*Includes pictures
*Includes some of Morgan's quotes
*Includes a bibliography for further reading
"Go as far as you can see; when you get there, you'll be able to see farther." - J.P. Morgan
A lot of ink has been spilled covering the lives of history's most influential figures, but how much of the forest is lost for the trees? In Charles River Editors' American Legends series, readers can get caught up to speed on the lives of America's most important men and women in the time it takes to finish a commute, while learning interesting facts long forgotten or never known.
The Gilded Age and the dawn of the 20th century are often remembered as an era full of monopolies, trusts, and economic giants in heavy industries like oil and steel. Men like Andrew Carnegie built empires like Carnegie Steel, John D. Rockefeller partnered with railroads to create an oil titan, and the era also made names like Astor, Cooke, Gould, and Vanderbilt instantly recognizable across the globe. Over time, the unfathomable wealth generated by the businesses made the individuals on top incredibly rich, and that in turn led to immense criticism and an infamous epithet used to rail against them: robber barons.
Dozens of men were called "robber barons", but few were as notorious or rich as John Pierpont Morgan, a financier and banker who bankrolled the consolidation of behemoth corporations across various industries. Morgan was behind the merging of Edison General Electric and Thomson-Houston Electric Company, which subsequently became General Electric, still known simply as GE across the world today. Similarly, he financed Federal Steel Company and consolidated various other steel businesses to help form the United States Steel Corporation. While critics complained about the outsized influence that these gigantic businesses had, Morgan's massive wealth also gave him unprecedented power in the financial sector and the ability to deal with politicians. In fact, Morgan played an important part in the Panic of 1907 and the subsequent decision to create the Federal Reserve as a monetary oversight.
The industrial might wielded by men like Morgan directly led to a public backlash and made President Teddy Roosevelt the "trust buster", and there has since been countless regulations to attempt to avoid the types of monopolies found over 100 years ago. However, many 20th century historians and writers pushed back against the allegations hurled at the "robber barons" and even took issue with the name. Morgan may have used his wealth to collect everything from jewelry to yachts, but he was also celebrated for spending enormous sums of money on charitable works and public service projects. As a result, Morgan's reputation is still mixed, even as his legacy is felt over 100 years after his death.
American Legends: The Life of J.P. Morgan looks at the life and career of one of America's most famous industrialists. Along with pictures of important people, places, and events, you will learn about J.P. Morgan like never before, in no time at all.
