For Morgan’s travels in 1901, my source is. Satterlee. For Morgan’s reaction to McKinley’s death, see S 363; for Morgan’s prior acquaintance with Hanna, S 316–317; for Roosevelt’s dinner for Morgan and comment thereon, see Theodore Roosevelt, by Henry F. Pringle (Harcourt, Brace &. Co., 1931), p. 227; for the Steel Corporation resolution on union labor, see L of C, 35; for the Mr. Dooley quotation, see Sullivan, II, 411; for the account of Morgan getting the news of the government’s action while at dinner, Sullivan, II, 412–414; for the conversation between Morgan and Roosevelt about the Northern Securities action, see Theodore Roosevelt and His Time, by Joseph Bucklin Bishop, I, pp. 184–185.
On the formation of International Mercantile Marine and the British reaction thereto, see Viscount Pirrie of Belfast, by Herbert Jefferson (William Mullan & Son, Ltd.), pp. 272–277, and also S 381. The George F. Baer letter is reproduced in Sullivan, II, p. 425. The gift by Morgan toward the maintenance of a coal depot in New York comes from S 389. There is a good account of the Corsair conference between Root and Morgan in Elihu Root, by Philip C. Jessup (Dodd, Mead, 1938); for the rest of the anthracite strike arbitration, I have leaned heavily on the careful account in Sullivan; but John Mitchell’s comment on Morgan and the strike is quoted from S 394.
The data on campaign contributions, and the quotation from Roosevelt, are from the Hearings before the Clapp Committee (Committee on Privileges and Elections, U. S. Senate, 1912, Hearing on Campaign Contributions). The Morgan contribution was there stated to have come from the firm, but I understand that it does not appear on the books of the firm, and therefore assume that it was charged to the partners separately. The Gridiron dinner is described in Sullivan, II, 220–221, quoting the Washington Post; and also in S 437–438. For the Morgan testimony on the troubles of U. S. Steel about 1903, see P 1027. On the International Mercantile Marine syndicate operation, I have quoted from the “Navigation Syndicate” notice of February 28, 1906, as it appears in the original Syndicate Book at J. P. Morgan & Co.
As to the New Haven Railroad, I have made considerable use of The Fall of a Railroad Empire, by Henry Lee Staples and Alpheus Thomas Mason (Syracuse University Press, 1947), which tells the story in detail. The increase in capitalization is from the Report of the Interstate Commerce Commission on the Financial Transactions of the New York, New Haven & Hartford Railroad Co., July 15, 1914, 63rd Congress, 2nd session, Senate Document No. 544; as are the figures on the cost of the New York, Westchester & Boston project. For Mellon’s testimony, as quoted, see Staples 182–183; for his comment to Barron (“I took orders …”), see More They Told Barron: notes of the late Clarence W. Barron, edited and arranged by Arthur Pound and Samuel Taylor Moore (Harper & Brothers, 1931), p. 168; for his observations on the New York, Westchester & Boston, see Staples 168–169.
Chapter XII—Rock of Defense
On the Episcopal Convention at Richmond, I have consulted contemporary reports in The Churchman. The two passages quoted from Bishop Lawrence come from Memories of a Happy Life, pp. 251–252. The troubles of Heinze and his friends are recounted in more detail in L of C, 115–122.
In following Morgan’s personal activity during the panic, I have made much use of Satterlee, who was with him much of the time; but for the financial operations he was carrying on, I have relied heavily upon the testimony brought out in the Stanley and Pujo investigations, trying always to bear in mind, when reading this testimony, what I thought the interrogator was trying to establish and what I thought the witnesses might be trying to establish or to hide. One can prove almost anything about the panic by approaching the evidence either as a prosecuting attorney or as defense attorney; I have twice (in 1934–35 and in 1947–48) gone through volumes of testimony as judicially as I could, and have arrived both times at about the same conclusion. For the “sore point” statement and Thorne’s testimony generally, see Stanley III, and note the letter from Melville E. Stone in Stanley III, 1687; also see Perkins’ testimony in Stanley III, especially at 1472–1473 and 1504. The Satterlee quotation about waking up Morgan on Wednesday morning is from S 467. For the decision to save the Trust Company of America and the “This, then, is the place …” quotation, I have used Strong’s account as it appears in Lamont’s life of Henry P. Davison, p. 76. For the Wednesday evening meeting I have followed chiefly S 471–473. The account of Morgan’s drive downtown on Thursday morning is from S 473. For Thomas’ own version of the attempt to prevent the Stock Exchange from closing on Thursday, see P. I, 355–358; for Satterlee’s version, S 474–475. For Perkins’ visit to Cortelyou on Friday morning, etc., and the “touch and go” quotation from him, see Stanley II, 1474–1476. The Satterlee description of Morgan barging down Nassau Street is from S 479. My Library scene description follows closely a preceding one in L of C, 134–135.
