The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance
Page 102
37. NYT, February 3, 1948.
38. TWL, Box 191, Folder 7, letter from Giovanni Fummi, June 15, 1938.
39. Ibid., Box 82, Folder 5, memorandum to Lady Nancy Astor, received April 5, 1938.
40. Leffngwell, Selected Letters, p. 99.
CHAPTER TWENTY-ONE: EMBEZZLER
1. Forbes, J. P. Morgan, Jr., p. 186.
2. Frank W. Colby, interview with author.
3. Forbes, J. P. Morgan, Jr., p. 185.
4. Ibid., p. 187.
5. NYHT, March 13, 1943.
6. Forbes, J. P. Morgan, Jr., p. 187.
7. TWL, Box 105, Folder 3, letter to Faye Lippmann, June 10, 1937.
8. Freedman, Roosevelt and Frankfurter, p. 425.
9. Forbes, J. P. Morgan, Jr., p. 189.
10. Case and Case, Owen Young and American Enterprise, p. 702.
11. U.S. Congress, Senate Committee on Interstate Commerce, Investigation of Railroads, Holding Companies, and Affiliated Companies, p. 1863.
12. JPMJ, George Whitney File, letter from George Whitney, October 7, 1936.
13. Truman, Harry Truman, pp. 105–6.
14. Ibid.
15. Truman, Dear Bess, p. 404.
16. Ibid.
17. Borkin, Robert R. Young, pp. 44–45.
18. Ibid., p. 43.
19. AM, December 1947.
20. Hoffman, Deal Makers, pp. 22–23.
21. Lash, Dealers and Dreamers, pp. 324–27.
22. Ibid.
23. Schwartz, Liberal p. 111.
24. RCL, Group 1030, Series I, Box 3, Folder 63, memorandum to S. Parker Gilbert and Thomas S. Lamont, June 8, 1936.
25. TWL, Box 82, Folder 5, letter to Lady Nancy Astor, April 6, 1936.
26. Lash, Dealers and Dreamers, pp. 326–27.
27. Schwartz, Liberal, p. 113.
28. Carosso, Investment Banking in America, p. 376.
29. Mayer, Markets, pp. 217–18.
30. CUOH-GW, p. 2.
31. Gifford, Letters from America, p. 24.
32. Josephson, Money Lords, p. 91.
33. Brooks, Once in Golconda, p. 61.
34. United States Securities and Exchange Commission, In the Matter of Richard Whitney, Edwin D. Morgan, Jr., and Others, p. 142.
35. Ibid.
36. Seligman, Transformation of Wall Street, pp. 156–57.
37. Ibid., pp. 202–3.
38. Brooks, Once in Golconda, p. 260.
39. United States Securities and Exchange Commission, In the Matter of Richard Whitney, Edwin D. Morgan, Jr., and Others, p. 153.
40. Louchheim, ed., Making of the New Deal, p. 133.
41. United States Securities and Exchange Commission, In the Matter of Richard Whitney, Edwin D. Morgan, Jr., and Others, p. 155.
