Jp Morgan Research Paper
1
THE LIFE OF J.P. MORGAN: BANK TITAN
The Life of J.P. Morgan: Bank Titan
Brooklyn M. Ward
Bethel University
U.S. History II
Essay 1, Unit 3
Abstract
In this essay, I will break down the life of the great J.P. Morgan. J.P. Morgan may have never worried about money, but he came under constant scrutiny for how he spent his money. From a childhood with a judgmental father to wealthy adulthood, Morgan had to worry about what people thought of him. He came under fire when he decided to invest his wealth in other areas of interest. I will discuss how his childhood affected him, how his investments contributed to the progression of the Industrial Era, how he surpassed his many enemies, and how he was affected by
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Morgan had many enemies, and President Theodore Roosevelt was one of them. Morgan, James J. Hill, and E.H. Harriman founded the Northern Securities Corporation to divide railroads throughout the northern part of the U.S. ( (Theodore Roosevelt Center, 2011). This corporation allowed them to control the 3 major transcontinental railroads from Chicago to Pacific Northwest (Theodore Roosevelt Center, 2011). This didn’t make his enemy Roosevelt very happy. Roosevelt believed the corporation was a monopoly and order the Justice Department to disband it (Theodore Roosevelt Center, 2011). The Supreme did so with a 5-4 vote on the basis that the company violated the Sherman Anti-Trust Act by putting restraint on trade (Theodore Roosevelt Center, 2011). This was one of the times that J.P. Morgan was ultimately defeated by his enemy. Theodore Roosevelt was not J.P. Morgan’s only enemy. Morgan was often praised for leading Wall Street out of financial crisis, but was scrutinized by journalists, politicians, and other because they thought he had too much power (History.com Staff, 2009). Morgan believed he didn’t have too much power. In fact, he believed he didn’t really have any power at all. He said in his testimony before the Bank and Currency Committee of the House of Representatives, “I never sold short in my life that I know of, but I do not see how you will get along without it. It is a principle of life, I think. I would not favor legislation that would …show more content…
The New York Stock Exchange closed until noon on April 14, the day of his funeral, to honor him (History.com Staff, 2009). Morgan spent the last of his life creating a vast collection of art (History.com Staff, 2009). He overcame the obstacles of his childhood, contributed to the progression of the industrial Era, and surpassed his enemies even through “trust busting.” J.P. Morgan may have not had the rags to riches story, but he constantly overcame obstacles and held on to his
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