Some people were born in order to leave a bright mark on history. They can be remembered as positive or negative heroes, but in any case there are few such unusual people, and the biography of each is of great interest to subsequent generations. JP Morgan is one of the most extraordinary individuals who lived at the turn of the nineteenth and twentieth centuries. He was called the meanest and most generous, most cruel and most merciful. Do you think this is impossible? It’s just that you still don’t know anything about America’s greatest financier.
JP Morgan: a short biography
The future entrepreneur was born in an aristocratic family. More precisely, the mother of John, as they called the boy born in 1837, belonged to an ancient family. The father of the child was a completely successful entrepreneur and built relationships with his son on the basis of rigor and a set of rules.
Senior Morgan raised a successor and forced his son to be the best in everything. But the boy was given this with great difficulty. He grew up a sickly child and suffered from a large number of chronic diseases. This list included arthritis, cramps, skin diseases, and more. In addition, young John was desperately lacking the love and tenderness that his parents did not indulge in.
J.P. Morgan received an excellent education and from an early age showed a penchant for entrepreneurship. During the Civil War in the United States, the young man began his career with his father and managed to immediately excel in several major transactions. This was only the beginning in a series of successful transactions and financial mergers.
John was twice married and had four children. For all the time of his active work, he gained an unprecedented influence and almost crystal reputation. Having founded the first financial empire in American history, JP Morgan enjoyed the unprecedented love and respect of some people, but for some reason caused fierce hatred among others. This unique person became the creator of several industrial giants (they function to this day), but he himself did not feel like engaging in production.
The bank "JP Morgan Chase", created already by the descendants of the financier, according to recent data, is one of the largest on the planet. In addition, Morgan was a devoted fan of art and collected a huge collection of original paintings and sculptures, as well as a magnificent library.
Along with the greed, which was mentioned by many contemporaries of Morgan, he was the most important philanthropist of New York. It is well known that the financier sponsored several hospitals, museums and schools.
JP Morgan died at the age of seventy-five in 1913, leaving a fortune of one hundred million dollars to the heirs.
The family of John Morgan and his early childhood
The mother of the future financier belonged to the Payerpont family. Young Juliet was distinguished by good manners and a pretty face, which attracted Junius Morgan to her. He was considered an excellent party for an impoverished aristocrat, whose mother suffered from a mass of diseases, and his father suffered from skin rashes. It was the degeneration factor of the Payerpont aristocratic family that caused the birth of such a weakened boy.
John Morgan was considered an invalid from early childhood. He lay in bed for many months, suffering from cramps and migraines. The little boy desperately needed praise and love, but his father guided him with a rather stiff hand. Despite the long list of illnesses, he demanded that his son always and in everything be the first. This developed a certain arrogance and arrogance in John, which, combined with appearance and soreness, caused ridicule and rejection among peers. Nevertheless, his father strictly followed him and commented on all spheres of life up to the choice of friends. Those who did not inspire confidence in Junius Morgan, instantly disappeared from the life of John.
Schoolchildren J.P. Morgan
John's father quite often transferred him from one school to another. This was due to the fact that the stubborn Junius did not always like the teachers and classmates of his son. And those, in turn, were dissatisfied with the isolation of the boy and his estrangement. Most of the time John spent reading books and carefully analyzing his budget. He was fluent in several languages and could afford substantial financial expenses if he needed them.
By the age of ten, the boy’s mother almost completely pulled away from his upbringing, she increasingly fell into a state of hysteria and depression. In the end, she completely and completely became a captive of her world, from which she had not left for months. The only one who worked on John was his father. He persistently raised his successor from a sick boy, because the business of Morgan Sr. confidently went uphill.
Under these conditions, John could completely withdraw into himself, but he still grew up quite a living child. At a time when health allowed it, the boy devoted time to animals, went on excursions and studied very well, not even particularly preparing for the lessons. He was very complex about his appearance and tried to communicate only with a narrow circle of people.
The family often moved, John studied in Boston and London, where at the age of fourteen he was struck by a new episode of illness that confined the teenager to bed for six long months.
