The wealth of the Morgan family did not begin with Pierpont but with his grandfather Joseph Morgan. Joseph prospered as a hotelkeeper in Hartford, Connecticut. He helped to organiz

John Pierpont Morgan was born on April 17, 1837 in Hartford, Connecticut. He was nicknamed "Pip" by his childhood friends. The family prospered in Hartford until Junius moved the family to Boston where Pip began Boston English High. He did well in the prestigious high school and then in his second high school in Vevey, Switzerland. The family moved to London and John transferred to the University of Gottingen in Germany. John continued to excel in his studies and majored in mathematics. He began to become interested in business affairs as he started and investing club amongst his friends and kept strict records of his own finances.

Morgan went on to help create the Federal Steel Company, the National Tube Company and the American Bridge Company. One of Morgan's most famous business deals was the formation of the United States Steel Corporation in 1901. Morgan collaborated with Elbert Gary and John Gates to consolidate different steel companies to form a "supercombination." The U.S Steel Corporation was organized and acquired the outstanding bonds and stocks of the Carnegie Company. The company also bought the preferred stocks of Federal Steel, National Steel, National Tube, American Steel & Wire, American Tin Plate, American Steel Hoop, American Sheet Steel, Lake Superior Consolidated Iron Mines and American Bridge Company. The new company controlled over three-fifths of the steel business in the entire country and was valued at over one and a half billion dollars. A large percentage of the money went directly to Morgan, which made many Americans question as well as marvel at the accomplishment.

Pierpont Morgan was a man of many pecuniary gains and along with these gains came speculations and controversy into his financial dealings. The public often questioned the large undisclosed sum of money Morgan made by supporting the Treasury in 1895. However, President Cleveland himself emphasized the public service that had been rendered. This event was only one of many debatable issues that concerned Morgan and his control over the government and the American market. President Roosevelt investigated Morgan's large deal with the U.S. Steel Corporation and Tennessee Railroad Company but found that that the "means employed were none the less effective, as well as profitable." The culmination of the government and public's suspicion of Morgan's activities were the Pujo hearings of 1912. The House Banking and Currency subcommittee headed by representative Arsene Pujo had been trying to establish that a "money trust" ruled over America's major corporations, railroads, insurance companies, securities markets, and banks. The investigation served as the climax to many years of popular antagonism to the "big money" men and corporations. The attorneys prosecuting Morgan made the pivotal point that eighteen financial institutions effectively controlled a two-thirds majority of the 1912 capital resources, over twenty five billion dollars. The lead attorney questioned J. P. Morgan about his actions in a famous cross-examination. Morgan was questioned on his supposed monopolies, earnings and business practices. Throughout the examination he remained calm and relaxed finishing off the examination with his famous statement that, "Before money of property or anything else. Money cannot buy [character]... because a man I do not trust could not get money from me on all the bond of Christendom. After the hearings adjourned, the charges were dropped and it was concluded that there was no intentional monopoly of the economic market. One reporter stated that, " J.P. Morgan lost no prestige through his appearance...On the contrary, his willingness as a witness and his evident sincerity and frankness seem to have created a distinctly favorable impression. After Morgan's death in 1913, he was tributed in a great fashion by the same reporters that once scolded him for his greed. Tributes centered on his "rugged honesty and rock-ribbed integrity." Theo

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Approximate Word count = 3000
Approximate Pages = 12 (250 words per page double spaced)