My account of the complex troubles of Moore & Schley and the purchase of Tennessee Coal & Iron is pieced together from testimony given before the Stanley Committee, especially by Schley, Ledyard, Perkins, and Gary; the scene in which the trust-company heads signed up is from Lamont’s life of Davison, pp. 82–83; the purchase of New York City bonds is from the same book, pp. 85–87 (there is a reproduction of the longhand contract opposite p. 86). Morgan’s reply to the banker who said he was below his legal reserve is from Perkins’ testimony, Stanley III, 1612.
Chapter XIII—Envoi
The Cortesi item about driving about Rome is from My Thirty Years of Friendships, by Salvatore Cortesi (Harper & Brothers, 1927), p. 96, and the episode of the call on Cardinal Merry del Val from pp. 96–97. “How much for the stack?” is actual: it appears in Duyeen’s Art Treasures and Intrigue (cited above under Chapter X).
The data on the Morgan-Baker-Stillman influence in the New York banks are adapted from the Pujo Committee report, as quoted in The Shaping of the American Tradition, by Louis M. Hacker (Columbia University Press, 1947), II, 951–955, which is also the source of the quotation about “the acts of this inner group”; Morgan’s testimony on his purchase of Equitable stock from/Ryan is from P 1068–1070; his testimony on the Southern Railway voting trust, from P 1019; his reaction to the suit against the Steel Corporation is from S 531–532; the account of his last months and death is all from Satterlee. His will is taken from contemporary newspaper reports. As for the final quotation of the book, that, as already noted under Chapter I, where it previously appeared, is from P 1084.
INDEX
Acne rosacea, 35, 85
Aetna Fire Insurance Co., 10
Aix-les-Bains, Fr., 4, 122, 151, 155, 167, 170, 172
Albany & Susquehanna Railroad, 26–30, 62
Alexandra, Queen, 214
American Academy, Rome, 4, 122
American Bridge Company, 134, 136, 144
American Line, 178
American Museum of Natural History, 25, 121
American Sheet Steel Co., 134, 136, 144
American Steel Hoop Co., 134, 136, 144
American Steel & Wire Co., 132–3, 134, 136, 142, 144
American Syndicate, 99–100
American Tin Plate Co., 134, 144
America’s Cup races, 153
Amory, Cleveland, 55
Anthracite coal combination, 46–47
Anthracite coal strike, 1902, 178, 179–83
Arbitraging, 57
Arlington Hotel, Wash., 91, 134, 181
Art collection, 4, 110–20, 147, 151, 156, 159–62, 179, 192, 205, 215, 225
Associated Press, 199
Astor, Mrs. William, 55
Astor, William B., 18
Astor Trust Company, 217
Atlantic Transport Line, 178
Autobiography (L. Steffens), 102–4, 129
Azores Islands, 13–15
Bacon, Robert, 85, 90–2, 139, 147, 170, 181, 182
Baer, George F., 178, 179–81
Baker, George F., 9, 75, 79, 120, 201, 209, 217, 218
Balfour, Arthur James, 179
Ballin, Albert, 179
/> Baltimore & Ohio R. R., 49, 67, 68, 69, 71–2, 76, 79
Bank of England, 17
Bankers Trust Company, 196, 217, 219
Banking, influence on, 217, 221
Banking and Currency, House Committee on, see Pujo Committee
Baring Brothers, 49, 179
Barney, Charles T., 194, 197
Barron, Clarence W., 189
Beard, Charles A., 21
Beebe, James M., & Co., 10
Beebe, J. M., Morgan & Co., 10
Belden, James J., 68, 77
Belmont, August, 83, 85–6, 88, 89, 91, 94, 98, 99
Belmont, August, & Co., 86, 100
Bethlehem Steel Co., 139
