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J. P. Morgan

John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time. In 1892 Morgan arranged the merger of Edison General Electric and Thompson-Houston Electric Company to form General Electric. After financing the creation of the Federal Steel Company he merged the Carnegie Steel Company and several other steel and iron businesses to form the United States Steel Corporation in 1901. He is widely credited with having saved or rescued the U.S. national economy in general—and the federal government in particular—on two separate occasions. He bequeathed much of his large art collection to the Metropolitan Museum of Art in New York City and to the Wadsworth Atheneum of Hartford, Connecticut. He died in Rome, Italy, in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont "Jack" Morgan, Jr.

Career

Early years
 
Morgan entered banking in 1857 at his father's London branch, moving to New York City the next year where he worked at the banking house of Duncan, Sherman & Company, the American representatives of George Peabody & Company. From 1860 to 1864, as J. Pierpont Morgan & Company, he acted as agent in New York for his father's firm. By 1864–72, he was a member of the firm of Dabney, Morgan & Company; in 1871, he partnered with the Drexels of Philadelphia to form the New York firm of Drexel, Morgan & Company.

During the American Civil War, Morgan was approached to finance the purchase of antiquated rifles being sold by the army for $3.50 each. Morgan's partner re-machined them and sold the rifles back to the army for $22 each. These guns were defective and were known to blow the thumbs off of those who used them. While it became a scandal, the military knew it was buying back its own guns and Morgan never even saw the guns, acting only as a lender.[citation needed] Morgan himself, like many wealthy persons, avoided military service by paying $300 for a substitute.[2]

J.P. Morgan & Company
After the 1893 death of Anthony Drexel, the firm was rechristened J. P. Morgan & Company in 1895, and retained close ties with Drexel & Company of Philadelphia, Morgan, Harjes & Company of Paris, and J.S. Morgan & Company (after 1910 Morgan, Grenfell & Company), of London. By 1900, it was one of the most powerful banking houses of the world, carrying through many deals especially reorganizations and consolidations. Morgan had many partners over the years, such as George W. Perkins, but remained firmly in charge.[3]

Morgan's ascent to power was accompanied by dynamic financial battles. He wrestled control of the Albany and Susquehanna Railroad from Jay Gould and Jim Fisk in 1869. He led the syndicate that broke the government-financing privileges of Jay Cooke, and soon became deeply involved in developing and financing a railroad empire by reorganizations and consolidations in all parts of the United States.

He raised large sums in Europe, but instead of only handling the funds, he helped the railroads reorganize and achieve greater efficiencies. He fought against the speculators interested in speculative profits, and built a vision of an integrated transportation system. In 1885, he reorganized the New York, West Shore & Buffalo Railroad, leasing it to the New York Central. In 1886, he reorganized the Philadelphia & Reading, and in 1888 the Chesapeake & Ohio. He was heavily involved with railroad tycoon James J. Hill and the Great Northern Railway.

After Congress passed the Interstate Commerce Act in 1887, Morgan set up conferences in 1889 and 1890 that brought together railroad presidents in order to help the industry follow the new laws and write agreements for the maintenance of "public, reasonable, uniform and stable rates." The conferences were the first of their kind, and by creating a community of interest among competing lines paved the way for the great consolidations of the early 20th century.

Morgan's process of taking over troubled businesses to reorganize them was known as "Morganization".[4] Morgan reorganized business structures and management in order to return them to profitability. His reputation as a banker and financier also helped bring interest from investors to the businesses he took over.[5]

In 1895, at the depths of the Panic of 1893, the Federal Treasury was nearly out of gold. President Grover Cleveland arranged for Morgan to create a private syndicate on Wall Street to supply the U.S. Treasury with $65 million in gold, half of it from Europe, to float a bond issue that restored the treasury surplus of $100 million. The episode saved the Treasury but hurt Cleveland with the agrarian wing of his Democratic party and became an issue in the election of 1896, when banks came under withering attack from William Jennings Bryan. Morgan and Wall Street bankers donated heavily to Republican William McKinley, who was elected in 1896 and reelected in 1900 on a gold standard platform.[6]

In 1902, J. P. Morgan & Co. purchased the Montezun line of Atlantic steamships and other British lines, creating an Atlantic shipping combine, the International Mercantile Marine Company, which eventually became the owner of White Star Line, builder and operator of RMS Titanic.

