J. p. morgan as the notable figure of the american economy

In the late 1800s economy there were many Americans who considered themselves to be business affiliated, but really didnt 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 Morgans 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 1900s. His business financial skills help on several occasions that prevented the United States from failing. There was a severe turn down in the U. S. economy because there was an abrupt supply of gold from the Department of Federal Treasury. This was one of the most awful economic emergencies that took effect to the U. S. in a long time. George Cleveland was the president at that time, and he knew of John extremely well because of his past experience and success with Wall Street. Even though Cleveland knew that it could possibly be turmoil for him with the Democratic Party as far as the presidential election that was approaching, he still wanted to try to save the Federal Treasury more than anything. Cleveland felt that this could be advancement for him getting votes for the election of 1896. Therefore, Cleveland decided to construct a confidential business on Wall Street for Morgan to manage the Treasury so it could be refurnished with gold with at least 70 million dollars. He wanted to get it back to one hundred millions, so Europe got together and made it happen by posting a bond on water that would re-establish the supply of gold to the Treasury. Cleveland was very excited that he chose Morgan for the project because he knew that he could trust him enough to restore the gold. Even though Cleveland didnt quite make it to the next election, Morgan made sure he made a large contribution to republican William Mckinney to be relected in 1896.

In early 1900s, Morgan there was another investment that Morgan wanted to make and the man to do it with was a well know philanthropist Mr. Andrew Carnegie whom owned his own business called the Carnegie Steel Comapany. This was a company that had great revenue, but he was willing to sell it to Morgan for less than what he would have sold to someone else. He knew that Morgan could do great things with it especially after the impact he had with his fathers business.

Carnegie finalized his agreement to sell the company and that allowed J. P. to do his homwork on other iron companies which was profitable and collaborated the companies together and created the U. S. Steel Company. The U. S. Steel Company was doing well for Morgan, even though it didnt reach the top of the pyramid for the market share, he was okay with that since he had empowered so much in other companies such as insurance and communication companies. This was another step taking for him that help the Aerican economy resources. However, because of the development that he acquired while helping the governement with the the financial crisis of the U. S. in the late 1800s, banks were not pleased with that he accumulated massive sources of funds to help different people. He found a project that he thought would help him but instead the project was trying to hurt him. He finally left the project up to others because he knew that he many other sources going for him, so he moved on to the next phase of his financing career.