THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Banking and Electricity
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Steel and Oil
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Railroads and Shipping
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Automobiles and the Assembly Line
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Detailed explanation-1: -J.P. Morgan was known for reorganizing businesses to make them more profitable and stable and gaining control of them. He reorganized several major railroads and became a powerful railroad magnate. He also financed industrial consolidations that formed General Electric, U.S. Steel, and International Harvester.
Detailed explanation-2: -He merged railroad companies and became a stockholder in every one of them. He made a fortune in railroads. In 1898, Morgan formed the Federal Steel Company. Again he merged with other steel companies, forming the huge United States Steel Corporation.
Detailed explanation-3: -Against his father’s advice, Morgan invests everything in Edison to form the Edison Electricity Company. They create the world’s first power station and soon half of Manhattan’s connected.
Detailed explanation-4: -Although he will always be remembered for trying to create a steel monopoly in the form of U.S. Steel, many of the other large companies Morgan helped create were beneficial to the economy.
Detailed explanation-5: -One of the most powerful bankers of his era, J.P. (John Pierpont) Morgan (1837-1913) financed railroads and helped organize U.S. Steel, General Electric and other major corporations.