How did John Pierpont Morgan spend his money?

Answer 1

· He would buy distressed businesses and railroad companies. The biggest company that Morgan invested in was the forming of the U.S. Steel Corporation. Morgan was alive during the civil war and bought five thousand rifles. At one point Morgan also helped out the U.S. government. The U.S. was in problems because of inflation and this put a burden on their gold reserve. In 1895 Morgan sold government bonds for gold. He ended up buying $200 million government bonds with gold. Morgan also collected a lot of paintings, sculptures and tapestries.

Answer 2

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