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J.P. Morgan
Beginning of essay
“No, sir, the first thing is character. Before money or anything
else. Money cannot buy it… Because a man I do not trust could not get money
from me on all the bonds in Christendom” (Sinclair XIII). With that line,
John Pierpont Morgan ended his career in a show-stealing manner. Indeed,
J.P. Morga ....
Middle of essay
.... from distress (Gross 65). In the fall of 1907, the future of
America's financial system again looked bleak. Dun's Review noted that
8,090 companies with total liabilities of over $116 million failed in the
first nine months of 1907, with the September figures showing the highest
level of bankruptcy since the 1903 (Gross 62). Because the trusts loaned
out money against the value of securities on deposit, the falling stock
prices meant they had less collateral to back loans. Realizing that
contin.... |
| Number of words: 1122 |
Approximate pages: 5 |
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