Jp Morgan
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In the late 1800s’ economy there were many Americans who considered themselves to be business affiliated, but really didn’t understand the full meaning of a business or knowing any financial obligations within a business. However, there was one peculiar man John Pierpont Morgan also know as J.P. Morgan who stood out to be a triumphant entrepreneur of many Americans in the late 1800s U.S. Economy.
J.P. Morgan born and raised in a well know city Hartford which is one of the biggest cities in Connecticut, on April 1837. He had a mother who cared for her family while a farther who was being placed up as an associate at major company in Boston, MA. Growing up, J.P. Morgan struggled with physical health problems that caused to him to become an outcast to his friends and society. Therefore, because of his health problems, his numerous of spasms, and the pain, it was difficult for him to continue to seek medical help at that time. However as J.P. Morgan got older, he began to heal quicker while he was continuing to master his educational goals.
When John completed primary schooling, his family decided to relocate to another city where they know that John would be able to excel in a prominent school where he could utilize his skills and talents more effectively. As time progress, J. P. had mastered his way with his secondary education. The family decided it was time to move again and at that time John was ready to go to college. He planned to enroll in a University where could possibly receive a degree in mathematics. He finally decided that since they were living in London he would sign up at the University in Germany. During his duration at the University, John met the Amelia Sturges. While married, Amelia suffered with a disease that took a turn for the worse. In the early 1860s’, Amelia departed life from John. Years later, John decided to remarry to Frances Tracy.
Being in school, it helped John to begin to think a great deal of business. His father had decided that he would give his son a chance to experience the business side of life by seeking him a job in New York at Duncan, Sherman & Company in which his father was well known and such a notable man and had established a large asset within this company. John worked diligently with the company way and beyond his call of duty. At a later date, he wanted to move forward in the company and could not, so he decided to move on to future endeavors. John joined up with Charles Dabney whom he had previously worked with in the past. They started their own business dealing with trades and exchange transactions. As time went on, Dabney left the company and John found a new partner Anthony Drexel and they begin their own company Drexel Morgan and Company. The company was off to a great start and was one of the top investment banks in the U.S. After the passing of Drexel and Morgan’s father Junius, he worked on making moves to start his own company which is now named after him, J.P. Morgan and Company. He was at a point in his life where he had sole control of this major New York firm and the firms that were out of the country in which his father managed.
Through the years he became very successful in his works until something new crossed his path in1869 when the combat of the railroads went into effect. This series led to having problems with the government financing problems with the railroads which led Morgan to reconstruct the railroads and make sure that the finances were handled properly. This was a major competition between having power over the West Shore line, Central and Pennsylvania railroads. He obtained control of the Albany and Susquehanna railroads which made a great rivalry for him since he was a competitor with Jim Fisk and Jay Gould who were also financial investors. It was tough keeping confusion down when they me to discuss the railroads, but however Pierpont maintained and knew his rights and his standings once they adjourned. As Morgan begin to work in depth with the railroads, he knew that because of his current knowledge and past experience in business and financing, that he could make more money, save time, and keep many Americans happy. He decided to promote numerous financial records and helped to keep many businesses open. This was such an outstanding successful move that Morgan made that he was now able to support more companies financially.
John P. Morgan played a great role to the American economy during the late 1800s’ and early