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J.P. Morgan - College Term Paper

J.P. Morgan

“No, sir, the first thing is character. Before money or anything
else. Money cannot buy it… Because a man I do not trust could not get money
from me on all the bonds in Christendom” (Sinclair XIII). With that line,
John Pierpont Morgan ended his career in a show-stealing manner. Indeed,
J.P. Morgan was a man of character; moreover, he was perhaps the greatest
Wall Street banker of the decade. Unlike others who gained fame at a young
age, Morgan lived in obscurity until 1895, where at the age of 58, he
signed a contract to supply gold to the United States Treasury propelling
him into the headlines (Wheeler 3). The mid to late 19th century was a
period of expansion in the American industry ...

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one of the biggest ventures of the
time.
During his career, Morgan bailed out America's financial system
several times. When Congress adjourned in 1877 without appropriating money
to pay soldiers. Morgan came up with the $550,000-a-month payroll and set
up a disbursement system (Gross 64). In 1895 when the U.S. gold reserves
fell dangerously low, he signed a contract with President Grover Cleveland
to procure $50 million in gold from Europe in a private-bond sale, saving
the Treasury from distress (Gross 65). In the fall of 1907, the future of
America's financial system again looked bleak. Dun's Review noted that
8,090 companies with total liabilities of over $116 million failed in the
first nine months of 1907, with the September figures showing the highest
level of bankruptcy since the 1903 (Gross 62). Because the trusts loaned
out money against the value of securities on deposit, the falling stock
prices meant they had less collateral to back loans. Realizing ...

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J.P. Morgan. (2007, April 19). Retrieved December 23, 2024, from http://www.essayworld.com/essays/J-P-Morgan/63603

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PAPER DETAILS

Added: 4/19/2007 11:00:38 PM
Category: Biographies
Type: Premium Paper
Words: 1122
Pages: 5

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