42. Seligman, The Transformation of Wall Street, p. 169.
43. Forbes, J. P. Morgan, Jr., p. 190.
44. Louchheim, ed., Making of the New Deal, pp. 132–33.
45. Ibid.
46. Brooks, Once in Golconda, pp. 284–85.
47. TWL, Box 82, Folder 5, letter to Lady Nancy Astor, May 16, 1938.
48. JPMJ, Box 40, Cables 1938–43, cable to Thomas W. Lamont and George Whitney, November 2, 1938.
49. Louchheim, ed., Making of the New Deal, p. 135.
50. Ibid., p. 134.
51. Seligman, Transformation of Wall Street, p. 172.
52. Louchheim ed., Making of the New Deal, p. 132.
CHAPTER TWENTY-TWO: APPEASEMENT
1. Steel, Walter Lippmann and the American Century, p. 93.
2. Lamont, Across World Frontiers, p. 12.
3. Forbes, J. P. Morgan, Jr., p. 191.
4. TWL, Box 108, Folder 16, letter from J. P. Morgan, Jr., October 14, 1936.
5. Ibid., Box 112, Folder 13, letter to Vivian Hugh Smith, December 10, 1946.
6. Ibid., Box 191, Folder 11, letter to Giovanni Fummi, September 12, 1940.
7. Taylor, Sword and Swastika, p. 127.
8. Shirer, Rise and Fall of the Third Reich, p. 352.
9. Schacht, Confessions of the Old Wizard, p. 354.
10. TWL, Box 182, Folder 18, memorandum from Thomas S. Lamont, April 25, 1938.
11. TWL, Box 182, Folder 18, letter to Sir Frederick Leith-Ross, May 5, 1938.
12. Schacht, Confessions of the Old Wizard, p. 353.
13. Clay, Lord Norman, p. 453.
14. TWL, Box 182, Folder 21, letter to Morgan Grenfell, July 22, 1938.
15. Ibid., Box 112, Folder 10, letter to Francis Rodd, September 14, 1938.
16. Cowles, Astors, p. 202.
17. TWL, Box 82, Folder 5, letter from Lady Nancy Astor, May 26, 1938.
18. Ibid., Box 191, Folder 8, letters to Giovanni Fummi, February 21, 1929, and Lady Nancy Astor, May 22, 1945.
19. Ibid., Box 82, Folder 3, letter from Lady Nancy Astor, July 14, 1930.
20. Ibid., Box 82, Folder 5, letter to Lady Nancy Astor, June 4, 1937.
21. Ibid., Box 188, Folder 4, letter to K. Wakasugi, September 17, 1937.
22. RCL, Group 1030, Series I, Box 4, Folder 97, memo to Thomas W. Lamont, October 19, 1937.
23. TWL, Box 188, Folder 5, letter to E. Araki, September 28, 1937.
24. Thomson, Prime Ministers, pp. 215–16.
25. Medlicott, Contemporary England, p. 391.
26. Forbes, J. P. Morgan, Jr., pp. 191–92.
27. Ibid., p. 192.
28. RCL, Group 1030, Series I, Box 7, Folder 155, letter from Vivian Hugh Smith, October 6, 1938.
29. Leffingwell, Selected Letters, p. 100.
30. Beschloss, Kennedy & Roosevelt, p. 186.
31. Forbes, J. P. Morgan, Jr., p. 189.
32. Beschloss, Kennedy & Roosevelt, p. 187.
33. Ickes, Secret Diary: Inside Struggle, p. 644.
34. Cochran, Harry Truman and the Crisis Presidency, p. 11.
35. Ickes, Secret Diary: Inside Struggle, p. 716.
36. Gifford, Letters from America, p. 67.
37. TWL, Box 105, Folder 11, radiogram from Lord Lothian, April 29, 1939.
38. RCL, Group 1030, Series I, Box 4, Folder 97, memorandum to Thomas W. Lamont, April 7, 1939.
39. Davis, Hero, p. 391.
40. Ibid., p. 392.
41. Lindbergh, Hour of Gold, Hour of Lead, p. 58.
42. Lindbergh, Locked Rooms and Open Doors, p. 288.
43. Lindbergh, Flower and the Nettle, p. 418.
44. Lindbergh, War within and Without, pp. 97–98.
45. Davis, Hero, p. 409.
46. Charles E. Lindbergh, “The Air Defense of America,” radio address delivered May 19, 1940.
47. Cole, Roosevelt and the Isolationists, p. 460.
48. Lindbergh, War within and Without, pp. 86–87.
49. TWL, Box 104, Folder 24, letter from Betty Morrow, May 25, 1940.
50. Ibid., letter to Charles E. Lindbergh, May 29, 1940.
51. Ibid., letter from Charles E. Lindbergh, June 7, 1940.
52. Davis, Hero, pp. 406–7.
53. Lindbergh, War within and Without, p. 97.
54. RCL, Group 1030, Series I, Box 7, Folder 147, letter to Franklin D. Roosevelt, January 9, 1941.
55. CB, 1940.
56. Johnson, Wendell Willkie, p. 76.
57. Ibid., p. 105.
CHAPTER TWENTY-THREE: HOSTAGES
1. CUOH-LR, p. 1.
2. T, December 10, 1941.
3. TWL, Box 111, Folder 1, memorandum about Maurice Pesson-Didion, December 12, 1945.
4. Rist, Recollections of Morgan & Cie.
5. TWL, Box 191, Folder 8, letter to Giovanni Fummi, January 19, 1939.
6. Ibid., Box 191, Folder 10, letter to Franklin D. Roosevelt, May 17, 1939.
7. Ibid., Box 191, Folder 9, letter to Giovanni Fummi, April 4, 1939.
8. Ibid., Box 101, Folder 9, letter to Joseph P. Kennedy, June 13, 1939.
9. Ciano, Diaries, entry for February 26, 1940.
10. TWL, Box 191, Folder 8, letter from Giovanni Fummi, Oc
tober 13, 1938.
