JP Morgan Biography Essay Research Paper John

J.P. Morgan Biography Essay, Research Paper

John Pierpont Morgan was criticized from many angles for he was undoubtedly the most successful businessman in the history of mankind. During the mid to late nineteen hundreds it was said that at one point Morgan controlled this country more than the government itself for Morgan was the chief financier in many of its operations. Morgan refinanced the United States Treasury on more than one occasion, using his investment banking skills to help keep the country from failing. Furthermore, he did all this while pursuing his own personal hobbies such as philanthropy and creating one of the most immense private art collections of all time. John Pierpont Morgan was a brilliant man who adhered to a strict code of business and personal ethics, helping him to make his way to the top of the world, not because he was a robber baron, but by outworking and out thinking those that ended up below him.John Pierpont Morgan was born on April 17th 1837 in Hartford Connecticut. He studied at numerous schools in Hartford as a young boy, while suffering from a very rare disorder that often lead to fainting spells and extreme fatigue. After his adolescent schooling was completed, he moved to Germany where he studied at the country.s most prestigious place of higher learning, the University of Gottigen. Later in life he suffered from an inflammation of the nose known as Acne Rasaccea, which in some cases scared off competitors and potential clients. After his studies in Germany, he went on to start his own business with the help of his father, Junius Spencer Morgan. Junius Spencer Morgan (1813-1890) had extensive business experience himself, for he was the owner of many businesses and financed many of his son.s projects during his almost lifelong career. Junius was originally the owner of a large mercantile house in Boston, until he moved onto a larger establishment where he was made a partner. After the trade business ceased to be profitable enough for him, Junius went on to take over a successful investment firm from George Peabody in London, England. Morgan.s father was a very reputable man; he gained respect from his peers for recovering endangered companies, and loaning to companies when it was absolutely needed, and for his .audacious. loan to the French after the Franco-Prussian War (Allen Pp. 21). Junius Morgan was obviously an avid supporter of the Northern Union in the Civil War, for that is where he conducted most of his business. He believed that if the South seceded that would be the end of slavery in those states because the North was so overpowering, saying, .The day which draws on a Southern Confederacy will see the .beginning of the end of slavery. in those states.. (Strauss Pp. 134) Junius was utterly disgusted with the Civil War, for he believed that it was a representation of the overall failure of businessmen across the country, whereas he stated to a colleague:Whatever may be the result of the present troubles, I look upon the reputation of our country as gone. We have shown to the world how little real strength it has and how powerless for good is our government Hereafter we must take out stand before, other nations on the same level with the petty States of Central America.

I cannot tell you how I mourn this. (Strauss Pp. 139)Among Morgan.s extensive family [which consisted of a wide array of siblings, children, cousins, and an impressive list of In-Laws] was his mother Sarah Pierpont. She came from a wealthy family in Boston, where her father was a very successful preacher and Morgan originally worked. Sarah.s father was a respected man who was often a resource for advice in the town. He was very educated in business, and had a good grasp of common sense, which he freely distributed to all those who entered his pews.During Morgan.s school years he met Amelia Sturges, a girl who he eventually married. The fact that Amelia was in the latter stages of tuberculosis did not deter Morgan in the slightest. The couple traveled to Europe in hopes of finding a doctor that could cure her deadly condition. In 1862, while in Europe consulting with doctors, Amelia passed away, just one year after they had been married. They had not yet followed through on their plans to have children. Morgan remarried in 1865, to a lady by the name of Frances Tracy, daughter of Charles Tracy, a well-known lawyer of the time. Out of this marriage came four children who all ended up being in the high ranks of society, following in their family.s footsteps. Of the four, only one was a boy who was named after his father, yet most family members called him Jack. When his father passed away, Jack took over a large portion of his businesses, but was said never to have the same business skills that characterized his father. Morgan.s son could not quite live up to him, and neither could most businessmen, and with this in mind it was said that he did as good a job as he could do with the companies. Such accolades earned him respect through the business community. Louisa, Juliet, and Anne, Jack.s sisters who reaped the benefits of Morgan.s wealth, as they resided at the house most of the time, before they were married to wealthy businessman.Morgan had a very extensive education in the investment and railroad businesses before he started his own company. After his studies in Germany, Morgan traveled extensively in the Caribbean, with the purpose of studying the sugar and co