Life on the Azores
Concerned about the health of his son and consulted with various doctors, Morgan Sr. decided to send his son to the Azores, where he spent away from his relatives for about a year. It is worth noting that the warm climate has benefited the teenager. He recovered and lost his usual pallor. John actively moved, courted the local beauties and for a while forgot about all his problems. The only thing that bothered the boy was the indifference of his parents. He often wrote to them, and these letters were filled with love and longing.
In the Azores, JP Morgan celebrated his fifteenth birthday, and his father did not even congratulate him on the holiday in the next letter, where he ordered to gain strength and prepare for hard work.
Beginning of the Morgan Empire
After returning home, John was sent to Switzerland to continue his education. He began to feel much more confident, and a young body, full of strength, was already better able to cope with constant attacks of the disease. Young Morgan studied well, began to make new acquaintances and tasted the first victories over women.
After Switzerland, John studied in London and Germany, and then returned to his father in America. It was at this moment that the Civil War began, introducing confusion and confusion into the ranks of entrepreneurs. But this did not concern the Morgans at all; they were able to extract huge benefits from the current situation. They began to supply the army with weapons, cotton and ammunition. Young Morgan very firmly and confidently carried out his transactions, which turned out to be literally a golden rain for the company. Junius was surprised by his son’s grip, because JP Pi Morgan’s signature style - risk, ruthlessness and prudence, gradually appeared. In a pair, father and son managed to crank up a lot of deals, which seemed very easy for John. He suddenly realized what he really wanted to do, and as an obsessed man he made tens of thousands of dollars, which later became the foundation of his empire.
The first love of J. Morgan
After the first victories in business, Morgan met his first and only love. Her name was Emilia Sturges, but John in love affectionately called the girl Mimi and devotedly courted her. The beauty was the daughter of a railway tycoon and was distinguished by her cute appearance, combined with an excellent education and calm disposition. John spent all his free time with his beloved, and his business confidently went uphill. Morgan began to engage in loans for the military, which brought him to a new level among American businessmen.
He made a proposal to his beloved and had already begun preparations for the wedding, when the girl suddenly became seriously ill. After some doubts, the doctors diagnosed tuberculosis, which meant a sentence for the young and beautiful Emilia. John was beside himself with grief, but did not abandon his plans. He married a weakened girl and took her to Paris, and then to Algeria. The young man hoped that the warm climate and the sun would work a miracle, and his beloved would be cured. But this was not destined to happen - Emilia Morgan did not live in a marriage even for two months.
Twenty-year-old John Pierpont Morgan walked away for a long time from the grief that fell on him. Many financier biographers wrote later that he kept his love for Emilia in his heart until his death. None of the following women managed to become a worthy replacement for Mimi.
Morgan: a few touches to the psychological portrait of the personality
At twenty-three, John married Francis Tracy. Over the long years of marriage, the couple had four children, but they could stretch their name happy. The spouses were completely different in temperament. John enjoyed communicating with people and a busy city, and his wife sought solitude. This led to the fact that the couple increasingly spent time separately, for several months they lived on different continents. Naturally, there were many women around the financier, and he did not hide the fact that he had several lovers. Many ladies admitted that it was not the handsome Morgan who possessed incredible magnetism and charisma. It is impossible to refuse, and the words of the financier, said in a low voice, always sounded loudly.
Morgan believed that earned money should be spent on what is dear to the heart. In his case, this was expressed in objects of art and real estate. Gradually appeared:
- a huge house on Madison Avenue;
- a library built according to a special project;
- Hudson villa
- several yachts "Corsair" (they had different displacement, but always the same name).
John Morgan really enjoyed looking for talent and investing in various new projects. He could freely communicate with absolutely ordinary people who interested him in something. Do you know how JP Morgan's house was illuminated? Of course, with the help of electricity. The acquaintance with Thomas Edison made a huge impression on the financier, and he was the first in New York to electrify his homes and offices.
Patronage of Morgan
Many spoke of Morgan as an extremely greedy person, this opinion was formed due to his isolation and inability to conduct long secular conversations. He could, with a light heart, invest millions in an interesting project and refuse an ordinary beggar on the street in a couple of cents. Few people knew that John Pripont was actively involved in charity work, but literally forbade to publicize this fact.
