Some people are born 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 future generations. JP Morgan is one of the most extraordinary personalities who lived at the turn of the nineteenth and twentieth centuries. He was called the most stingy and the most generous, the most cruel and the most merciful. Think it's impossible? You just don't know anything about America's greatest financier yet.
JP Morgan: short biography
The future entrepreneur was born into an aristocratic family. More precisely, John's mother, as the boy born in 1837 was called, belonged to an ancient family. The father of the child was a quite successful entrepreneur and built a relationship with his son on the basis of strictness and a set of rules.
The elder Morgan raised his successor and forced his son to be the best in everything. But the boy did it with great difficulty. He grew up a sickly child and suffered from a large number of chronic diseases. This list included arthritis,convulsions, skin diseases and much more. In addition, young John desperately lacked the love and tenderness that his parents did not spoil him with.
JP Morgan received an excellent education and from early childhood showed a penchant for entrepreneurship. During the American Civil War, the young man began his career with his father and immediately distinguished himself in several major transactions. This was just the beginning of a string of successful deals and financial mergers.
John was married twice and had four children. For all the time of his active work, he gained unprecedented influence and an almost crystal reputation. Having founded the first financial empire in American history, J. P. Morgan enjoyed unprecedented love and respect from some people, but for some reason aroused fierce hatred from others. This unique person became the creator of several industrial giants (they function to this day), but he himself had no desire to engage in production.
Bank "JP Morgan Chase", created by the descendants of the financier, according to the latest data, is one of the largest on the planet. In addition, Morgan was a devoted admirer of art and amassed a huge collection of original paintings and sculptures, as well as an excellent library.
As well as the greed mentioned by many of Morgan's contemporaries, he was New York's most important patron of the arts. It is known for certain that the financier sponsored several hospitals, museums and schools.
JP Morgan died at the age of seventy-five in 1913, leaving his heirs a fortune of one hundred million dollars.
John Morgan's family and early childhood
The mother of the future financier belonged to the Pierpont family. Young Juliet was distinguished by good manners and a pretty face, which attracted Junius Morgan to her. He was considered an excellent match for an impoverished aristocrat whose mother suffered from a mass of diseases, and her father suffered from skin rashes. It was the factor of the degeneration of the aristocratic family of Pierponts that caused the birth of such a weakened boy.
John Morgan was considered disabled from early childhood. He lay in bed for many months, suffering from convulsions and migraines. The little boy was desperate for 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 be the first in everything. This developed in John some arrogance and arrogance, which, combined with his appearance and morbidity, caused ridicule and rejection among his peers. Nevertheless, his father strictly followed him and commented on all areas of life up to the choice of friends. Those who did not inspire confidence in Junius Morgan instantly disappeared from John's life.
JP Morgan's school years
John's father transferred him from one school to another quite often. This was due to the fact that the stubborn Junius did not always like his son's teachers and classmates. And those, in turn, showed dissatisfaction with the boy's isolation and his aloofness. John spent most of his time reading books and carefully analyzing his budget. He is freespoke several languages and could afford substantial financial expenses if he needed them.
By the age of ten, the boy's mother had almost completely withdrawn from his upbringing, she increasingly fell into a state of hysteria and depression. In the end, she completely and completely became a prisoner of her world, from which she did not leave for months. The only one who took care of John was his father. He persistently raised his successor from a sick boy, because Morgan Sr.'s business was steadily going uphill.
Under these conditions, John could completely withdraw into himself, but he still grew up quite a lively child. At a time when his he alth allowed it, the boy devoted time to animals, went on excursions and studied well, even without much preparation for lessons. He was very complex about his appearance and tried to communicate only with a narrow circle of people.
The family moved frequently, John studied in Boston and London, where at the age of fourteen he was struck down by a new attack of the disease, which bedridden the teenager for a long six months.
Life in the Azores
Worried about his son's he alth and after consulting with various doctors, Morgan Sr. decided to send his son to the Azores, where he spent about a year away from his loved ones. It is worth noting that the warm climate benefited the teenager. He recovered and lost his usual pallor. John actively moved, looked after 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 thesethe letters were filled with love and longing.
JP Morgan celebrated his fifteenth birthday in the Azores, and his father did not even congratulate him on the holiday in another letter, where he ordered to gain strength and prepare for hard work.
Start 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 organism full of strength was already better able to cope with constant bouts of illness. 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, which brought turmoil and confusion to the ranks of entrepreneurs. But this did not concern the Morgans at all, they managed to extract huge benefits from the current situation. They began to supply the army with weapons, cotton and ammunition. Young Morgan was very tough and confident in his transactions, which turned into a golden rain for the company. Junius was surprised by the grip of his son, because J. P. Morgan's signature style was gradually manifested - risk, ruthlessness and prudence. As a couple, father and son managed to turn a lot of deals, which seemed to John very easy. He suddenly realized what he really wanted to do, and how the possessed made tens of thousands of dollars, which later became the basis of his empire.
J. Morgan's first love
After his first business victories, Morgan met his first and only love. Herher name was Emilia Sturges, but John, in love, affectionately called the girl Mimi and devotedly courted her. The beauty was the daughter of a railroad magnate and was distinguished by her sweet appearance, combined with an excellent education and a calm disposition. John spent all his free time with his beloved, and his business was steadily going uphill. Morgan became involved in military loans, which brought him to a new level among American businessmen.
