Editing J. P. Morgan (section)

===Duncan, Sherman & Company: 1858–1861===
Morgan soon moved on to New York City to begin work at Duncan Sherman as a junior clerk.{{sfn|Carosso|1987|pp=83–91}} Through his father's reputation and his position as the obvious successor to the Peabody house, he was among the most sought-after young men on Wall Street and enjoyed the company of many of New York's leading citizens.{{sfn|Carosso|1987|pp=83–91}} Morgan held a great deal of independence in both his investment decisions and lifestyle, owing partly to his father's faith in Morgan's austere religious discipline. "Remember," J.S. Morgan wrote his son, "that there is an Eye above that is ever upon you and that for every act, word, and deed you will one day be called to give account."{{sfn|Carosso|1987|pp=83–91}} He adopted a serious, energetic approach to his work and was praised by his father's friends for his work ethic and capacity for business.{{sfn|Carosso|1987|pp=83–91}}

At the time Morgan entered the firm, Peabody & Co. was struggling in the wake of the [[Panic of 1857]], a rash of business failures which dramatically damaged investor confidence in American securities. Peabody & Co., whose business was focused on the United States, was particularly threatened when a few of its American correspondent banks were forced to suspend operations.{{sfn|Carosso|1987|pp=63–67}} The house's creditors, including [[Baring Brothers]], demanded payment; Peabody defied them, daring his rivals to put him out of business, and turned to the [[Bank of England]] for a loan in November 1857. Morgan himself expressed surprise that the famed Barings house was not more accommodating.{{sfn|Carosso|1987|pp=63–67}} The loan secured the house's survival and the London office was stabilized, but Duncan Sherman came under criticism on Wall Street, and the Mercantile Agency recommended its dissolution. J. P. Morgan urged his father to stand by Duncan Sherman in the face of "outrageous" reports "of Browns & Barings getting the credit for what they never did."{{sfn|Carosso|1987|pp=63–67}}

While at Duncan Sherman, Morgan acquired experience in the financing and reorganization of railroads, including the major Ohio & Mississippi and Illinois Central lines, for which he personally negotiated the loans. Most of his work involved collecting and transmitting interest and dividend payments, executing orders on the [[New York Stock Exchange]], and conducting credit checks on mercantile houses doing business with Peabody & Co.{{sfn|Carosso|1987|p=78}}{{sfn|Carosso|1987|pp=83–91}}

Starting in early January 1859, Morgan spent several months in the South to visit the firm's correspondents in Georgia, Alabama, and Louisiana and to improve his knowledge of the cotton trade.{{sfn|Carosso|1987|pp=87–88}} He briefly visited Cuba, where he developed a lifelong taste for [[Cuban cigars]].{{sfn|Carosso|1987|pp=83–91}} Most of his time in the South was spent in [[New Orleans]], a leading cotton export hub. He received a stern warning from Duncan Sherman when he conducted an unauthorized trade of coffee at a profit, which he considered his first totally independent transaction.{{sfn|Carosso|1987|pp=83–91}} Later that summer, he visited his father in London. They discussed the prospects of Morgan's going into business for himself, and Morgan courted Amelia Sturges, whom he later married.{{sfn|Carosso|1987|pp=83–91}}