What is J.P Morgan most known for?
He was probably the most influential banker of all time, certainly of the modern era. He was really best known for his probity. A man of his word, he was able to influence events across America and even in Europe. By the time of his father’s death, JP Morgan had already established himself as a financier through Dabney, Morgan & Co. and later Drexel, Morgan & Co. It was after the Civil War that he started buying distressed businesses and especially railroad companies. Some of these railroads include the West Shore, Philadelphia and Reading, Richmond Terminal, the Erie and the New England railroads. His process of buying and consolidation of railroads came to be known as Morganization. On several occasions, JP Morgan also helped the government in its finances. In 1877, together with August Belmont and the Rothschilds, they floated $260 million in US government bonds. After the government ran into some gold problems, he bought $200 million worth of government bonds with gold thereby pres
