This website uses cookies to ensure you have the best experience. Learn more

J.P. Morgan And Ragtime Essay

1226 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 the finished product be interchangeable, but that the men who build the products be themselves interchangeable parts" (113). Here Doctorow clearly addresses the potential for technology to undermine the value of the individual and his abilities.
Banker and industrialist John Pierpont Morgan was one of the world's foremost financial figures in the decades before World War I. He organized railroads and formed the United States Steel Corporation. His wealth and financial management skills were so considerable that he was able to steer the United States Treasury from the brink of disaster.
Morgan was born in Hartford, Connecticut, in 1837, and educated at the University of Gottingen in Germany. In 1871, with members of the Drexel family of Philadelphia, he organized the New York banking firm of Drexel, Morgan & Company. It began lending vast sums to railroad builders and industrial corporations in the 1880s and was later reorganized as J.P. Morgan and Company.
As noted by Erin Arvedlund, he was a “natural born financier [and] loved spreading his bank account among dozens of different foreign currencies.” John Pierpont Morgan and his father established a firm that was later to be known as J.P. Morgan & Co. Throughout Ragtime, E.L. Doctorow constantly refers to the economic status of the families and immigrants. J.P. Morgan’s companies and firms were large employers of these immigrants. His achievements in finance and business greatly affected the families in this novel. Money was something that could break a family apart if it was nonexistent.
In 1857, John Pierpont Morgan’s father, Junius Morgan, decided to broaden his son's experience by sending him to New York. The firm of Duncan, Sherman & Co. was the American representation of the George Peabody Company. 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....

Find Another Essay On J.P. Morgan and Ragtime

Portfolio Selections Report – J.P. Morgan Chase & Co - University of Houston-Victoria - Research Paper

4555 words - 19 pages JP Morgan Chase & Co 1 School of Business Administration University of Houston – Victoria Portfolio Selections Report – J.P. Morgan Chase & Co FINC 6362 - Financial Institutions and Markets Soltan Matchanov Table of Contents Abstract 3 Background Information 4 Types of Deposits Used to Obtain Funds 5 Main Uses of Funds 6 Potential Regulations Affecting J.P. Morgan Chase & Co. Performance 7 J.P. Morgan Chase & Co. Insurance Services 10 J.P

JP Morgans life story Essay

1354 words - 5 pages arrangements for Pierpont to be mentored by A.J. Drexel, a very well established financier and his future major business partner. J.P. Morgan had always been an ambitious man in his own right. After his father prevented him from retiring, Pierpont became determined to become the best of the best American bankers. He became almost ruthless in his attempt to consolidate and monopolize his way to power. According to historian and author Meyer Weinberg, by

John Pierpont Morgan's Powerful Empire and Enduring Legacy

2288 words - 9 pages have in a capitalist economy. The world's most powerful banker at the time, J.P Morgan was seen physically and tactically as the human incarnation of authority and used it to change the economy in America. Although the power J.P Morgan accumulated during his status as 'most powerful financier' led to the enforcement of the Anti-Trust Laws, his personal character and business acumen have influenced America's financial and philanthropic standards

American History

1296 words - 5 pages The year was 1878 was the beginning of Electricity. That year Thomas Edison had made the first affordable light bulb. That year he focused primarily to make a light bulb powered by electricity which was safe; something that scientist were trying to make and succeed since 1828 "Thomas Alva Edison." History.com. A&E Television Networks, n.d. Web. 01 Dec. 2013.) With the help of J.P Morgan (financial banker) he founded his company. Edison soon

Henry ford 2

1619 words - 6 pages Henry Ford's Influence on Society In E.L. Doctorow's, Ragtime, a classic novel set in the early years of the twentieth century, Henry Ford appears for only one chapter, but in that chapter it becomes clear that Doctorow saw him as a democratic industrialist. In that chapter, J.P. Morgan invites Ford to have lunch with him at his Manhattan mansion. In this meeting of the two industry giants, Morgan invites Ford to go on an expedition to Egypt

