J. P. Morgan – America’s railroad magnate
J.P. Morgan owned and operated more than 100,000 miles of railroads throughout the early 20th century, investing in half of the country's train transportation market. This implied that all trade in goods, commodities, and services within the United States was indirectly under the authority of Morgan and his friends, associates, and business partners. To argue that JP Morgan was the one responsible for launching the American economy into the 20th century would not be an exaggeration.
As the greatest industry in America when he came to power, Morgan concentrated on the railroads. From Jay Gould and Jim Fisk, he took over the Albany and Susquehanna Railway in 1869. Through organizational leadership, he broke Jay Cooke's government funding privileges and built and financed a railroad empire by reorganizing and consolidating in every region of the United States. He generated significant sums of money across Europe, but he didn't only get engaged as a financier; he also assisted the railroads in restructuring and improving efficiency. He developed a vision for an integrated transportation system and fought against investors who were solely concerned with making money.
To assist the business in complying with the new rules and create agreements to preserve "public, fair, consistent, and stable prices," Morgan organized conferences in 1889 and 1890 that brought railroad presidents together. A community of interest was established between the opposing lines at the first conference of its kind, laying the groundwork for the great consolidation of the early 20th century. In addition, between 1869 and 1899, JP Morgan & Co and the institutions eventually succeeded in organizing a significant number of railroads. Street railroads were also supported by Morgan, particularly in New York City.
