What companies is he responsible for in American economic history?
2006-08-17 05:45:23 · 3 answers · asked by Miss Missy 2 in Business & Finance ➔ Corporations
At the peak of his powers, in the early 1900s, John Pierpont Morgan dominated a hundred corporations with more than $22 billion in assets. Among them was the first billion dollar corporation in history, U.S. Steel. Morgan had formed this giant steel trust in 1901 out of mills he'd purchased from Andrew Carnegie in a colossal cash deal. This transaction marked the high tide of banker power in America. U.S. Steel remains a major company, based in Pittsburgh and trades on the NYSE under the symbol "X".
J.P. Morgan also arranged the merger of Edison General Electric and Thompson-Houson Electric Company in 1891 to form General Electric, which then became the country's main electrical-equipment manufacturing company. GE is a major conglomerate today, and owns NBC among other things.
In 1871, J.P. Morgan entered the firm of Drexel, Morgan & Co., in which he was associated with Anthony J. Drexel, of Philadelphia, upon whose death in 1893 he became senior partner. In 1895 the firm became J. P. Morgan & Co, which is now known as JPMorgan Chase after merging with Chase Manhattan in 2000. It is one of the largest financial institutions in the world.
2006-08-17 06:15:03 · answer #1 · answered by wcivils 3 · 0⤊ 0⤋
Thompson-Houson Electric Company in 1891 to form General Electric
2006-08-17 06:35:31 · answer #2 · answered by Sweepy 3 · 0⤊ 0⤋
An investment bank that was later swallowed by Chase Manhattan to become JP Morgan Chase.
2006-08-17 06:25:27 · answer #3 · answered by ChelSEnal 1 · 0⤊ 0⤋