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Why Is Jp Morgan Important

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J.P. Morgan: A Master Banker
Banking is a key part of today’s society and economy. The Second Industrial Revolution was an era of innovation and profit in the United States. Several men rose to power and led powerful corporations. John Rockefeller owned almost of the businesses in his field (Deverell and White 623). Carnegie used vertical integration to maximize his profits and cut costs (Deverell and White 622). Henry Ford utilized the assembly line to make his cars more affordable (Deverell and White 755). But one man stood out. Out of many powerful businessmen, J.P. Morgan was the most influential person during the Second Industrial Revolution.
J.P. Morgan major player many industries over the course of his career. John Pierpont Morgan was …show more content…

However, many railroads were losing money fast. Too much competition flooded the market. Morgan was responsible for financially aiding several railroads (History.com Staff). By 1893, J.P. Morgan was the primary financier for U.S. railroads (“Key Moments In J.P. Morgan History”). Since railroads were publicly traded corporations, and were already in need of financial assistance, Morgan knew that other industries were soon to follow. H.W. Brands, an American history educator and author, said that Morgan understood that he could have more influence over the economy than Rockefeller, than Carnegie, than just about anyone else, without himself being particularly rich (“J.P …show more content…

Besides General Electric and AT&T, J.P. Morgan was also heavily involved in the creation of U.S. Steel (“Key Moments In J.P. Morgan History”). Andrew Carnegie had created Carnegie steel in Pittsburgh. Elbert H. Gary founded Federal Steel Company, a rival to Carnegie Steel, in Chicago. Along with companies like National Steel, National Tube, American Steel and Wire, American Steel Hoop, American Sheet Steel, American Tinplate, and many more, Morgan helped create a steel supergiant (“United States Steel Corporation”). Thirty-three companies were merged under U.S. Steel to create the first billion dollar company in American history. After the merge U.S. Steel was valued at 1.4 billion dollars. Two more companies later merged in. Several more were to join U.S. Steel. This action prompted other mergers in the steel industry (“United States Steel

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