The House of Morgan written by Ron Chernow tells the history behind J. In the beginning, an American known as George Peabody opened a London banking firm, which establishes the creation of the House of Morgan. Junius Morgan, the son of Joseph Morgan III, partners with Peabody and in time takes over the firm as well as renaming the firm to J.S. Morgan & Co. Throughout the development of the Morgan dynasty, each descendant in the Morgan bloodline increased the wealth and power of the firm, which still even today makes J.P. Morgan one of the most highly prestige companies today. From my analysis of Ron Chernow's research on the Morgan Company, I believe the three most significant facts which turned the Morgan company into a banking powerhouse are the foundation of the House of Morgan through Joseph Morgan, the involvement in the industrial era, and the survival of the firm through decades of proper and depression.
Throughout the Morgan history, the company increased its wealth and power gradually with each new Morgan partner that took head responsibility. As mentioned earlier Junius S. Morgan was the member who created the Morgan name in the world's financial markets during his three decades as a merchant banker in Victorian London. .
The son of Junius Morgan, J. Pierpont Morgan inherited his father's business in 1890 and consolidated the firm's European and American interests. Under Pierpont's guidance, he helped the United States become a huge industrial power by financing corporations in the fields such as railroad, mining, and so forth. Pierpont was one of the many strong forces in American business. The key to Pierpont's success was through his focus on trust and integrity which were the standards by which he did business with his clients. One of Pierpont's statements to corporate lawyer Samuel Untermyer,"Money cannot buy it . because a man I do not trust could not get money from me on all the bonds in Christendom.
