ipl-logo

Impact Of John Pierpoint Morgan

775 Words4 Pages

Using his excess of wealth John Pierpoint Morgan, a successful banker and owner of U.S. Steel, helped the economy, revolutionized the steel industry and to a few favored causes was a generous philanthropist. Junius Spencer Morgan, father of John Pierpoint Morgan was a successful international banker who would leave behind a large fortune to his son. John Pierpoint Morgan would follow in his father’s footsteps and become a successful banker. John Pierpoint Morgan was the owner of U.S. Steel, the world's first billion dollar corporation. John Pierpoint Morgan used his monetary influence in many ways that affected America, he helped pull the economy out of collapse in 1907, became a philanthropist to a few favored causes and would later become …show more content…

The government called upon John Pierpoint Morgan, among many, to help pull it out of said collapse. "To stem the economic collapse, the federal government turned to New York City's John Pierpoint Morgan, the nation's wealthiest banker...requesting that they lend $40 million to rescue selected banks and businesses" (" Panic of 1907"). John Pierpoint Morgan was held in such a high financial esteem that when something as enormous as a potential economic collapse was brewing the government turned to him. This shows how wealthy and powerful he was at this time. "Despite this conflict, Morgan responded to Roosevelt's call to help save the U.S. financial system during the Panic of 1907" ("Panic Of 1907"). One of Morgan’s largest monopolies had just been split up due to Roosevelt, the current president. Setting this aside Morgan replied to the government by lending them the $40 million they had requested. Despite his flaws John Pierpoint Morgan played a major role in the stability of the government in the 20th …show more content…

" He was the driving force behind the rise of the Metropolitan Museum of Art, serving as president and donating extensively from his personal acquisitions " (Levenick). John Pierpoint Morgan made the largest overall contribution to the Metropolitan Museum of Art showing his dedication to the Museum. " He was often the museum’s lead donor—frequently giving under condition of anonymity " (Levenick). Morgan was not donating to these causes for good publicity. He was donating to them because he genuinely cared and believed in what they were doing. His extensive anonymous donations illustrate this. Even though John Pierpoint Morgan was concentrated on being the owner of a billion dollar corporation he still made time and numerous donations to many

Show More
Related

  • What Are Garrett Morgan Major Accomplishments

    465 Words  | 2 Pages

    Garrett A. Morgan was an African American, who was born in Paris, KY, March 4, 1877. He was 16 years old when he moved to Cincinnati, Ohio. He spent most of his teenage life working as a handyman landowner. Then in 1895 moved from Cincinnati to Cleveland, where there he died July 27, 1963. When he moved from Cincinnati, he only had a sixth grade education.

    Read More

  • Garrett Augustus Morgan's Life And Accomplishments

    1206 Words  | 5 Pages

    Garrett Augustus Morgan, Sr. born on March 4, 1877 – July 27, 196) was an American inventor, businessman, and community leader. His most notable inventions were a smoke hood. notably used in a 1916 tunnel construction disaster rescue. Morgan also discovered and developed a chemical hair-processing and straightening solution. He created a successful company based on his hair product inventions along with a complete line of hair care products and became involved in the civic and political advancement of African Americans, especially in and around Cleveland, Ohio.

    Read More

  • How Did Andrew Jackson Respond To The Financial Panic Of 1837

    267 Words  | 2 Pages

    Andrew Jackson wanted and even gave everyone equal economic opportunity by lessening monopoly with his bank veto. However, the financial panic of 1837 was caused by two of his plans, these include pet banks and Specie Circular. People in favor of the national bank proposed a renewal bill for the Second National Bank's charter. Jackson was not necessarily opposed to central banking as much as he was to the idea of the Second National Bank. By opposing the bill, the Second Bank expired and the US would be without an official bank for many years.

    Read More

  • Why Is Charles Carroll Considered A Founding Father?

    1295 Words  | 6 Pages

    John Adams, Benjamin Franklin, Patrick Henry and George Washington are all names that come to mind, when thinking about the founding fathers. The Catholic Declaration of Independence signer Charles Carroll, however, remains obscure when thinking of the founders of the United States. Carroll being less known does not make him less significant. Instead it cause questions to be raised as to what qualified him to be a founding father as well as what was his motivation. Carroll was born on September 17, 1737 in Annapolis, Maryland to Charles Carroll of Annapolis and Elizabeth Brooke.

    Read More

  • The Effects Pf Paternalism Among Whites And Blacks By Philip D.

    523 Words  | 3 Pages

    In the article “ The Effects pf Paternalism Among Whites and Blacks”, by Philip D. Morgan, explains the relationship between black slaves with dominated white and plain white folk in the time before the Civil War. The passage interestingly repels my first impression of hardness and brutality about American slavery. It turns out the black in that time did had a profound influence among their surrounding, which was both physically and mentally. The bond between black and their master was much tighter by Morgan`s explanation due to the form of paternalism and patriarchalism. And, more importantly, such a form of slavery started to torn the friendship between black and normal white folk apart, by Morgan `s perspective in this passage.

    Read More

  • Who Is Andrew Carnegie A Robber And A Baron

    1099 Words  | 5 Pages

    He eventually bought out Andrew Carnegie's steel industry and several other steel companies. Which later merged them and formed the U.S steel company. It had been said that he had bought the steel company because he is known to be a visionary and saw war was coming and right away knew the main thing they would need is steel for the machinery. “Morgan dominated two industries in particular he helped consolidate railroad industry in the east land and with the steel industry, with the first billion dollar

    Read More

  • What Is Alexander Hamilton Necessary?

