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- Despite his label as a robber baron, Morgan felt his investments benefited America. His railroad dealings helped consolidate many smaller, mismanaged firms, resulting in shorter trips and more dependable service. Two times during financial panics he allowed the federal government to purchase his vast gold supplies to stop the spiral of deflation.
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Nov 9, 2009 · Morgan used his influence to help stabilize American financial markets during several economic crises, including the panic of 1907. However, he faced criticism that he had too much power...
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Apr 23, 2024 · Morgan pledged his own money, and convinced other wealth individuals to do the same in order to sure up the financial industry. This plan then received presidential approval, and the panic...
Apr 3, 2014 · The following year, he fronted a syndicate that sold $40 million in bonds to finance the Northern Pacific Railroad, then the largest transaction of railroad bonds in U.S. history.
When Morgan died, the newspapers estimated the value of his estate at about $80 million (or about $1.7 billion in 2011), a fraction of the wealth of the businessmen he financed. (“And to think,” marveled John D. Rockefeller upon learning the news, “he wasn’t even a rich man!”)
Jun 19, 2024 · He headed a group of bankers who took in large government deposits and decided how the money was to be used for purposes of financial relief, thereby preserving the solvency of many major banks and corporations.
In August 1861, Morgan lent $20,000 (equivalent to $532,770 in 2023) to Simon Stevens, a well-connected New York City attorney and former secretary to Thaddeus Stevens. Stevens used the money to purchase five thousand carbines for resale to General John C. Frémont, commander of the Department of the West. [23]
His most renowned purchase was in 1901, when he bought the Carnegie Steel Company for $500 million to create U.S. Steel. Within ten years U.S. Steel was worth over a billion dollars. Morgan's actions marked a shift in thinking among American industrialists.
