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The man who funded Kennecott
The man who funded Kennecott
By C.H
The seventh grade class of Academy Charter School from Palmer, Alaska visited Kennecott mill town historical monument near McCarthy, Alaska, which gave them a bigger appreciation of Kennecott and John Peirport Morgan other wise know as J.P Morgan.
Childhood and Education
J.P Morgan was the son of Junius Spencer Morgan who was a successful financier. He went to school at The English High School, Cheshire Academy and the University of Gottingen. He started his career at Duncan, Sherman in 1857 which was a New York law firm. In 1861, he started working as a agent at his father's banking company.
Alaska Syndicate
The Kennecott mine and mill town was created by the Alaska Syndicate, which was formed in 1905 through the efforts of Stephen Birch. Birch was a bright, determined young man who purchased the fabulously rich Bonanza copper claims in the Wrangell mountains with backing from capitalist H.O. Havemeyer. Syndicate parties included the banking houses of the Guggenheim brothers and of J.P. Morgan. The Guggenheims, because of their mining experience, directed development of several mines. The Alaska Syndicate profited largely from Kennecott until the mill shut down in 1938, according to The National Park Service.
photo of original J.P Morgan bank from Morgan Chase Bank website
If you have to ask how much it costs, you can't afford it.
JP Morgan
What else was J.P Morgan known for ?
J.P. Morgan was known for reorganizing businesses and making them more profitable and stable, along with being a venture capitalist. This means he funded the likes of Thomas Edison. and the Kennecott Copper Corp. The spelling of the new company's name was a typo. Someone, noting the proximity of the Kennicott River and Glacier, meant to name the company after those places according to JP Morgan's biography on Britannica.
A large sum of J.P. Morgan money came from owning one of the most successful banks in the world still running today called Morgan Chase. According to Britannica, his bank was so successful, he even lent money to the US government at various times! Being one of the main investors is a huge part of why Kennecott mill town and mine exist. He did many great things and made a huge impact on the world we live in today.
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