Sublime

Morgan made his specialty the refinancing, reorganization, and rationalization of America’s badly overextended and overcapitalized railroads; his “clients” included some of the largest, such as the Erie, the New York Central, and the Pennsylvania.

J. S. Morgan’s core business was short-term trade finance, “discounting bills,” as it was called. Its primary customers were American cotton or iron merchants. They typically sold their goods on credit, taking back a piece of paper, or “bill of exchange,” which could be cashed at a specific bank such as Barings at some set future date. If a merchan