Question

J.P. Morgan first made a name for himself during the Civil War, not as a hero (he dodged the draft by paying $300), but as a moneymaker. He bought rifles from the government, refitted them and then sold them back to the government for a huge profit. Morgan was a banker, and after the war he expanded his banking empire to colossal proportions. His bank houses were so large they loaned money to other banks. In 1895, the US government was running out of gold, so it actually turned to one of its citizens to bail it out. J.P. Morgan gave the government $62 million in gold in exchange for US bonds. He then sold the bonds for enormous profit. Morgan also got into the railroad business. By 1900 Morgan himself owned half of America's track mileage, and his friends owned most of the rest, allowing them to set prices and control trade. Which of the following details best shows that J.P. Morgan was a very successful banker?

A. His friends owned almost half of America’s track mileage.
B. He loaned $62 million in gold to the US government.
C.He dodged the draft by paying $300.
D. He bought rifles from the government, refitted them and then sold them back

Answer 1

J.P. Morgan loaning $62 million in gold to the U.S. government best illustrates his success as a banker, showcasing his extraordinary financial capacity and influence.

Step-by-step explanation:

The detail that best shows that J.P. Morgan was a very successful banker is B. He loaned $62 million in gold to the US government. This action demonstrates Morgan's significant financial resources and influence, as it was highly unusual for an individual to provide such a substantial sum to bail out the federal government. Additionally, J.P. Morgan's involvement in other large-scale financial activities, such as controlling the finances of four of the nation's six largest railroads, and his powerful moves in the steel industry by financing and subsequently consolidating Carnegie's U.S. Steel, further exemplify his position as a successful and savvy banker.