Blaine, James G., 62
Boston, Mass., 10, 12, 13, 20
Boston & Maine Railroad, 73, 187, 188
Bowdoin, George S., 58, 84
Brandeis, Louis D., 188, 190
Brice, Calvin, 75
Bristol, Hotel, Paris, 58–9, 152, 155, 156, 172
Brown Brothers & Co., 49
Bryan, William J., 95, 123, 145
Bureau of Corporations, 145
Burleigh, Harry, 156
Burlington magazine, 119–20
Burlington Railroad, 168, 171
Burns, Walter, 86
Burns, Mrs. Walter, 117, 147
Cairo, Egypt, 4
Cambria Steel Co., 139
Camp Uncas, 151
Carlisle, John G., 81, 83, 88, 89, 91, 94, 95, 98
Carnegie, Andrew, 9–10, 42, 120, 124, 127, 135–6, 138–9, 142
and steel merger, 140–1
and steel war, 136–7
Carnegie, Mrs. Andrew, 139
Carnegie Corporation, 112
Carnegie Steel Co., 135–7, 140–1, 144
Carnegie Trust Company, 164
Cassatt, Alexander J., 182
Casson, Herbert N., 132, 146
Catalogue of the Library of Mr. J. Pierpont Morgan, 113
Cathedral of St. John the Divine, 121
Central Trust Company, 75
Century Magazine, 122
Chase National Bank, 100, 217
Chemical Bank, 217
Chesapeake & Ohio Railroad, 45
Cheshire, Conn., 11
Chicago & Alton Railroad, 49
Chicago, Burlington & Quincy R. R., 168, 172
Chronicle, London, 145
Church of the Holy Innocents, 130
Cincinnati, Hamilton & Dayton R. R., 165
City Hotel, Hartford, Conn., 10
Civil War, 20, 21–4, 26, 127
Clapp Committee, 183, 223
Clearing House, 194, 195, 199, 204, 205, 206
Cleveland, Grover, 62, 218, 224
and gold reserve crisis, 80–3, 88–94
Clyde, W. P., 75
Coal, see Anthracite
Cole, Dr., 15
Columbia, yacht, 153
Commercial & Financial Chronicle, 37, 44, 46
Commoner, 145
Competition, 29, 40
Cook, Thomas, & Sons, 153
Cooke, Jay, 31, 32
Corey, Lewis, 99, 100
Corporations, Bureau of, 145
Corporations, railroad, see Railroads steel, see Steel industry
Corsair, see Yachts
Corsair Club, 38, 75, 84
Cortelyou, George B., 198, 201, 203, 204
Cortesi, Salvatore, 214, 215
Cosmopolitan magazine, 147
Coster, Charles H., 68, 72, 74, 84–5, 169
Coxey’s Army, 66
Cragston, 34, 35–6, 42, 55, 57–8, 151, 152, 154, 157, 196, 206, 224
Cragston Kennels, 36, 57, 150
Curtis, William E., 83, 84, 85–8, 89, 92
Dabney, Charles H., 24, 30
Dabney, Charles W., 13, 14
Dabney, Morgan & Co., 24, 30
Davison, Henry P., 196, 216, 217
Day, Clarence, 56
Deering Harvester Co., 186
De Forest, Robert W., 163
Delaware & Hudson Railroad, 79
Depew, Chauncey, 39, 42, 49
Depressions, 17, 66–7, 80–2, 123, 127–8
See also Panics
Dill, James B., 128–30, 146
Diorama, 11
Directorates, interlocking, 3, 5, 219–20
Dominion Line, 178
Douglas, Mrs., 117
Dover House, 18, 58, 151, 155, 179
Drew, Daniel, 26, 79
Drexel, Anthony J., 31–2, 83
Drexel, Joseph, 31
Drexel & Company, 31, 84
Drexel, Harjes & Co., 31, 32
Drexel, McCulloch & Co., 31
Drexel, Morgan & Co., 32–3, 43, 44, 49, 71, 75, 83–5
Drexel Building, see Wall Street (No. 23)
Dubuque & Sioux City R. R., 77, 167
Duncan, Sherman & Co., 16–7
Dunne, Finley Peter, 145, 175
Durant, W. West, 130
Duveen, Henry, 160
Duveen, James H., 215
Eastman, Arthur M., 22
Economist, London, 70, 72
Edison, Thomas A., 63–4
Edison Electric Light Co., 63–5
Edward VII, King, 149, 172, 179
Egleston, David, 58
Egypt, 4, 35, 223–4
Eliot, Charles W., 122
English High School, 11, 16
Episcopal Church, 56, 106, 121, 225
Conventions, 13, 106, 134, 153, 155, 192–3, 195
See also St. George’s Church