U.S. Steel aimed to achieve greater economies of scale, reduce transportation and resource costs, expand product lines, and improve distribution.[7] It was also planned to allow the United States to compete globally with Britain and Germany. U.S. Steel's size was claimed by Schwab and others to allow the company to pursue distant international markets-globalization.[7] U.S. Steel was regarded as a monopoly by critics, as the business was attempting to dominate not only steel but also the construction of bridges, ships, railroad cars and rails, wire, nails, and a host of other products. With U.S. Steel, Morgan had captured two-thirds of the steel market, and Schwab was confident that the company would soon hold a 75 percent market share.[7] However, after 1901 the businesses' market share dropped; Schwab, himself, played an important role in falsifying his own prediction: finding the new company unwieldy, Schwab resigned from U.S. Steel in 1903 to form Bethlehem Steel, which became the second largest U.S. producer on the strength of such innovations as the wide flange "H" beam—precursor to the I-beam—widely used in construction.
Enemies of banking attacked Morgan for the terms of his loan of gold to the federal government in the 1895 crisis, for his financial resolution of the Panic of 1907, and for bringing on the financial ills of the New York, New Haven and Hartford Railroad. In December 1912, Morgan testified before the Pujo Committee, a subcommittee of the House Banking and Currency committee. The committee ultimately found that a cabal of financial leaders were abusing their public trust to consolidate control over many industries: the partners of J.P. Morgan & Co. along with the directors of First National and National City Bank controlled aggregate resources of $22.245 billion. Louis Brandeis, later a U.S. Supreme Court Justice, compared this sum to the value of all the property in the twenty-two states west of the Mississippi River.[8]

In 1900, Morgan financed inventor Nikola Tesla and his Wardenclyffe Tower with $150,000 for experiments in radio. However, in 1903, when the tower structure was near completion, it was still not yet functional due to last-minute design changes that introduced an unintentional defect. When Morgan wanted to know "Where can I put the meter?", Tesla had no answer. Tesla's vision of free power did not agree with Morgan's worldview; nor would it pay for the maintenance of the transmission system. Construction costs eventually exceeded the money provided by Morgan, and additional financiers were reluctant to come forth. By July 1904, Morgan (and the other investors) finally decided they would not provide any additional financing. Morgan also advised other investors to avoid the project.

Morgan suffered a rare business defeat in 1902 when he attempted to enter the London Underground field. The notorious transit magnate Charles Tyson Yerkes thwarted Morgan's effort to obtain parliamentary authority to build an underground road that would have competed with "Tube" lines controlled by Yerkes. Morgan called Yerkes' coup "the greatest rascality and conspiracy I ever heard of."[9]

At the height of his power, he controlled indirectly assets worth $1.3 billion.[10]

Later years
Self-conscious about his rosacea, Morgan hated being photographed.After the death of his father in 1890, Morgan took control of J. S. Morgan & Co (re-named Morgan, Grenfell & Company in 1910). Morgan began talks with Charles M. Schwab, president of Carnegie Co., and businessman Andrew Carnegie in 1900 with the intention of buying Carnegie's business and several other steel and iron businesses to consolidate them to create the United States Steel Corporation.[7] Carnegie agreed to sell the business to Morgan for $487 million.[7] The deal was closed without lawyers and without a written contract. News of the industrial consolidation arrived to newspapers in mid-January 1901. U.S. Steel was founded later that year and was the first billion-dollar company in the world with an authorized capitalization of $1.4 billion.[11]

摩根大通集团

摩根大通集团（JPMorgan Chase & Co., NYSE：JPM, 东证1部：8634），业界俗称细摩或小摩，总部位于美国纽约市，总资产20360亿美元，总存款10093亿美元亿 美 元，占美国存款总额10.51%的比例屈居第二 分行5410 家为仅次于美国银行的美国第二大金融服务机构，业务遍及50多个国家，包括投资银行，金融交易处理，投资管理，商业金融服务，个人银行等。现时的摩根大通于2000年由大通曼哈顿银行及J.P.摩根公司合并而成，并于2004年与2008年分别收购芝加哥第一银行和美国著名投资银行贝尔斯登和华盛顿互惠银行。

