David K. Stone (American, 1922 - 2001) "John Pierpont Morgan" Signed lower right. Original Oil painting on Masonite.

Provenance: Collection of James A. Helzer (1946-2008), Founder of Unicover Corporation.

This painting was originally published on the Fleetwood Commemorative Cover for the Shapers of America Collection produced throughout 1986 and 1987.

The son of a British financier who headed the Morgan Bank in London, young John Pierpont Morgan entered the financial arena almost as a matter of course, early demonstrating a genius for what was the "family business." Barely 30 years old, he successfully fought off the attempt of two "Robber Barons" -- Jim Fisk and Daniel Drew -- to take over the Albany and Susquehanna Railroad which he served as agent. Affiliating with his father's banking house soon after, he became the most powerful American banker since Stephen Girard. By 1880 he had won a commanding position through consolidation of the railroads and the formation of giant "trusts." A pioneer in replacing bonds with stocks -- thus transferring the risks from the corporation to the investors -- his policy was to install members of his own bank on the boards of other corporations. Ultimately, he refused to deal with, or invest in, corporations on any other terms. Morgan's greatest financial coup was the organization of the U.S. Steel Corporation in 1901. By that time his dominant position in scores of industries caused him to exert a powerful influence on the national economy. Thus Morgan became a symbol of the "Money Trust." J.P. Morgan donated some of his money to public and quasi-public purposes. He built an imposing collection of paintings, furniture, sculpture, and enamels and willed them to the Metropolitan Museum of Fine Arts, while the Morgan Library in New York stands as a monument to his philanthropy.

Image Size: 17.75 x 20.75 in.
Overall Size: 23.75 x 26.75 in.
Unframed.
(B11480)

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