Ragtime by E.L. Doctorow

1305 words - 5 pages Freud, Presidents Theodore Roosevelt and Woodrow Wilson, Archduke Franz Ferdinand, Mexican revolutionaries Emiliano Zapata and Pancho Villa, Robber Barons Henry Ford and J.P. Morgan, and many others who are given a mention in the book.The historical choice for the backdrop to the book suits Goldman's phrase well. The turn of the 20th century was a prime example of the have and have-nots. For example, on page 57 Emma Goldman gives Evelyn a speech

J.p Morgan

2048 words - 8 pages houses in the world.." ( Morgan,J.P). This firm bailed out theUnited States out of trouble and expanded economy to attract foreign buyers. Morgan'sbanking firms has been so successful that it became the headquarters of wall street, todayit is still in charge of Wall Street. If Wall Street had not been managed by Morgan,Americans would not have any knowledge of investing in stock because there knolwedgein the stock market would cause it to crash.As

How Entrepreneurs Help America’s Economy

1825 words - 7 pages financial system, and slowly the economy starts to collapse (See M. A. Bernstein). The Panic of 1893 included stock-market crashes, banks going bankrupt, companies going out of business, and over two million people across the country unemployed (Panic of 1893). Someone had to step up to help America’s society be able to support themselves financially. J.P. Morgan was the man who helped lead America out of the Panic of 1893. J.P. Morgan was an

The Legacy of JP Morgan

3859 words - 15 pages In 1871, the banking house of Drexel, Morgan & Co. was established by John Pierpont Morgan. "Twenty four years later it was renamed J.P. Morgan & Co., which it was to remain until the firm's purchase by Chase Manhattan in 2000. (Hughes 23) At this point, Chase Manhattan was the largest banking company in the United States. This was a far cry from the 1980's when Morgan "boasted the largest market capitalization of any American bank and was more

Men Who Built America

1087 words - 4 pages character shaped the business world more so than any other person at the turn of the century. Morgan was king to a handful of millionaires who controlled the country's wealth in an era of little government regulation. Morgan was an imposing figure on Wall Street and in the financing world but was unknown to many until 1869. As J.P. Morgan's fortune grew, he continued to make investments and acquisitions. He funded Thomas Edison throughout the

Southern Beginnings

772 words - 4 pages Historically the south is slow to change. Maybe it is the easy going gentile way of life, or maybe change brings the fear of the unknown. Slavery to segregation to racism to finally acceptance of people who didn’t have a choice in birth. Like a diamond in the rough Blues and Jazz have had their beginnings in the Deep South. Although it wasn’t an instant start, Blues and Jazz are an evolution and compilation of spiritual songs, hymns, ragtime

Similar Essays

Jp Morgan Essay

1051 words - 5 pages America’s Industrial Expansion period of the 1800’s left a legacy for the modern world today. This legacy not only included new types of industry and business techniques, but also included a list of notable and impactful individuals who contributed to America’s industrial empire. Among this list of individuals is John Pierpont Morgan. Born in Hartford, Connecticut on April 17, 1837, J.P Morgan was introduced to the banking industry at an

J.P. Morgan Essay

598 words - 2 pages J.P. Morgan            When people talk about J.P. Morgan, they often refer to one man. The J.P. Morgan dynasty was in fact a combined effort of three generations of Morgans. In 1838, American businessman George Peabody opened the London merchant banking firm that would establish the roots of the House of Morgan. In 1854, Junius S. Morgan became the partner of George Peabody and eventually took

Ragtime Essay

1300 words - 5 pages RAGTIME Ragtime is the story of three New York families that become intertwined with life and the people who epitomized it. They come in contact with not only one another but with great people of their time, including Harry Houdini, Emma Goldman, J.P. Morgan, and Henry Ford. It takes place in the early nineteenth century, leading up to the assassination of Archduke Franz Ferdinand and the beginning of the Great War.The story begins its course

Ragtime Themes And Motifs Essay

1334 words - 6 pages , represented by J.P. Morgan and Henry Ford. Morgan is presented as a snobbish old man, who always gets his way, and we are supposed to feel no remorse for him when his museum is broken into! Doctorow could have portrayed Ford and Morgan in a different view, but he describes them as he does for a reason. His goal is to get his readers to dislike these leading men for being wealthy and having better things than Coalhouse or pretty much anyone can obtain