After the Civil War broke out, Morgan traded Union war bonds at a tremendous profit. Working with his son John Pierpont in New York, Morgan was able to receive news of the fall of Vicksburg via telegraph before it became general knowledge in London, buying up Union bonds before their prices rose. Even so, the bank's position in London may have prevented further profits; buying Union war bonds risked alienating the English textile industry, which was closely aligned with Confederate cotton plantations. While Philadelphia banker Jay Cooke and those Wall Street banks with German ties made a bonanza during the war, Peabody &amp; Co. had modest profits by comparison.