ever to reach $1 billion in value, and went on to dominate the market for a number of years.
Morgan was not averse to using underhanded methods to get what he wanted. He dodged Civil War conscription by paying someone else to take his place.
During the Civil War period, Morgan made a huge profit by selling cheaply bought and produced rifles, which was responsible for numerous injuries to the soldiers firing them.
Prior to the 1896 election, there was growing outrage at Morgan's methods, as well as that of his contemporaries. Morganization led to a large number of deaths in the steel mills. In the 1896 presidential election, William McKinley, who was the Republican candidate backed by Morgan and other wealthy businessmen, defeated the Democratic candidate, William Jennings Bryan, who threatened to bring down the "robber barons."Learn more about US History
John Pierpont Morgan was born into a wealthy family and received his education at the University of Göttingen, but he made money through several endeavors, namely the railroads, steel and the selling of government bonds. He saved the government from economic disaster on a couple of occasions.Full Answer >
J.P. Morgan helped fund Nikola Tesla's research into creating a global communication system using wireless telephone messages. Morgan provided Tesla with $150,000 to build a transmission tower and power plant.Full Answer >
J.P. Morgan bought and collected art that was equal in value to about two-thirds of his estate or 900 million dollars today. Much of the art he purchased was obtained during the last two decades of his life. After his death, his son, J.P. Morgan Jr., donated a large portion of his father's collection to the Metropolitan Museum of Art.Full Answer >
Many accounts of Andrew Carnegie state that he exploited his workers, and at one point he lowered wages by 30 percent, leading to a strike. Many worked for long hours, seven days a week, and were cast aside when they were no longer physically able to meet his demands.Full Answer >