At the dawn of his career, the financier donated fabulous sums at that time for the construction of a modern maternity ward, and later on he wrote a monthly check for its contents. Communicating with Tesla, JP Morgan paid for the electrification of streets in Manhattan in order to reduce crime. It is known that annually the philanthropist provided financial support to many American labor schools and museums.
It is known that in a burst of generosity, John Pierpont was able to bestow the people who rendered him a service with money and real estate. Moreover, in the future he was happy to maintain relations with them.
Organization: fundamentals and rules
The vigorous financial activities of John and Junius Morgan led to the fact that economists have identified the whole process by which the empire was built. He was called the organization, and he was based on three principles that Morgan Sr. had inspired his son literally from childhood.
The first principle was a ban on speculative investments. At the Morgan company, it was believed that they lead to losses and damage the reputation, which is related to the second principle of organization. John Pripont himself claimed that a person with a poor reputation could not work in the field of finance and carry out any operations. Morgan believed that trust is the basis of a successful deal. The third principle was prudence and capital control. It was these rules that led to the creation of a huge empire that influenced the government of America.
Morgan Financial Empire
We can say that the great empire began with the financing of the railways. The end of the nineteenth century was characterized by rapid development of this industry, and any growth is impossible without a constant influx of money.
JP Morgan Bank has actively financed various railway companies, placing them under tight control. Morgan himself carefully monitored the development of companies and did not give them a chance to go bankrupt. He was ready at any moment to intervene in the affairs of the leaders and carry out cardinal rearrangements, appointing new people to leading posts. Over time, only strong companies that Morgan trusted in the business remained. This rallied the American railways, and JP Morgan Bank raised its rating and received new investors who admired the financier’s business acumen. Just a few years later he controlled most of the country's railways.
JP Morgan Bank continued its activities in all areas of industry. Thanks to him, new companies were created that united various industries under their brand. As a result, this activity benefited the country's economy, which is gaining power and strength.
But most of all, Morgan did for America as a whole. He saved the country several times from financial collapse and thereby plunged the presidents and the government into horror. On the threshold of another crisis, they understood how closely connected with Morgan, who, with one or two decisions, decides the fate of entire countries. After all, at the dawn of his career, he managed to convince European bankers to transfer their capital to America and personally controlled this process. For many years, the Morgan Bank almost performed the functions of the US National Bank, which, of course, could not but frighten congressmen and presidents. It seemed that Morgan had unlimited influence, and only his death forced America to take some measures in order to protect itself from similar situations in the future.
"JP Morgan Chase": creation and description
This bank, created as a result of the merger of several large American banks , is recognized as one of the best investment projects of our time. The JP Morgan Chase was created in several stages, and the main core was the Chemical Bank. He stood out in an independent company only in the middle of the nineteenth century, and at the end of the last century it was bought by Chase Manhattan.
As a result, in 2000 there was a merger of the Chase Manhattan and the JP Morgan Company. This company has received the name "JP Morgan Chase Bank." Now its branches operate in thirty-six countries of the world, and it continues to expand its influence. Many modern analysts claim that the JP Morgan Chase Bank realized the dream of a great financier about a system that could penetrate all countries on the planet with the help of branches and could complete the global economy.
In recent months, the press often mentions JP Morgan and Brexit in some news columns. This is due to the fact that the bank actively cooperated with European countries and, in conditions of withdrawal from the European Union, seeks to prevent its losses. Periodically, restrictions on cash withdrawals and other measures that are not quite popular with the British population are carried out. Although, according to analysts, this should not lead to a crisis in the financial system of England.
Moscow: Morgan Bank
JP Morgan has never been to Moscow, but considered Russia a very promising country. His policy was continued by children, therefore, in the seventies of the last century, the first branch of the financial empire of Morgan was opened in the capital.
"JP Morgan Bank" in Moscow is the most active. He is the leader in transactions in dollars and advises many large Russian companies operating in the international market.
John Morgan was able to create a completely new financial management system, which turned upside down ideas about the capabilities of banks. Surprisingly, so far all the companies of the financier have successfully developed and find themselves in rather difficult modern conditions. And this indicates that Morgan can indeed be considered a genius to whom absolutely any cash flows were subject.