Equitable Life Insurance Co., 218
Erie Railroad, 26, 49, 67, 69, 70, 165
Evening Post, N. Y., 102
Evening Telegraph, Phila., 144
Farmers Loan & Trust Co., 217
Federal Steel Co., 133–4, 136, 144
Fenway Court, 113, 119
Field, Cyrus W., 17
Fifth Avenue, 52–4
Fifth Avenue Trust Co., 217
First National Bank, 75, 79, 100, 196, 201, 217, 219
Fisk, Harvey, & Sons, 100
Fisk, James, 26, 27–9
Fitzgerald, Louis, 72
Foraker, Joseph B., 184
Ford, Henry, 127
Forty Years of American Finance, 99
Fourth National Bank, 100
Franco-Prussian War, 30
Freight rates, 40
Frémont, Gen. John C., 22–3
Frick, Henry C., 120, 135, 139, 144, 211
Fry, Roger, 116–19
Fuller, Melville W., 178
Gainsborough, Thomas, 148
Gambetta, Léon, 149
Gardner, Isabella S., 112–13, 119
Garland Collection, 160
Garrett family, 71
Gary, Elbert H., 132–6, 142–4, 147, 209–10, 211
Gates, John W., 132–3, 135, 136, 138–9, 142, 147
Gilder, Joseph B., 122
Gold reserve crisis, 1895, 80–3, 86–96
investigation after, 97–8
profits after, 98–101
Gold speculation, 1863, 23–4
Goodwin, James J., 11–12, 15, 16, 19, 20, 30
Göttingen, University of, 11, 15, 16, 19
Gould, George, 137
Gould, Jay, 26–30, 38, 41, 49, 77
Grand Hotel, Aix-les-Bains, 172
Grand Hotel, Rome, 152, 155
Great Northern Railroad, 79, 171
Green, Ashbel, 44
Greene, Belle da Costa, 216
Gridiron Club, 184
Guaranty Trust Company, 217, 219
Hadley, Arthur T., 47, 145
Hall Carbine scandal, 22–3
Hamilton, Mrs. William P., 25, 224
Hanna, Mark, 124, 174, 175
Hanover Bank, 100
Harlan, John M., 178
Harper’s Weekly, 223
Harriman, E. H., 9, 77, 120, 167–72, 183, 218
Hartford, Conn., 5, 10–12, 13, 22, 121, 224
Harvard Medi
cal School, 122
Harvester merger, 186
Harvey, George, 223
Heinze, F. Augustus, 193, 197, 199
Hellman, George S., 160
Hendrick, Burton J., 138
Hepburn bill, 184
Herter, Christian, 52
Highland Falls, N. Y., see Cragston
Hill, James J., 69, 72, 79, 168–9
History of the Great American Fortunes, 22
Hoentschel collection, 160
Hoffman House, 97
Holding companies, 136, 176
origin of, 129–30
Hollis Street Church, 20, 106
Holmes, Oliver W., 178
Holy Innocents, Church of the, 130
Homestead Strike, 1892, 66
Horta, Azores, 13–15
Hotel Arlington, Wash., 91, 134, 181
Hotel Bristol, Paris, 58–9, 152, 155, 156, 172
Housatonic Railroad, 73
House Committee on Banking and Currency, see Pujo Committee
House of Morgan, The, 99
House of Rest for Consumptives, 225
Hunt, William M., 53
Hunter, Robert, 124
Huntington, Collis P., 49
Illinois Steel Company, 133
Insull, Samuel, 63
Insurance companies, 217–19
Interlocking directorates, 3, 5, 219–20
International Harvester Co., 186
International Mercantile Marine, 153, 178, 186–7, 223
Interstate Commerce Act, 48–9, 50
Interstate Commerce Commission, 48–9, 184, 188–90
Io, sailing vessel, 14
Jekyll Island Club, 151
Jersey Central Railroad, 79
Johnson, Everitt H., 64
Johnson, Hiram, 222
Johnson, Tom L., 222
Jones, Samuel M., 222
Jones & Laughlin Steel Co., 139
Josephson, Matthew, 28
Joyce, Thomas W., 196
Jungle, The, 222
Keene, James R., 146
Kennels, Cragston, 36, 57, 150
Ketchum, Edward, 23–24
Khargeh, yacht, 4, 153
Kidder, Peabody & Co., 49
King, Edward, 211
King, John, 49
King, Willard, 201
King, Willford I., 126
Knickerbocker Trust Co., 194, 197, 199
Knox, Philander C., 176–77
The Great Pierpont Morgan Page 28
