J.P. Morgan and Ragtime Essay

1244 Words 5 Pages
John Pierpont Morgan:
The turn of the century in American, when E.L. Doctorow’s novel Ragtime is set, was a time marked by rapid technological developments and industrialization. These years also brought a heavy flood of immigrants as well as an increasingly urban American landscape. Technological advancements enabled increased efficiency and mass production. However, Doctorow clearly brings into question the consequences of this new technology for the average American worker. J.P. Morgan's discussion with Henry Ford about the assembly line’s innovations brings this debate to the front. Doctorow writes, "From these principles Ford established the final proposition of the theory of industrial manufacture - not only that the parts of
…show more content…
Junius Morgan wrote to the company asking for a position for his son and advertising the fact that his son had many admirable qualities for a worker. Although, J.P. Morgan was denied a promotion when his father requested one, he did receive a promotion in the firm later in his career. In 1860, Morgan left Duncan, Sherman and founded J. P. Morgan and Company to act as an agent for his father's business. When Junius Morgan died in 1890, J.P. became head of the London house. Pierpont now was able to control all the dealing between the New York based firm and their oversees partner.

Pierpont was now at the head of houses in New York, Philadelphia, London, and Paris. He was the commanding figure in international finance. In 1869, a war over railroads began, including Jay Gould and Jim Fisk, both famous financiers. Gould already had dominant control over the Erie railroad and began to buy up stock in the Albany & Susquehanna Railroad. Morgan developed into the nation's railroad reorganizer. In 1886, the Philadelphia and Reading Railroad was in great difficulty with a deficit of six million dollars a year. Morgan was brought in to slash the value of the watered stock, reduce interest rates on the bonds, and assess the shareholders for more money. 1888, J.P. Morgan was again called on to reorganize railroads in the east. He reorganized the Chesapeake & Ohio and the Baltimore & Ohio. He often encountered some resistance

More about J.P. Morgan and Ragtime Essay

Open Document