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The House of Morgan Important People
George Peabody
George Peabody is a Baltimore merchant who starts the House of Morgan in London in 1838. He is born in Danvers, Massachusetts to a poor family. He becomes a successful Baltimore dry-goods merchant and moves to London in 1837. There, in 1838 he opens a merchant bank on Moorgate Street in London. He is frugal, lives in furnished rooms and works ten hour days. He lives in London for twenty years before returning to America and amasses a huge fortune, but never loses his basic insecurity about money. Since he never married, he has no heirs to leave his merchant banking business to and takes on Junius Morgan as a partner and tells him if he stays in London for ten years, he will be able to run the business. Morgan agrees and thus begins their stormy ten year relationship. Even though their business comes close to insolvency at several...
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This section contains 1,809 words (approx. 7 pages at 300 words per page) |
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