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J p morgans latin america ma department essay

The Life Story of John Pierpont Morgan by Carl Hovey Introduction Since the year 1865, the American Republic has been a business nation, and its strongest individuals have been business men, and the strongest of them all is the subject of this biography. What is a business man? That is his occupation and,as it were, his religion. The business man is not a statesman, or an altruist, or a philanthropist, at bottom; we only bungle our conclusions when we apply to him the measure of their ideals and objects instead of using the measure of his j p morgans latin america ma department essay.

It is often possible for a business man to help the public gratis, and come forward at the dramatic moment, as a noble and patriotic and disinterested citizen. The thing has been done by Mr. Morgan, as everyone knows, and followed by ink-spilling praises, and closely afterward by sardonic comment and reviling.

They paint him too bright or too black, as demi-god in one breath and a monster in the next, and the wholesome truth, which is something less fantastic, remains untold.

It is reasonable to remember that the great business man is neither saint nor devil, and that in the long run he is governed by the same practical motive of thrift as ninety nine out of a hundred busy American citizens of this progressive day. He may render an immense service for nothing, and get his name written across the sky—which is perhaps the last thing he thought of—but his most telling and characteristic service to the public, if service it is, comes from pursuing his own ends.

Having guarded ourselves against the usual foolish nights of fancy, let us admit at once that there are real complications in the case of Mr. He has become the dominant business force in the country and the strongest single financial power in the whole world, and, as a matter of fact, he has reached a point where no category will contain him.

You cannot put Mr. Morgan in the pigeon-hole of a class. J p morgans latin america ma department essay is a genius, a spirit, a very conspicuous instrument of the economic evolution of his time. You cannot call him a mere money-maker, interested in temporary gains. He instinctively plans for something permanent in the structure of money-making activity; he has furnished the grooves in which all our industries shall be run for a very long time to come.

There are not two opinions on this point. The accepted description of his work runs as follows: He never wrecked a property nor depressed values that gain might follow. His work was always to reconstruct, to repair, to build up. Instances of his force and ability in this direction are the Philadelphia and Reading, the West Shore, the Erie, and the Northern Pacific railways.

In these instances and in others he saved and rehabilitated property that otherwise would have been ruined and rendered useless. His enemies may charge him with many faults—and he undoubtedly has many—but they can never say that he destroyed a property. Nor has any property which he has saved been exploited for gain on the stock market with his consent.

His work has been in actual construction, in the actual creation of properties. His railroads have been working railroads, with rails and steam and rolling stock; his factories have been smoking factories, aglow with life and workers—not paper railroads and paper factories that exist only in the imagination of the stock jobbers.

Furthermore, his rehabilitation of a vast amount of doomed property is mightily suggestive of broad public service. Other men have built up industries from the beginning, chiefly forthemselves, as Rockefeller constructed the Standard Oil Trust. But Rockefeller soaked up his competitors like a sponge, while Morgan puts them on their feet and teaches and enforces cooperation among them all. A period of the fiercest industrial strife seems coming to an end.

The head is now a long way from the foot of the financial body, which is so firm and gigantic that only the strongest forces can cause it to quiver.

Perhaps it is not for nothing that Mr. The concentration of wealth and financial power that has taken place in Mr. Morgan's life-time is thus described by the informing writer already quoted: With very few exceptions let us put in that farming is the chief exception all this has changed, the great bulk of the money of the country now being invested in stocks and bonds, exchanged for insurance policies, or deposited in banks—its control, as far as j p morgans latin america ma department essay profits are concerned, passing entirely out of the hands of its owners.

Ownership in the numerous stock companies which have been organised in acomparatively few years is distributed among hundreds of thousands of persons, and thus the millions of the many have passed into the control of the few. Who own the United States? Who control the United States? The average stockholdings are 116 shares. The manufactories of the United States are owned by many individuals, showing a fair diffusion of wealth, but their actual control is in the hands of a few men.

In no other line has the control of the few been so apparent as in the conduct of the railroads, for the very laws which were created to prohibit railroad combination have fostered it. The great central power of this concentration is the bank. Morgan, by his recent merger, has accordingly placed himself at the head of the greatest power in control of all the great powers of wealth.

It was said a few years ago that eight men virtually controlled the bulk of the banking resources of cash and credit inthe country. Today one man is fast getting that power into his hands. Morgan is not only the financial ruler by virtue of what he already has—he is a monarch who can extend his kingdom to suit his ambition or his need. Morgan rules money at the exact moment of history when money is the thing to rule; when it is all important to financiers to be able to deny cash or credit to a would be competitor's industry, to extend it to the trusts and combinations that are established in the field.

His gigantic power is still new, and as yet little understood. He inspires his countrymen with awe, and with another feeling, which isn ot exactly fear, but akin to it—a feeling of uneasiness. They see him in the terrific national changes of the times.

Let us describe the beginnings of this extraordinary man. Morgan's earliest ancestor in this country was Miles Morgan, who settled in Massachusetts in 1636. His paternal grandfather was Joseph Morgana successful business man of Hartford, Connecticut; his maternal grandfather was John Pierpontthe Boston preacher, poet, and reformer. Joseph Morgan was altogether less distinguished than Pierpont, but, on the other hand, he has the credit of founding the Morgan fortune, while the other, after a stormy, brilliant, but disappointing career, died as the holder of an obscure government post at Washington.

