John Pierpont Morgan was born on the 17 April 1837 in Hartford Connecticut. He is one of America’s most famous businessman and his business and legacy still live on today. At the peak of his time he was worth 25 billion modern us dollars. J.P was born into a rich family as his millionaire father Junius made his fortune by investing other people’s money in stocks. His father taught him how to avoid risk at a young age by making handle a million dollars. Early life Morgan escapes the civil war by pay a soldier 300 dollars to fight for him. During the war Morgan makes a huge profit by buying five thousand rifles at three dollars fifty a piece and selling them at twenty two dollars apiece. The rifles are defective and blow soldiers thumbs off. Later the congressional committee finds out and Morgan is exonerated. Lighting America Morgan believes that electricity is the new future and will make him rich even richer than his rivals, but his father doesn’t support it. Contradictory to his father Morgan hires Thomas Edison to install 400 light bulbs in his Manhattan mansion. Edison uses Morgan’s house for his experiments with electricity. electricity soon becomes a must have in every Manhattan business and soon half of Manhattan is connected when the world’s first power station is built but a treat soon emerges George Westinghouse and his employee Nicholas tesla who are using alternating current. Alternating current wins the battle but tesla makes a careless mistake by ripping up the patent. Morgan threatens Westinghouse with patent infringement. Westinghouse has no choice but to sell his company to Morgan the company soon becomes one of the biggest in America.
The U.S federal treasury is in need of help after a two year depression. Morgan decides to bail them out with 100 million dollars (3 billion today).Morgan single handily saved the U.S economy
But as profits soar, working conditions sink. Pay reduces so that the average worker
Bibliography: http://www.celebritynetworth.com/articles/entertainment-articles/30-richest-americans-time-inflation-adjusted/#!/24-j-p-morgan-net-worth-41-5-billion_733/ http://www.history.co.uk/biographies/j-p-morgan.html http://www.biography.com/people/jp-morgan-9414735