11. TWL, cable from the Amministrazione Speciale della Santa Sede, Vatican City, September 25, 1940.
12. Ibid., Messages to the Italian Official Authorities, September 20, 1940, signed J. P. Morgan & Co., Inc.
13. Ibid., Box 191, Folder 12, letter to Giovanni Fummi, February 3, 1942.
14. Ibid., Box 133, Folder 11, memorandum from Bernardino Nogara, August 2, 1944.
15. Ibid., Box 111, Folder 21, letter from Edward C. Grenfell, November 19, 1929.
16. Davis, Hero, p. 407.
17. Charles E. A. Hambro, interview with author.
18. TWL, Box 82, Folder 7, letter to Lady Nancy Astor, October 29, 1943.
19. Davis, Hero, p. 410.
20. Cole, Roosevelt and the Isolationists, p. 41.
21. Leffingwell, Selected Letters, p. 85.
22. Ibid., p. 86.
23. Boyle, Montagu Norman, p. 316.
24. Catto, Personal Memoir, p. 95.
25. MGR, American Viscose, Box P-467, letter from T. J. Carlyle Gifford to Lord William Harcourt, August 29, 1949.
26. Cole, Roosevelt and the Isolationists, p. 468.
27. TWL, Box 112, Folder 12, letter to Lord Thomas Sivewright Catto, May 23, 1941.
28. Ibid., memorandum from Russell C. Leffingwell, May 26, 1941.
29. Ibid., Box 112, Folder 2, letter from Lord Thomas Sivewright Catto, July 25, 1941.
30. Ibid., Box 112, Folder 11, letter to Lord Thomas Sivewright Catto, n.d.
31. Ibid., Box 111, Folder 23, letter from Edward C. Grenfell, July 18, 1931.
32. Ibid., Box 105, Folder 3, memorandum to Walter Lippmann, November 13, 1941.
33. TWL, Box 103, Folder 24, letter to Thomas W. Lamont, November 24, 1941.
34. TWL, Box 49, Folder 10, private memorandum to Henry Luce, October 20, 1942.
35. Alinsky, John L. Lewis, pp. 240–41.
36. TWL, Box 127, Folder 26, letter from Franklin D. Roosevelt, November 10, 1941.
37. Ibid., letter from Franklin D. Roosevelt, December 17, 1941.
38. Ibid., Box 127, Folder 27, memorandum, about conversation with the president, February 5, 1942.
39. NYT, January 1, 1970.
40. RCL, Group 1030, Series I, Box 7, Folder 147, letter from Franklin D. Roosevelt, March 16, 1942.
CHAPTER TWENTY-FOUR: PASSAGES
1. U.S. Congress, House Committee on Banking and Currency, Testimony before the Money Trust Investigation, p. 2.
2. U.S. Congress, Temporary National Economic Committee, Investigation of Concentration of Economic Power, p. 249.
3. NYT, January 26, 1940.
4. Kneisel, Morgan Stanley, p. 21.
5. RCL, Group 1030, Series I, Box 2, Folder 47, letter to T. J. Carlyle Gifford, March 31, 1943.
6. NYT, March 13, 1943.
7. Forbes, J. P. Morgan, Jr., p. 167.
8. Ibid., p. 205.
9. NYK, February 2, 1929.
10. NYHT, March 13, 1943.
11. RCL, Group 1030, Series I, Box 6, letter from Montagu Norman, June 6, 1943.
12. Ibid., letter to Montagu Norman, July 2, 1943.
13. Boyle, Montagu Norman, p. 327.
14. Dalton, Second World War Diary, p. 54.
15. Catto, Personal Memoir, p. 89.
16. TWL, Box 83, Folder 16, letter from Lord Thomas Sivewright Catto, June 11, 1946.
