JP Morgan
Transcript: By: Me How I Got Rich: Work Experience New York JP Morgan Hey check out my blog post that's all about me! One of my Railroads financed railroad, reorganized and consolidated financially troubled railroads gained control of portions of these railroads and controlled about ⅙ of America’s rail lines stabilized American market (Panic of 1907) - convinced several top financial ppl to bail out various failing financial institutions Loaned gov’t $60 million in 1895, saved gold standard made investments in large businesses and had control of Congress members left money to son (JP Morgan Jr.), had 4 children Helped purchase struggling New York Times Bought out Tennessee Coal, Iron, and Railroad for $30 million, got legal immunity from T. Roosevelt for the deal (1907) Almost funded Nikola Tesla attempted to ender London Subway field but failed financed International Mercantile Marine Company (owner of Titanic) - scheduled to travel on it but cancelled last minute owned first electrically lit private residence in New York because he invested in Edison YACHTS - supposedly said “If you have to ask the price, you can’t afford it” collected books, pictures, paintings, clocks, many loaned/given to Metropolitan Museum of Art major part in establishing Metropolitan Museum of Art and his library, Piermont Morgan Library public, Harvard, Trinity Photos Born: John Pierpont Morgan on April 17, 1837 (Connecticut) Died: March 31, 1913 Father had him handle one million dollars to know what it feels like and this taught him how to avoid any risks Avoids fighting in the civil war by buying a substitute for 300 dollars during the war, he bought 5000 rifles for $3.50 each ---> sells them for $22 each rifles were defective and would shoot off the thumb of the users brought to the attention of a congressional committee but they exonerate (overlook) him hired Thomas Edison to install electricity in his mansion of 5th in Manhattan invests everything in Edison ( against his father’s will) Creates the Edison Electricity Company created the world’s first power station and half of Manhattan was connected to his home for power Morgan v. Westinghouse Edison( hired under Morgan) v. Telsa ( hired under Westinghouse) Telsa gives up his patent claim immediately attracting investments to Westinghouse/ Telsa Company Morgan threatens Westinghouse with patent infringement and gets rights to Telsa’s patent Where I spend my Money Status Update: A little about me How To Get Rich like comment share like comment share My Workers like comment share Lives In Shared a Link Shared a Photo Here's some advice on how to get rich, written by me! Background Info -In 1871, I became a partner in a New York City firm. By 1895, the firm took my name. J.P. Morgan and Company soon grew to be one of the most powerful banking houses in the country. I also took failing businesses and made them profitable . After the 1893 financial panic, I helped the railroad industry recover. I merged railroad companies and became a stockholder in every one of them. In 1898, I then formed the Federal Steel Company. Again I merged with other steel companies, forming the huge United States Steel Corporation. 1907 would bring a new crisis for me to step into, the Wall Street Crisis. During the crisis, my bank took government deposits in order to help out. Background Info like comment share like comment share #robberbaron4lyfe Status Update Born: John Pierpont Morgan on April 17, 1837 (Connecticut) Died: March 31, 1913 Father had him handle one million dollars to know what it feels like and this taught him how to avoid any risks Avoids fighting in the civil war by buying a substitute for 300 dollars during the war, he bought 5000 rifles for $3.50 each ---> sells them for $22 each rifles were defective and would shoot off the thumb of the users brought to the attention of a congressional committee but they exonerate (overlook) him hired Thomas Edison to install electricity in his mansion of 5th in Manhattan invests everything in Edison ( against his father’s will) Creates the Edison Electricity Company created the world’s first power station and half of Manhattan was connected to his home for power Morgan v. Westinghouse Edison( hired under Morgan) v. Telsa ( hired under Westinghouse) Telsa gives up his patent claim immediately attracting investments to Westinghouse/ Telsa Company Morgan threatens Westinghouse with patent infringement and gets rights to Telsa’s patent Treatment of Workers generally treated workers poorly: low wages and little attention to health and safety conditions. JP Morgan created a monopoly by eliminating competition and maximizing profits by slashing the workforce and reducing their wages. Even though profits are increased, working conditions are very poor. Pay reduces as the average worker earns a dollar a day if they are lucky- but majority earn less than this. over 90% of Americans survive on less than $100 per month. At this point, working hours increase and fatalities
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