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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 JP Morgan was a man of character moreover he was perhaps the greatest Wall Street banker of the decade Unlike others who gained fame at a young age Morgan lived in obscurity until 1895 where at the age of 58 he signed a contract to supply gold to the United States Treasury propelling him into the headlines Wheeler 3 The mid to late 19th century was a period of expansion in the American industry and in big business corporations Through his leadership Morgan salvaged Americas financial systems several times during his lifetime In the railroad industry he was known as the great arbiter saving several railroads with his successful reorganizations In the steel industry Morgan combined many holdings into one of the successful ventures of the time In his lifetime JP Morgan was certainly a captain of industry who saved the American financial system and numerous companies while overseeing one of the biggest ventures of the time During his career Morgan bailed out Americas financial system several times When Congress adjourned in 1877 without appropriating money to pay soldiers Morgan came up with the 550000-a-month payroll and set up a disbursement system Gross 64 In 1895 when the US gold reserves fell dangerously low he signed a contract with President Grover Cleveland to procure 50 million in gold from Europe in a private-bond sale saving the Treasury from distress Gross 65 In the fall of 1907 the future of Americas financial system again looked bleak Duns Review noted that 8090 companies with total liabilities of over 116 million failed in the first nine months of 1907 with the September figures showing the highest level
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