Jp Morgan Legacy
It was the 1800s, the United States of America was growing and vast financial empires were developing. Into this era of opportunity, one powerful man emerged, a man who pulled the financial strings of wealthy men and entire countries. A man who brought order to chaos – John Pierpont Morgan (JP Morgan).
On multiple occasions, he was called on by American Presidents to save the nation’s economy, and at times he was also criticized at wielding the power to be able to do so. He amassed a colossal personal fortune, spending it in ways that inspired some and outraged others. He was corpulent and intimidating, contemporary recalls “meeting his blazing dark eyes” was like confronting the headlights of a locomotive, as it bears down on one.
J. Pierpont …show more content…
In February of 1862, Amelia Sturges, Morgan’s wife of four months, died of tuberculosis. Turned upside down, was the ordered life that Pierpont had made for himself. Resembling the times, with a dark chaos in his mind, Pierpont made plans to return to New York. To help him cope with such a terrible loss, he immersed himself in his business. After a yearlong internal conflict, Pierpont met Frances Tracy, daughter of a prominent attorney. She began to warm to Pierpont’s affections, and the two tied the knot a year later. Business flourished, and Pierpont’s prospects were high; at the age of 33 he had the luxuries most people only dreamed of. Such a lifestyle made him consider …show more content…
Under Pierpont’s leadership, the Drexel, Morgan & Co. became a powerhouse in international finance. Pierpont’s power grew rapidly, and with it, his reputation as a man who could influence events. In 1879, he was approached by William H. Vanderbilt, heir to the Vanderbilt fortune, to sell 250,000 shares of stock in the New York Central Railway. Most would deem this a task impossible to achieve without shaking the market. Nevertheless, Pierpont took this as a challenge and with impeccable negotiation and stealth, he sold every share while assuring the stability of the markets. This would establish Pierpont as Wall Street’s #1
On multiple occasions, he was called on by American Presidents to save the nation’s economy, and at times he was also criticized at wielding the power to be able to do so. He amassed a colossal personal fortune, spending it in ways that inspired some and outraged others. He was corpulent and intimidating, contemporary recalls “meeting his blazing dark eyes” was like confronting the headlights of a locomotive, as it bears down on one.
J. Pierpont …show more content…
In February of 1862, Amelia Sturges, Morgan’s wife of four months, died of tuberculosis. Turned upside down, was the ordered life that Pierpont had made for himself. Resembling the times, with a dark chaos in his mind, Pierpont made plans to return to New York. To help him cope with such a terrible loss, he immersed himself in his business. After a yearlong internal conflict, Pierpont met Frances Tracy, daughter of a prominent attorney. She began to warm to Pierpont’s affections, and the two tied the knot a year later. Business flourished, and Pierpont’s prospects were high; at the age of 33 he had the luxuries most people only dreamed of. Such a lifestyle made him consider …show more content…
Under Pierpont’s leadership, the Drexel, Morgan & Co. became a powerhouse in international finance. Pierpont’s power grew rapidly, and with it, his reputation as a man who could influence events. In 1879, he was approached by William H. Vanderbilt, heir to the Vanderbilt fortune, to sell 250,000 shares of stock in the New York Central Railway. Most would deem this a task impossible to achieve without shaking the market. Nevertheless, Pierpont took this as a challenge and with impeccable negotiation and stealth, he sold every share while assuring the stability of the markets. This would establish Pierpont as Wall Street’s #1