    961 Words  | 4 Pages

    Alexander Hamilton, the first Secretary of Treasury of the United States, had a lot going for himself being a man that came from poverty to success, and he was a man “all powerful and fails at nothing which he attempts” admitted a congressman in 1791 (Tindall and Shi). Born in the Caribbean in the West Indies, abandoned by his father and orphaned at the age of 13 by his late mother who had died. Later moved to New York, became a lawyer and transitioned to nationalism thus giving him the important role of handling the weight of the debt America had accumulated $54 million deep after the Revolutionary War (Digital History). Hamilton saw the need for some financial credit to be given to America and he had the right idea by proposing a National Bank to his first president George Washington. Word dispersed of that proposal leading a

    Read More

  • Panic Of 1819 Research Paper

    241 Words  | 1 Pages

    The Panic of 1819 raised concerns of Americans by enhancing their feelings on the controversies and problems of the time. During that depression, Banks throughout the country failed; mortgages were foreclosed, forcing people out of their homes and off their farms. Falling prices impaired agriculture and manufacturing, triggering widespread unemployment. Additionally, John Quincy Adams, the Secretary of State to James Monroe, claimed that both the House of Representatives and the Senate was trying to limit the powers of the President. The imbalance of power would ultimately cause a destructive prospect.

    Read More

  • John Smith's Major Accomplishments

    724 Words  | 3 Pages

    Even though John Smith, Pocahontas, and Anne Hutchinson all died before turning 54 years old, they made many accomplishments. John Smith was a young warrior, a original Jamestown settler, and made a map of Virginia (Kelly, Melissa "Biography of John Smith"). Pocahontas was a Native American princess who saved John Smith's life and brought peace between Native Americans and colonists in Virginia (Kelly Melissa "Biography of Pocahontas). Anne Hutchison hosted meetings for women, criticized a church in Massachusetts, and got her and herself kicked out of Massachusetts (Kelly Martin). John Smith, Pocahontas, and Anne Hutchinson are key people of colonial time, because of their important contributions to their community.

    Read More

  • New Deal Dbq

    1150 Words  | 5 Pages

    People tried to get all of their money out of the banks. Chaos was arising. America needed a hero. This was when FDR, or Franklin Delano Roosevelt was elected as president in 1933. Citizens believed he was the answer.

    Read More

  • How Did Alex Morgan Impact Society

    524 Words  | 3 Pages

    Alex Morgan is not only an inspiration on the field but also off the field. She was the youngest women to make it onto the Women's Soccer National team. She was an overall fantastic player. She was a great team leader no matter the situation she was put in. Alex Morgan is a influential advocate of health of animals and humans through her actions including helping African children, inspiring children, and giving to animal shelters and other environmental things.

    Read More

  • How Did Garrett Morgan Contribute

    1964 Words  | 8 Pages

    Garrett Morgan was a well-known African-American inventor, entrepreneur and pioneer for the black community, America and the whole world who made his mark on the society through his invention of a sewing machine enhancement, primitive gas mask, and traffic lights. In addition, he did have other inventions that did not have as much impact, but most people would say inventing is very hard, so that in its self is a feat. Mr. Morgan’s life did start out a little treacherous, but was nowhere close to the life of his ancestors, parents and some of his siblings. He was one of eleven children and got his work cut down. Respectfully, Garretts early life was full of lack of opportunity and eventually went looking for more opportunity in Ohio, which he

    Read More

  • The Success Of Garrett Morgan

    965 Words  | 4 Pages

    The Success of Garrett Morgan As made evident in Tod Olson’s article “Into the Poison Cloud'', inventor Garrett Morgan saved millions of lives with his inventions. Born in Paris, Kentucky, Morgan moved to Ohio as a teen to help support his family and for better opportunities for himself. Morgan possesses the qualities in Makenzie Carro and Alessandra Potenza S article “6 Qualities of a Successful Inventor”. The qualities that contributed to Morgan’s success as an inventor were his desire to problem solve, his insatiable curiosity, and his resilience.

    Read More

  • How Did Jp Morgan Contribute

    303 Words  | 2 Pages

    Generous donations are always appreciated, especially for a cause such as a love for art or literature. JP Morgan himself was an art lover, and helped fund, in fact spearheaded the project, the Metropolitan Museum of Art. He donated his entire art collection, which he started when he was just 19, and even was a trustee of the museum for 44 years. Contributions to the museum, notes Strouse, were “collections of minerals, gems, meteorites, amber, books, prehistoric South American relics, American Indian costumes, fossil vertebrates, skeletons, and the mummy of a pre-Columbian miner preserved in copper salts.” (J. P. Morgan - The Philanthropy Roundtable)In addition, he gave $500,000 towards the Cathedral of ST.

    Read More

  • Panic Of 1893 Was The Worst Depression In The Nation's History

    1017 Words  | 5 Pages

    Panic of 1893 1893-1897 The Panic of 1893 was the worst depression in the nation’s history. The economy was centralized enough that most people were influenced by national markets and almost everyone was vulnerable to the effects of a national economic depression. In April 1893, the U.S. Treasury’s gold reserve dropped below $100 million and set off a financial panic as investors sold off their assets and converted them into gold. Along with the failure of the Philadelphia and Reading Railroad, the market was increasingly unsettled.

    Read More

More about Impact Of John Pierpoint Morgan

Open Document