J.P. Morgan: The Man Who Owned all America Part one

 A sickly start of the JP Morgan

 

Wealth power and influence, JP Morgan. Had it all. He owned the first billion-dollar company. He dominated the country's most profitable Industries on multiple occasions. The economy of the United States. Quite literally depended on the actions of JPMorgan, with a simple word or the stroke of a pen. He could save a company from claps or Doom it to bankruptcy hated by some and admired by others. There will never be another, man, quite like JP Morgan. This is his story.

 

The early life of JP Morgan.

 

John Pierpont Morgan was born in Connecticut in 1837 into privileged circumstances. John's father Junius, Spencer Morgan was already a wealthy banker and he ensured that John had the best education that money could buy.

 

since he wanted John to follow in his footsteps as a financier. However, despite being born into wealth, John's childhood was Bleak he was a sickly child. He regularly suffered from brutal, coughing vets, migraines, seizures, and various diseases such as scarlet fever. His medical conditions. Meant he From couldn't play outside with the other kids. Instead, you'd find him inside studying or reading financial statements. In fact, a one-point John became incapacitated by rheumatic fever and his father's solution was to send John to live by himself in the Azure Islands in the middle of the Atlantic Ocean.

 

His dad, believe the climate and salty air would help John recover from his condition since John stayed on that island for nearly a year without any family. And when he was finally well enough, he continued his education by 1857. John had studied in Boston. Switzerland and Germany were now. No. Eighteen years old and ready to enter the workforce at this point. John's father was a junior partner at a London-based merchant banking firm called George Peabody & Co and thanks to his father John was able to get a job on Wall Street in the banking firm which looked after Peabody's interest in America, part of John's job involved.

 

Wrote reports to his father's firm, detailing the financial and political goings-on In America. Which, of course, at the time was still an Emerging Market. However, from an early age John's father, feared that his son was too rash and hot-tempered to ever become a successful financier he needed to learn restraint and responsibility. 

One example of this was in 1859 while on a trip to New Orleans, John made a seemingly Reckless gamble by using company money to purchase an entire shipment of Brazilian coffee that arrived in Port without a buyer, even though John sold it and made a tidy profit.

 

The senior members of the banking house, including, John's own father, couldn't stand, this kind of risk-taking so in. 1861 24, John left, the Safety and Security of an established firm to strike out, his own, founding his own company, but continue to act as an agent. Ian for his father's Bank back in England. 

It was also that year that John married, his first love a frail, young woman named, Amelia Sturgis, and for brief period dramas, the happiest he'd ever been. However, Amelia soon came down with a persistent cough. That was later diagnosed as tuberculosis.

 

So right after their wedding, John took her on an extended honeymoon, in the Mediterranean hoping that the new climate might restore her strength just like John's father had tried for him when he was younger but it was no use. John's wife died, just four months after their wedding leaving John a widower Understandably. He was an inconsolable mass and it's believed he never truly recovered from the tragic loss of his wife at such, a young age. Immediately, after losing her John threw himself deep into his work than ever. However, John was going through his own crisis.

 

So, with the United States, around this time at the American Civil War had broken out, and at the 1863 conscription act should have meant John went after fights, but he didn't instead, John paid $300 to be removed from enlisting and have a substitute stand in his place. That's not to say, John didn't get involved in the war though. In fact, on the contrary, he profited a huge. One of the most notable examples was when he financed the purchase of 5000 Surplus, or carbine rifles, a $3.50 each from the government that was considered too old to use but then the Consortium bought them.

 

made some minor adjustments and almost immediately sought the same rifles back to the government for $22. Each was an over 600% increase in price and the spot. It was a very lucrative deal for John to be involved in this war. Profiteering was certainly not popular with the public or the government, but that was the least of his worries. John would soon be facing some much bigger controversies.

 

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