历史

美国化学银行（Chemical Banking Corporation）
美国化学银行前身是纽约化学品制造公司，成立于1823年。1824年，开始银行业务，并成立纽约化学银行。自1851年，纽约化学银行脱离母公司后并不断并购，其中著名交易有1954年的玉米交易银行、1986年德州商业银行、1991年制造商汉诺威信用公司（Manufacturer's Hanover Trust Company）。历年来，美国化学银行都是美国最大的银行。

1996年，美国化学银行收购了大通曼哈顿并拿取更卓越的名字－Chase。2000年，新公司收购了J.P. Morgan & Co.并且把两者名字结合起来成为今日摩根大通。

美国大通银行（Chase Manhattan Bank）
美国大通银行成立于1955年，当年是由曼哈顿公司银行（成立于1799年）收购了大通国家银行（成立于1877年）。曼哈顿公司银行由阿龙·伯尔（Aaron Burr）创办，他把这间运水公司转变成银行。

1970年代至1980年代得到大卫·洛克菲勒带领，大通曼哈顿银行不断合并成为最有声望的银行，擅长银团借贷、财务及证券服务、信用卡、房屋信贷及零售金融服务。自从1990年代初的房地产崩溃削弱了大通曼哈顿银行，美国化学银行便有机会在1996年收购了它。1999年它曾经以13.5亿美元收购了以旧金山为基地的Hambrecht & Quist银行。

J.P.摩根公司（J.P. Morgan & Company）
1935年，J.P.摩根的头目决定分离它的投资银行业务。而摩根士丹利就是以6.6百万美元的J.P.摩根的没投票权优先股，于1935年9月16日成立的。
芝加哥第一银行（Bank One Corporation）

贝尔斯登（Bear Stearns）

 华盛顿互惠（Washington Mutual）
2008年9月25日美国联邦存款保险公司接管华盛顿互惠并将其大部分资产，包括存款，但不承担债务工具以19 亿美元出售给了摩根大通(JP Morgan Chase & Co.)。摩根大通成为美国最大的储蓄银行。这是美国历史上规模最大的银行倒闭案。摩通计划为WaMu坏账减值310亿美元。

资产3097亿美元
总存款1880亿美元
15个州分行2239家
截至2008年6月底
摩根大通与WaMu资产比较

摩根大通
分行遍及州分：17
资产总值：17760亿美元
贷款总值：6170亿美元
分行数目：3203间
存款总值：7229亿美元
自动柜员机数目：9310部
雇员总数：195594人

华盛顿互惠银行（Washington Mutual）
分行遍及州分：15
资产总值：3100亿美元
贷款总值：2310亿美元
分行数目：2207间
存款总值：1819亿美元
自动柜员机数目：4962部
雇员总数：43198人

合并后总和
分行遍及州分：23
资产总值：20360亿美元
贷款总值：8480亿美元
分行数目：5410间
存款总值：9048亿美元
自动柜员机数目：14272部
雇员总数：238792人

办事处
摩根大通的公司总部现设于美国纽约市曼哈顿区的公园大道(Park Avenue)270号。2008年公司将投资银行业务总部迁往一街之隔的原贝尔斯登总部麦迪逊大道(Madison Avenue)383号，并保留资产管理部于公园大道245号。而摩根大通的商业银行美国大通银行总部则位于芝加哥原芝加哥第一银行总部大楼内，信用卡服务部门与主要后台业务位于特拉华州的威尔明顿。同时公司在位于纽约华尔街附近的原大通曼哈顿银行总部第一大通曼哈顿广场(One Chase Manhattan Plaza)仍保留部分投资银行业务。

在世界其它地区，摩根大通将区域性总部分别设于伦敦、香港、东京和新加坡，并在50多个国家设置了办事机构。

竞争对手
花旗集团（Citigroup）
美国银行（Bank of America）
汇丰集团（HSBC）
德意志银行（Deutsche Bank）