17. RCL, Group 1030, Series I, Box 6, Folder 133, letter from Montagu Norman, September 1, 1947.
18. Ibid., letter from Montagu Norman, November 14, 1945.
19. Lyons, David Sarnoff, pp. 152–53.
20. Schacht, Confessions of the Old Wizard, p. 345.
21. Ibid., p. 278.
22. TWL, Box 82, Folder 8, letter to Lady Nancy Astor, May 22, 1945.
23. Ibid., Box 191, Folder 12, letter to Count Volpi, May 2, 1946.
24. Ibid., article entitled “Germany’s Heartbreak House or Germany in Chaos,” April 18, 1945.
25. NYT, February 4, 1948.
CHAPTER TWENTY-FIVE: METHUSELAH
1. Edward Pulling, interview with author.
2. Leffingwell, Selected Letters, p. 15.
3. Ibid.
4. RCL, Group 1030, Series I, Box 6, Folder 121, letter to John J. McCloy, May 29, 1947.
5. Ibid, letter from John J. McCloy, February 21, 1949.
6. Isaacson and Thomas, Wise Men, p. 419.
7. RCL, Group 1030, Series I, Box 5, Folder 117, letter to Robert A. Lovett, May 15, 1947.
8. Ibid., Group 1030, Series I, Box 1, Folder 2, memorandum to Henry Clay Alexander, August 11, 1947.
9. Isaacson and Thomas, Wise Men, p. 122.
10. Edward Pulling, interview with author.
11. Leffingwell, Selected Letters, p. 116.
12. Ibid., p. 123.
13. Ibid., p. 115.
14. Ibid., p. 146.
15. HST, letter from Morris L. Ernst, December 2, 1948.
16. Leffingwell, Selected Letters, p. 108.
17. RCL, Group 1030, Series I, Box 4, Folder 91, memo to Thomas W. Lamont, July 7, 1950.
18. Leffingwell, Selected Letters, p. 141.
19. HST, letter to George Whitney, August 24, 1950.
20. RCL, Group 1030, Series I, Box 7, Folder 165, letter to Harry S. Truman, November 27, 1950.
21. Ibid., letter from Harry S. Truman, February 10, 1951.
22. James R. Brugger, letter to author, November 21, 1988.
23. George W. Rowe, interview with author.
24. NYK, April 23, 1955.
25. Robert G. Engel, interview with author.
26. James R. Brugger, letter to author, November 21, 1988.
27. Hinton, Meyer, and Rodd, Comments about the Morgan Bank, p. 37.
28. FB, December 15, 1958.
29. NYT, January 19, 1950.
30. Moore, Banker’s Life, p. 157.
31. Wilson, Chase, p. 57.
32. NYT, May 2, 1950.
33. DDE, letter to George Whitney, June 14, 1951.
34. DDE, letter from George Whitney, October 16, 1951.
35. DDE, Box 34, George Whitney Folder, telegram from Mamie and Dwight D. Eisenhower to George Whitney, December 26, 1952.
CHAPTER TWENTY-SIX: MAVERICKS
1. Eugene Rotberg, interview with author.
2. Gleisser, World of Cyrus Eaton, p. 156.
3. Carosso, Investment Banking in America, pp. 464–65.
4. NYT, April 9, 1952.
5. Ibid., October 28, 1952.
6. Ibid., October 1, 1952.
7. Ibid., May 2, 1952.
8. Ibid., April 10, 1953.
9. Alexander C. Tomlinson, interview with author.
10. Ibid.
11. Ferris, Master Bankers, p. 96–97.
12. Medina, Corrected Opinion, p. 248.
13. Ibid., p. 238.
14. NYT, April 17, 1953.
15. Ibid., December 8, 1951.
16. Ibid., December 14, 1951.
17. Ibid., December 5, 1951.
18. Ibid., February 13, 1954.
19. Clifford H. Ramsdell, letter to author, November 21, 1988.