ATDTDA (2): J. (P)ierpont Morgan (33.27)

[Tim Strzechowski]

[...] "He is naive enough to think he can get financing for this, from Piermont, or me, or one or two others (p. 33).



John Pierpont Morgan I (April 17, 1837 – March 31, 1913) was an American financier and banker, who dominated corporate finance and industrial consolidation.

[...]

By the 1870s Morgan was deeply involved in financing railroads. He raised large sums in Europe but instead of just handing the funds over 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. 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.

[...]

In 1900, Morgan financed inventor Nikola Tesla and his Wardenclyffe Tower with $150,000 for experiments in radio. Tesla was unsuccessful and, in 1904, Morgan pulled out. Later, Tesla created a AC generator

http://en.wikipedia.org/wiki/J._P._Morgan