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Banker and industrialist J Pierpont Morgan was one of the worlds foremost financial figures in the decades before World War I He organized railroads and formed the United States Steel Corporation His wealth and financial management skills were so considerable that he was able to steer the United States Treasury from the brink of disaster John Pierpont Morgan was born in Hartford Conn on April 17 1837 His father was a very successful businessman and John Pierpont was educated at Germanys distinguished University of Gottingen In 1871 he became a partner in the New York City firm of Drexel Morgan and Company In 1895 the firm was renamed JP Morgan and Company and it soon grew to be one of the most powerful banking houses Morgan had a talent for merging and reorganizing struggling companies to make them remarkably profitable In 1885 he began a long career in railroad organization when he arranged for the merger of the New York Central Railroad with competing New York lines Within three years he extended his influence to railways based in Pennsylvania and Ohio After a financial panic in 1893 he helped to rehabilitate a number of major lines and stabilize the railroad industry by reducing competition When Morgan arranged these mergers he also became a stockholder in the railroad companies and by 1900 he was one of the worlds most influential railroad leaders In the winter of 1895 when the United States Treasury was on the verge of bankruptcy Morgan organized a group of financiers who carried out a private bond sale to replenish the treasury He helped the government again in 1907 when with Wall Street in a financial crisis Morgan used his banking house to take government deposits In 1898 Morgan formed the Federal Steel Company and in 1901 he united it and various other steel companies to form the vast United States Steel Corporation
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