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The Great Pierpont Morgan
A revealing biography of J. P. Morgan, one of the most powerful and enigmatic financiers in history, from bestselling author Frederick Lewis Allen.
Celebrated as a titan of industry by some and decried as a monopolizing robber baron by others, John Pierpont Morgan was without a doubt a dominant player in American finance at the turn of the twentieth century. He founded U.S. Steel, a conglomeration of leading steel and iron producers, which was the nation's largest coast-to-coast railroad system, and the first company to be worth more than $1 billion.
Morgan was also instrumental in developing the Federal Reserve after working with political leaders to prevent a potentially devastating fiscal crisis in 1907. Indeed, he was a driving force in the modernization of American business, and the effects of his acumen and foresight continue to resonate today--on Wall Street and beyond.
Additionally, known for his displays of wealth and power, Morgan was a prominent figure of the New York society scene--a member of the original one percent--as well as a notable art connoisseur with a sizable collection now housed in Manhattan's lavish Morgan Library & Museum, once his own private library.
In this meticulously researched and comprehensive biography, Frederick Lewis Allen, former editor of Harper's magazine and author of Only Yesterday, delves into the life and character of a fascinating, multidimensional man. Allen also probes the evolution of the business landscape during Morgan's lifetime, when giant corporations with unparalleled economies of scale began to absorb and replace smaller competitors.
This richly detailed portrait of a man whose name is inseparable from American finance is essential reading for anyone seeking a deeper understanding of banking and business history.
Celebrated as a titan of industry by some and decried as a monopolizing robber baron by others, John Pierpont Morgan was without a doubt a dominant player in American finance at the turn of the twentieth century. He founded U.S. Steel, a conglomeration of leading steel and iron producers, which was the nation's largest coast-to-coast railroad system, and the first company to be worth more than $1 billion.
Morgan was also instrumental in developing the Federal Reserve after working with political leaders to prevent a potentially devastating fiscal crisis in 1907. Indeed, he was a driving force in the modernization of American business, and the effects of his acumen and foresight continue to resonate today--on Wall Street and beyond.
Additionally, known for his displays of wealth and power, Morgan was a prominent figure of the New York society scene--a member of the original one percent--as well as a notable art connoisseur with a sizable collection now housed in Manhattan's lavish Morgan Library & Museum, once his own private library.
In this meticulously researched and comprehensive biography, Frederick Lewis Allen, former editor of Harper's magazine and author of Only Yesterday, delves into the life and character of a fascinating, multidimensional man. Allen also probes the evolution of the business landscape during Morgan's lifetime, when giant corporations with unparalleled economies of scale began to absorb and replace smaller competitors.
This richly detailed portrait of a man whose name is inseparable from American finance is essential reading for anyone seeking a deeper understanding of banking and business history.
- GenresBiography
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First published January 1, 1948
About the author
Frederick Lewis Allen
51 books101 followersA graduate of Groton, Frederick Lewis Allen graduated from Harvard in 1912 and earned his master's from there in 1913. Allen was assistant and associate editor of Harper's Magazine for eighteen years, then the magazine's sixth editor in chief from 1941 until shortly before his death. He was also known for a series of contemporary histories that were published during a period of growing interest in the subject among the reading public.
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Displaying 1 - 7 of 7 reviews
October 27, 2021
Writing: 4/5
Knowledge Gained: 5/5
Enjoyment: 3/5
This was a quick summary of JPMorgan's life by the author. Quick summary, with some commentary and fact checking (whether it's true or not) on the author's part. I suggest this book for those with some discerning abilities, since some you'd have to read between the lines, and some you'd have to go check wikipedia or other better sources since this is a quick summary, so the author will not be explaining who is carnegie, who is mckinley, who is roosevelt.
The writing is a bit awkward in places, but the author does a good job of explaining to the read of the zeitgeist of the era. For example, the titans of one industry in a room trying to set prices, today would be regarded as artificially setting up prices, but in that era, is perfectly normal. the word Monopoly did not have the negative connotation today as it had 150 years or even 100 years ago.
JPMorgan, with some legacy help, really is the KKR of his day, better yet, the precursor to KKR, as KKR is around 60-100 years afterward. JPM was also instrumental in stabilizing the US economy, securing the gold reserve, whereas no firm today would go into such operation just for the sake of duty to one's country.
Highly recommended for those that want a quick and informative read, and the author did a good job explaining the zeitgeist of that era.
Knowledge Gained: 5/5
Enjoyment: 3/5
This was a quick summary of JPMorgan's life by the author. Quick summary, with some commentary and fact checking (whether it's true or not) on the author's part. I suggest this book for those with some discerning abilities, since some you'd have to read between the lines, and some you'd have to go check wikipedia or other better sources since this is a quick summary, so the author will not be explaining who is carnegie, who is mckinley, who is roosevelt.
The writing is a bit awkward in places, but the author does a good job of explaining to the read of the zeitgeist of the era. For example, the titans of one industry in a room trying to set prices, today would be regarded as artificially setting up prices, but in that era, is perfectly normal. the word Monopoly did not have the negative connotation today as it had 150 years or even 100 years ago.
JPMorgan, with some legacy help, really is the KKR of his day, better yet, the precursor to KKR, as KKR is around 60-100 years afterward. JPM was also instrumental in stabilizing the US economy, securing the gold reserve, whereas no firm today would go into such operation just for the sake of duty to one's country.
Highly recommended for those that want a quick and informative read, and the author did a good job explaining the zeitgeist of that era.
February 22, 2019
I was dissatisfied with this book. It just didn't hit the spot for me. I was expecting more and it didn't deliver. I can't really put my finger on where I think it went wrong, but somehow Pierpont Morgan didn't seem to come to life and he should have, after all it was a biography. Maybe the author was relying too much on earlier sources (which were acknowledged) or as it was written some years ago, maybe we have come to expect more from biographies today.
February 25, 2020
Masterful, concise, and engrossing!
December 1, 2021
A lot more balanced and interesting than expected.
March 29, 2022
OK, I admit it. I am very jealous of JP Morgan and the opportunities he seized upon.
March 25, 2012
Best biography I've read in awhile. Sound writing with good support and first-hand witness accounts which really bring the words to life.
September 26, 2015
Good, basic story of J.P. Morgan's life. You do get a good idea of what and how he worked as well as how he lived his life.
Displaying 1 - 7 of 7 reviews