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 a

ble to steer the United States Treasury from the brink of disaster.

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. 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.

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.

Despite conflicting opinion on his persona, his influence and character shaped the business world more so than any other person at the turn of the century. Morgan was “a banker, railroad czar, industrialist, financier, philanthropist, yachtsman, and ladies' man” (Jones). He was an indus

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