To date, very few people come close to the legacy that J.P. Morgan left on Wall Street. Formally known as John Piermont Morgan, the business mogul achieved so much financial success in his life. He cemented his place as an American financier and industrial organizer. Here are some intriguing J.P. Morgan facts to help you understand the man better.
1. J.P. Morgan Was To Sail On The Ill-Fated Titanic
In 1912, the R.M.S. Titanic hit an iceberg. It capsized, resulting in the death of more than 1,500 passengers and crew members aboard. It turns out that J.P. Morgan was destined to travel on the luxurious ship’s maiden voyage but canceled several hours before the trip. While this might have saved the billionaire’s life, it also attracted several conspiracy theories.
2. J.P. Morgan Suffered From Rhinophyma and Rosacea
J.P. Morgan suffered from acne rosacea from childhood. A condition that resulted in facial redness and eventually ruptured the blood vessels in his nose. As he grew, his nose turned purple because of a disease known as rhinophyma. Medical experts attribute the purple, bumpy, and bulbous nose that J.P. Morgan had to the effects of rosacea.
3. He Evaded Military Service
Along with Andre Carnegie and John D. Rockefeller, J.P. Morgan escaped military service by paying someone $300 to serve on his behalf.
4. J.P. Morgan’s London Underground Line Failed
Records show J.P. Morgan rarely put a foot wrong when it came to financial ventures. However, his efforts to build and operate a railway on the London underground to compete with Tyson Yerkes-controlled “tube” lines failed. Morgan didn’t take the defeat lightly; he called the whole situation the greatest rascality and conspiracy.
5. He Had An Outstanding Aura
J.P. Morgan had a reputation for having a tremendous effect on people. He was physically huge with broad shoulders, a purple nose, and piercing eyes. Records indicate that he disliked being photographed without consent and was very self-conscious.
6. J.P. Morgan Took Over Failing Businesses And Converted Them To Goldmines
In the 19th century, J.P. Morgan was notorious for taking over failing businesses and turning them into profitable enterprises. Even though he did this through monopoly, he was so successful that people referred to the process as “Morganization.”
7. J.P. Morgan Owned the First Electrically Lit House in New York
J.P. Morgan owned a house at 219 Madison Avenue. John Phelps built it in 1853 before Morgan bought it in 1882. The property made history as it became the first ever electrically lit private premise in New York.
8. He Is Associated With A Famous Quote
One of the most used quotes in the financial setting is, “If you have to ask how much it costs, you cannot afford it.” It is attributed to J.P. Morgan.
9. There is a J.P. Morgan Reserve Card
Named after the famous billionaire, the J.P. Morgan reserve card that only the wealthy can afford. To get the card, you must be invited. Initiation requires that you have a minimum of $10 million in assets under J.P. Morgan’s private bank. The card has no spending limit.
10. J.P. Morgan Bought And Sold Defective Riffles
During the American Civil War, J.P. Morgan was accused of selling the Union General defective riffles. He bought the artilleries at $3.30 each, then resold them at $22 each. The malfunctioning guns blew off soldiers’ thumbs, leading to a legal battle. J.P. Morgan pleaded ignorance in the case and was acquitted of fault.
11. J.P. Morgan Was So Financially Powerful That He Saved The U.S. Economy Twice
By the late 1800s, J.P. Morgan had established a solid financial foundation that he could bail out the U.S. economy twice. First, he gave 3.5 million ounces of gold to the treasury in 1893. He then saved the New York Banking industry in 1907, saving a stock market panic. However, his motive behind these actions is hugely debatable.
12. He Died With An Estimated Fortune of $80 Million
When J.P. Morgan passed away, he left behind an approximate fortune of $80 million, which was considered a lot at the time. Interestingly, when John D. Rockefeller heard this, he remarked that Morgan wasn’t even rich after all.
13. J.P. Morgan Created the First Ever Billion Company
Through his investments in the steel industry, J.P. Morgan built the world’s first-ever $1 billion company. Carnegie Steel was the entity’s biggest corporation; it was worth $480 million. Morgan took it over without a written contract or lawyer presence.
14. J.P. Morgan Died In His Sleep
On March 31, 1913, J.P. Morgan died in his sleep while at an hotel in Italy. He was tremendously honored, with flags on Wall Street flying at half-staff and the stock market closing for a couple of hours.