There’s a popular saying that the love of money is the root of all business, and those who concentrate on making money go on to finance the world around them. From being an accounting student, and transforming his father’s business into a leading banking industry, J.P. Morgan was indeed a financial player who understands his game in the business world.
Today’s story is about John Pierpont Morgan, the son of Juliet Pierpont and Junius Spencer Morgan, born and raised in Hartford, Connecticut. He schooled in Hartford Public School, then Episcopal Academy (now known as Cheshire Academy), and proceeded to The English High School of Boston after passing his entrance exam. There he became familiar with mathematics for careers in commerce. He was so versatile that his father invested a lot in his education by sending him to the Swiss Village of La Tour-de-Peilz and the University of Gottingen, where he learned French and German.
Morgan also faced challenges that nearly hampered his progress; in 1852, he suffered from rheumatic fever that nearly crippled him, but his father helped him recover after sending him to the Azores for treatment. Morgan had to deal with criticism from those who considered themselves progressive politicians and journalists despite helping America recover from one of its worst financial crises.
Those who are driven with the motive of change are bound to face criticism; however, their good work will speak for them.
Morgan’s greatness began when he took control of his father’s business, one of the top banking firms, and renamed J.S. Morgan & Co. in 1901. He helped the railroad industry achieved stability by developing a suitable railroad in all parts of the United States after fighting off Jay Cooke’s government finance privileges. He collaborated with Charles M. Schwab and Andrew Carnegie’s prominent personality to finance Federal Steel Company, and he successfully got an authorized capital of $1.4billion, the first billion-dollar company. Morgan was so tactical in his business dealings that he captured two-thirds of the steel market, which announced his entry into government affairs.
However, the biggest moment for J.P. Morgan was during the Panic of 1907 when America faced a financial crisis that nearly crippled its entire economy. Although it was a time of hardship, he turned it into financial opportunities to expand his business into the different economic sectors. He provided financial assistance for the local sector, such as insurance, mining, and the communication industry. He orchestrated a coalition of banks and overseas lots of business, gaining control of many banks and insurance companies. Through his strategy with American financial leaders, the great panic ended, and his role led to the creation and innovation of the Federal Reserve System in 1913. Other adventures of his were treasury gold, collection of Art, and Gem.
America will never forget his act and role during the economic recovery; he was the sole player and brain behind the process. He was known as a great benefactor who rendered help to businesses and individuals in his capacity. The United States Government agreed that it’d be hard to find someone like him again during a time of crisis.