J. P. Morgan quotes

J. P. Morgan photo
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J. P. Morgan

Birthdate: 17. April 1837
Date of death: 31. March 1913
Other names: Джон Пирпонт Морган

John Pierpont Morgan Sr. was an American financier and banker who dominated corporate finance and industrial consolidation in the United States of America in the late 19th and early 20th centuries.

In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. He also played important roles in the formation of the United States Steel Corporation, International Harvester and AT&T. At the height of Morgan's career during the early twentieth century, he and his partners had financial investments in many large corporations and had significant influence over the nation's high finance and United States Congress members. He directed the banking coalition that stopped the Panic of 1907. He was the leading financier of the Progressive Era, and his dedication to efficiency and modernization helped transform American business. Adrian Wooldridge characterized Morgan as America's "greatest banker".Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont Morgan Jr. Biographer Ron Chernow estimated his fortune at only $118 million , prompting John D. Rockefeller to say: "and to think, he wasn't even a rich man."

Photo: Pach Bros., Period photo Via / Public domain

„The first thing [in credit] is character … before money or anything else. Money cannot buy it.… A man I do not trust could not get money from me on all the bonds in Christendom. I think that is the fundamental basis of business.“

—  J. P. Morgan

Testimony to the Pujo Committee (1912)
Untermyer: Is not commercial credit based primarily upon money or property?
Morgan: No, sir; the first thing is character.
Testimony to the Pujo Committee (1912)

„I owe the public nothing.“

—  J. P. Morgan

Quoted in the New York World (11 May 1901) during the Northern Pacific Corner. See Morgan: American Financier by Jean Strouse

„If you have to ask the price, you can't afford it.“

—  J. P. Morgan

About purchasing a yacht; quoted in "Business Education World" (Gregg Publishing Company, 1961)
Attributed

„It will fluctuate.“

—  J. P. Morgan

Said of the stock market, as quoted in Jean Strouse, Morgan: American Financier (Random House, 1999), p. 11

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