USA HISTORY

Detailed explanation-1: -At face value, Morgan contributed greatly to American industry. He invested in Thomas Edison and the Edison Electricity Company; helped to create General Electric and International Harvester; formed J.P. Morgan & Company; and gained control of half of the country’s railroad mileage.

Detailed explanation-2: -J.P. Morgan cofounded (1871) the banking company Drexel, Morgan and Company. It became J.P. Morgan and Company in 1895 and is now JPMorgan Chase & Co. In addition, it was the centrality of his role in averting disaster in 1907 that led the U.S. government to create the Federal Reserve System.

Detailed explanation-3: -In 1907, as several major American financial institutions faced imminent failure that could jeopardize the entire nation, Morgan held a meeting of the nation’s leading bankers and financiers. He persuaded them to bail out the failing companies for the sake of the country as a whole.

Detailed explanation-4: -Morgan was a central figure in many of the most important transactions of the Industrial Revolution. He was an active investor in railroads, reorganizing the Albany & Susquehanna (1869), the New York Central (1885), the Philadelphia & Reading (1886), and the Chesapeake & Ohio (1888).