country and was valued at over one and a half billion dollars. A large percentage of the money went directly to Morgan, which made many Americans question as well as marvel at the accomplishment. In 1902 Pierpont was asked by the sons of Cyrus Hall McCormick, inventor of the reaper, to help end competitive warfare between farm-equipment makers in the Middle West. Morgan agreed to reorganize the situation and the two companies Deering Harvester and McCormick Harvesting Machine were merged with three other small companies to create the International Harvester Company. The company made instantaneous profits and became a huge success for the economy of the Mid-West. A Boston firm primarily financed the American Telephone and Telegraph Company when they faced a consortium of New York bankers in 1902. The New Yorkers, led by J.P Morgan, brought back Theodore Vail as head of the company and funded the company with one hundred million dollars to reorganize the company on a national scale. After 1906, the company was revived and a commanding force it was also principally backed by the house of Morgan. The first time that J.P. was truly introduced to the general public was his aide to the government in 1895. At the time many people believed that Morgan as well as other wealthy financiers including Carnegie and Rockefeller were stronger than the government and were not subject to ordinary laws. The validity of this statement can be only subjectively measured; however the power of Morgan was clear after the crisis in 1895. The national Treasury had been successively issuing bonds to maintain the depleting gold reserves. However, their actions were hurt by the ironic withdrawals of gold, by the Treasury itself, with which to make purchases. President Cleveland and his administration were forced to appeal to international bankers. Morgan formed an alliance between himself and several other financiers including August Belmont to furnish the govern...
