![]() Steel, the world’s first billion-dollar corporation-are the stuff of financial legend. Morgan & Co., the "House of Morgan." His industrial reorganizations and corporate mergers-the most magnificent of which was his creation of U.S. In 1895, when he was fifty-eight and his father had been dead for five years, he formed J. S."-became the Peabody firm’s New York representative. Bankers such as Peabody and the elder Morgan arranged European financing for America’s industrialization and westward expansion.įollowing studies at Germany’s University of Göttingen, the younger Morgan-"J. His father, Junius Spencer Morgan, was a distinguished international banker, a partner in the London firm of George Peabody & Co. Unlike the so-called "robber barons" who defined America’s enterprise culture in the second half of the nineteenth century, and who tended to be self-made men, Morgan was to the manner born. John Pierpont Morgan was born in 1837 in Hartford, Connecticut. Anyone with something to sell wanted a last crack at the man dealers around the world feared the market’s steep slump when Morgan breathed his last. For twenty years Morgan had been on the most epic art-buying spree in history, spending close to a billion in today’s dollars. ![]() "Waves of art dealers and amateurs with bundles of things to sell descended on the hotel ‘from early morning to late at night and are repulsed with the regularity of surf on the beach,’" as London’s Daily Mail reported. Morgan lay dying in his suite in Rome’s Grand Hotel, which "looked like a besieged fortress," according to Jean Strouse’s Morgan: American Financier.
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