His story is full of interest and pathos, and some of the traits of his marked character appear to bequite as real, if less definite, a bequest to his grandson as the fortune which came down from Joseph. Such were the strong feelings and the nature of J.

Threads of Pierpont's personality are distinctly to be seen, however entangled, in the later man; terribly strong feeling, wilfulness, an aspiration for the beautiful, in both. During this period he married Juliet Pierpont, the clergyman's daughter, and their child, John Pierpont Morgan, was born April 17, 1837.

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Morgan showed great business ability and was soon invited to become a partner in the house of J. George Peabody Peabody was American born, and for a long time was a merchant of Baltimore.

After he became well established in the banking business in London, he became widely known on account of his Fourth of July dinners, which j p morgans latin america ma department essay gave annually for the purpose of creating good feeling between England and his own country. One of these occasions the Duke of Wellington honoured with his presence and Queen Victoria sent her portrait and Prince Albert's to hang in the dining hall.

Peabody was the most widely known philanthropist of his day and gave millions for the housing of the poor in London and for the cause of education in the Southern States of America. On his visit to Boston he was in reality seeking a partner to pave the way for his own retirement from business; the name of Junius Morgan was strongly urged upon him by Morgan's friends—with the result which proved so favourable to the Morgan fortunes.

Childhood and Early Life Young J. Morgan spent the first fourteen years of his life in Hartford. The house in which he was born still stands. It was a small and unpretentious building of red brick which stood on the village street in the centre of a few acres of land.

The Life Story of John Pierpont Morgan

Some years ago it was raised one story and a store was set in under it, and now it is being closely crowded by business blocks in what is the centre of Hartford. Morgan's associations are not with this house, however, for his parents only lived here during the first year or two, then they moved to the large and comfortable house on Fannington Avenue which Joseph Morgan had had built as a wedding present for his son.

Round it lay a farm of about one hundred acres which extended half a mile to the west to a stream called Little River.

  1. A stockholders' meeting of the railroad was called to meet in Albany on a certain day. The older generation of bankers, completely outdone by the piratical operations of the Gould - Fisk type of financier, had always held aloof.
  2. Threads of Pierpont's personality are distinctly to be seen, however entangled, in the later man; terribly strong feeling, wilfulness, an aspiration for the beautiful, in both.
  3. After a time they got too much mixed in the darkness to fight any more and both sides drew back, taking with them the wounded and the drunken, and encamped beside the rails. Morgan showed great business ability and was soon invited to become a partner in the house of J.
  4. True, they had sometimes to fight for their share.
  5. His interest in pictures, always strong, occupied him much at this time.

At the age of six young Morgan was sent to the district school. As a boy he was a quiet, reticent personage; one who went about his own affairs and who was marked neither by especial brilliancy nor especial j p morgans latin america ma department essay at his studies.

He was cool, matter-of-fact, and stamped with a determined quality and a kind of dignity which left a lasting impression upon the memory of some of his school-mates even if it did not awe them very much at the time. The first thing he gained at school was a nickname—in this way.

The roll of the class was being called and one by one the boys stood up and gave their names. It came Morgan's turn: He was asked to say it again because of his uncommon middle name. They saw fun in that middle name. At the age of twelve he was a well-grown, chunky boy, and as he went on in his teens he was large and well filled out for his age. But after atime his health began to suffer, he lost his ruggedness and constitution, and it was necessary for him to be constantly under a doctor's care.

After the family moved to Boston, he attended the English High School until his graduation in 1853. The next year he spent at Fayal in the Azores after which he continued his education abroad, spending a year at Vevay, Switzerland, and two years at the University of Gottingen in Germany. Here he also received a treatment of mud baths which proved beneficial.

A remark which his father made at this time has come to us from one who knew the elder Morgan—and who treasures the remark as a choice example of life's little ironies.

He was also concerned about his son's abrupt and often antagonising manner, so much the opposite of his own.

His friends assured him that there was nothing to be done about this; his son's way was natural to him, really without intentional offence, a part of his constitution, and you could not turn granite into wax. At this period the young man was becoming initiated into the technical mysteries of his trade.

He was learning what bills at sixty days on Paris or Amsterdam or Hamburg wereworth in francs, guilders, the marc banco, and so on through all the delicately balanced system of foreign exchanges, which changed from day to day. An anecdote shows how his father backed him up and the faith of the older man in his son's business judgment.

Someone suggested to young J. Morgan decided that it was, too, and went out and bought—a whole shipload. Morgan stared j p morgans latin america ma department essay him angrily for a moment and then walked out of the room without saying a word.

In a very short time he came back with a draft in his hand and slapped it on the table before the English banker. The year 1857 saw one of the most terrible financial panics which ever visited the United States. Under this strain the London firm was obliged to appeal to the Bank of England for assistance, which it finally received. Here he met Mr. Dabney, the man whom he afterward selected as partner when he went into business for himself.