Irvin Whiteman

““A man always has two reasons for doing anything: a good reason and the real reason.” – J.P. Morgan
J.. Morgan
Attention To The Detail

Contents Origin 1 EARLY YEARS AND FAMILY 2 Forcasting 2 political parties 3 buying property 4 Cash Consolidation 5

Origin

JP Morgan is one of the most powerful bankers of his time. J.P. (John Pierpont) Morgan, who died in 1913. He financed railroads and helped organize U.S. Steel, General Electric and other major corporations during his time. He did alot and hadrto go threw a lot as well. The Connecticut native followed his wealthy father into the banking business in the late 1850s, and in 1871 formed a partnership with Philadelphia banker Anthony Drexel. His family was already established. He just added his way of doing thing when his time came along.
In 1895, the firm was reorganized as J.P. Morgan & Company. Morgan used his powerful influence to help level out American financial markets during several economic crises. However, he faced criticism that he had too much power and was accused of manipulating the nation’s financial system for his own gain. I am not sure what he had to gain from doing so. He was already established and famous. Morgan spent a large portion of his wealth amassing a vast art collection. I see it as having a hobby that can generate a great profit the older it gets.

EARLY YEARS AND FAMILY
John Pierpont Morgan was born into a well known family from New England on April 17, 1837, in Hartford, Connecticut. One of his relatives, James Pierpont, was a founder of Yale University. his grandfather was a founder of the Aetna Insurance Company, and his father Junius Spencer Morgan, ran a successful Hartford dry-goods company before becoming a partner in a London merchant banking firm. After graduating from high school in Boston, Pierpont, as he was known, studied in Europe, where he learned French and German, then returned to New York in 1857 to begin his finance career.

Forcasting
During the late 19th century, a time when the U.S. railroad industry had a fast overexpansion and hard competition. the nation’s first transcontinental rail line was completed in 1869. Morgan was heavily involved in reorganizing and consolidating a number of financially troubled railroads. In the process, he got control of large portions of these railroads’ stock and eventually controlled an estimated portion of America’s rail lines.

political parties

In 1799, New York Assemblyman Aaron Burr charters The Manhattan Company as a New York City water supplier. The Manhattan Company would much later join with Chase Bank. This bought JPMorgan & Co. to become the company it is today. in 1804, arguments between Burr's firm and Alexander Hamilton's Bank of New York eventually led to the famous duel that killed America's first Treasury secretary. Alexander Hamilton collaborated with Aaron Burr and other civic leaders to establish The Manhattan Co. However, Hamilton opposed Burr's insertion of a provision in its charter enabling the water company to open a bank and withdrew his connection to the new firm. Antagonism between these two men over a variety of issues raged until 1804 when Burr chal- lenged Hamilton to a duel; Hamilton was mortally wounded. The pistols were owned by Hamilton’s brother-in-law, John Church, whose granddaughter sold them to The Bank of The Manhattan Co. in 1930. Last year during my undergrad in MCNY, I took a trip to the financial museum located on Wall street. There is a statue that shows Hamilton and birr facing off with the replica guns that they used during the fuel. There is a video and a memorial section about J. P. Morgan.

There was a time when Commercial banking in the United States got its start after the Revolutionary War. The earliest American banks played a central role in the nation’s economic and industrial growth by lending money, safeguard- ing deposits and issuing bank notes that were used as currency. This is another part of history that tells us how times of war can generate money. Banks were opening up during and after the early times of war.
The Bank of New York was founded in 1784 by Alexander Hamilton, who became George Washington’s Treasury Secretary . He ran the first commercial bank in New York City. It had no competition until 1799. That is when Hamilton’s political rival on the game, Aaron Burr, a U.S. Senator and future vice presi- dent of the United States. He turned around and founded The Bank of The Manhattan Co. J.P. Morgan Chase traces its beginnings to Burr’s fledgling institution. buying property
In 1904, JPMorgan & Co. helped finance the Panama Canal by raising $40 mil- lion for the U.S. government to buy land rights from the bankrupt French Panama Canal Co. The purchase, at the time, was the largest real estate trans- action in history.

Cash Consolidation
JP Morgan banks uses physical cash concentration and notional pooling services permit you to generate a single, global cash position the national pooling has the company combine the balances of numerous accounts in order to limit low balance or transaction fees. Cash concentration or has the company physically combining various accounts into one single account. Benefits include optimizing liquidity, offsetting long and short positions for self-funding purposes, and maximizing funds for investment.

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