Important accomplishments and achievements
- In 1895, the Federal Treasury was nearly out of gold. President Grover Cleveland accepted Morgan's offer to join with the Rothschilds and supply the U.S. Treasury with 3.5 million ounces of gold to restore the treasury surplus in exchange for a 30-year bond issue.
- In 1896, Adolph Simon Ochs secured financing from Morgan to purchase the financially struggling New York Times. It became the standard for American journalism by cutting prices, investing in news gathering, and insisting on the highest quality of writing and reporting.
- In 1890 J.P. Morgan took control of Morgan & Co. In 1901 U.S. Steel was the first billion-dollar company in the world, having an authorized capitalization of $1.4 billion, which was much larger than any other industrial firm and comparable in size to the largest railroads.
- Save the United States Treasury from bankruptcy
- Started an advanced backing system, creating Chase Bank
- In December 1910, the New York Academy of Sciences named a pink variety of beryl "morganite" after him
in his earlier years
Morgan's role in the economy
was denounced as overpowering in this hostile political cartoon
hated being photograph