The House of Morgan Short Essay - Answer Key

Ron Chernow
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1. What is the general economic status in the United States when the book opens in 1835?

When the book opens in 1835 it is a time of the building of railroads, canals and turnpikes in the US, financed with bonds sold mostly in London. Many American states are defaulting on their bond interest payments.

2. What financial deal makes Junius Morgan a force in the banking world?

The deal that makes Junius Morgan a force in the banking world is a syndicated loan of $50 million to France to finance a war.

3. What causes a Wall Street panic in 1873?

In 1873 a Wall Street panic is caused by a number of factors including the failure of the Northern Pacific Railroad bonds, the house of Jay Cooke, and the Credit Mobiler and Union Pacific Railroad scandal.

4. By the year 1900, Morgan has come to control most of what transportation industry and why?

By the year 1900 Morgan mostly controls the railroads, which have been consolidated into six big railroad systems. Pierpont has been involved with American railroads in trying to get them to be profitable.

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