He proposed to his beloved and had already begun preparations for the wedding, when the girl suddenly fell seriously ill. After some doubts, the doctors diagnosed tuberculosis, which meant a doom for the young and beautiful Emilia. John was beside himself with grief, but did not give up on 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 even live in marriage for two months.
Twenty-year-old John Pierpont Morgan long departed from the grief that fell on him. Many biographers of the financier wrote later that he kept his love for Emilia in his heart until his death. None of the subsequent women managed to become a worthy replacement for Mimi.
Morgan: a few strokes to the psychological portrait of personality
At twenty-three, John married Frances Tracy. Over the long years of marriage, the couple had four children, but they could hardly call themselves happy. The couple were completely different in temperament. John enjoyed socializing with people and a bustling city, while his wife strove forprivacy. This led to the fact that the couple increasingly spent time apart, they lived for several months on different continents. Naturally, there were many women around the financier, and he did not hide the fact that he had several mistresses. Many ladies admitted that it was not the handsome Morgan who possessed incredible magnetism and charisma. It is impossible to refuse him, and the words of the financier, spoken in a quiet voice, always sounded loudly.
Morgan believed that the money earned should be spent on what is dear to the heart. In his case, this was expressed in art and real estate. Gradually appeared:
- huge house on Madison Avenue;
- library built according to a special project;
- villa on the Hudson;
- 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 simple people who interested him in something. Do you know how G. P. Morgan's house was lit? Of course, with the help of electricity. 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.
Morgan's Patronage
Many spoke of Morgan as an extremely greedy person, this opinion was formed due to his isolation and inability to conduct long social conversations. He could with a light heart investmillions in an interesting project and refuse an ordinary beggar on the street a couple of cents. Few people knew that John Pripont was actively involved in charity, but literally forbade this fact to be advertised to the public.
At the dawn of his career, the financier donated fabulous sums for those times to the construction of a modern maternity ward, and later on he wrote out a monthly check for its maintenance. Talking to Tesla, JP Morgan paid for the electrification of the streets in Manhattan in order to reduce crime. It is known that every year the philanthropist provided financial support to many American labor schools and museums.
It is known that in a fit of generosity, John Pierpont was able to give people who provided him a service with money and real estate. And in the future, he was happy to maintain relations with them.
Organization: basics and rules
The financial activism of John and Junius Morgan has led economists to identify the whole process by which empire-building took place. It was called morganization, and it was based on three principles that Morgan Sr. instilled in his son literally from childhood.
The first principle was the prohibition of speculative investment. In the Morgan company, it was believed that they lead to losses and damage the reputation, which is related to the second principle of morganization. John Pripont himself argued that a person with a bad reputation cannot work in the field of finance and carry out any operations. Morgan believed that trust is the foundation 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 American government.
Morgan Financial Empire
You can say that the great empire began with the financing of railways. The end of the nineteenth century was characterized by the rapid development of this industry, and any growth is impossible without a constant influx of money.
"GP Morgan Bank" actively financed various railway companies, putting them under its tight control. Morgan himself carefully followed 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 radical reshuffles, appointing new people to leadership positions. Over time, only strong companies that Morgan trusted remained in business. This rallied the American railroads, and GP Morgan Bank increased 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 was gaining power and strength.
But most of all Morgan did for America as a whole. He several times saved the country from financial collapse and thus terrified presidents andgovernment. On the verge of another crisis, they realized how closely they are connected with Morgan, who decides the fate of entire countries with one or two decisions. Indeed, even 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 practically performed the functions of the US national bank, which, of course, could not help but frighten congressmen and presidents. Morgan seemed to have unlimited influence, and only his death forced America to take some measures in order to secure 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. "JP Morgan Chase" was created in several stages, and the main core was "Chemical Bank". It emerged as 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, Chase Manhattan and the GP Morgan Company merged. This enterprise was named "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 J. P. Morgan Chase Bank fulfilled the great financier's dream of a system that would be infiltrated bybranches in every country on the planet and could run the global economy.
JP Morgan and Brexit have often been mentioned in the press in recent months in the same news columns. This is due to the fact that the bank has been actively cooperating with European countries and, in the context of leaving the European Union, seeks to prevent its losses. Restrictions on cash withdrawals and other measures that are not quite popular with the British population are periodically carried out. Although, according to analysts, this should not lead to a crisis in the financial system of England.
Moscow: Morgan Bank
J. P. Morgan has never been to Moscow, but he considered Russia a very promising country. His policy was continued by children, so in the seventies of the last century, the first branch of the Morgan financial empire was opened in the capital.
"GP Morgan Bank" in Moscow is the most active. He is a leader in transactions in dollars and advises many large Russian companies operating in the international market.
John Morgan managed to create a completely new financial management system, which turned the idea of the possibilities of banks. Surprisingly, so far all the financier's companies are successfully developing and finding themselves in rather difficult modern conditions. And this indicates that Morgan can really be considered a genius, who was subject to absolutely any cash flow.
