of his era, like Carnegie and Rockefeller). In addition to his helping stabilize the railroads (extremely important for trade and domestic economic health), Morgan’s “house” was also responsible for other considerable achievements that ultimately benefited the country as a whole, “His house financed the Federal Reserve system in the depression of 1895…he organized a syndicate to float the bond issue negotiated by President Grover Cleveland…helping to stabilize the American economy…organized the US Steel Corporation, which was then the largest corporation in the world. He also gained control of numerous other American businesses, (Biography 12077, 1; Encarta 1).
J.P. Morgan was among the so-called “robber barons”, who, in the late 1900s accumulated vast fortunes through shrewd business investments and financial transactions. These men were highly competitive, driven and known
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