by Jean Strouse
4 “supposed”: Hovey, Life Story of JPM, pp. 159–60.
5 “We all”: MGCo. Ms 21,802—JPM to JSMCo., Feb. 1, 1895.
6 “The Treasury is”: PML—Charles A. Conant, “Saving the National Credit,” p. 12.
7 “dark-lantern”: Nevins, Cleveland, p. 659.
8 “Effect of”: MGCo. Ms 21,802—JPM to JSMCo., received Feb. 4, 1895.
9 “We consider”: Ibid., received Feb. 5, 1895.
10 “All were”: PML—Olney to HLS, April 15, 1914.
11 “Still some”: MGCo. Ms 21,802—JPM to JSMCo., received Feb. 5, 1895.
12 Cleveland to bankers: Conant, p. 19, and James A. Scrymser, Personal Reminiscences (privately printed, 1915), p. 56.
13 “Have you”: Hovey, p. 178.
14 Morgan on statute: Conant, pp. 21–23.
15 fn., “out of which” & “your last”: LC, Cleveland Papers—FLS to GC, Feb. 9 & March 18, 1895.
16 “goldbuggery”: Carosso, Morgans, p. 327.
17 fn., “and I have”: Cleveland, “The Cleveland Bond Issues,” Saturday Evening Post, May 7, 1904.
18 Syndicate terms: Peter M. Garber and Vittorio U. Grilli, “The Belmont-Morgan Syndicate,” pp. 658–60.
19 “Impossible” & “Have just”: MGCo. Ms 21,802—JPM to WHB, received Feb. 6, & JPM to JSMCo., received Feb. 9 & 11, 1895.
20 “Subscriptions” & “We are”: MGCo. Ms 21,802—JPMCo. to JSMCo., Feb. 20 & 21, 1895.
21 “Sometimes I had”: PML—BG notes in Hovey, p. 227.
22 “Whole”: MGCo. Ms 21,802—JPMCo. to JSMCo., Feb. 19, 1896.
23 control of foreign exchange: Garber & Grilli, pp. 649–77; Friedman & Schwartz, Monetary History, pp. 111–12.
24 “personally”: PML, HLS—HLS memo, Misc. Box.
25 “revived”: NY Sun, June 21, 1895.
26 “I support” to ‘96 election: HA to BA, June 5, & to Elizabeth Cameron, July 25, 1895, in LHA, Vol. IV, pp. 282–85.
27 “great bunco”: Industrial News, Jackson, Mich., March 9, 1895, in Nevins, Cleveland, p. 665.
28 Bryan on Jews: in Nevins, p. 665, & Allen, GPM, pp. 117–18. “Wall St. conspiracy”: in Carosso, p. 335. “raise” & ff.: Mary Lease in Richard Hofstadter, Age of Reform, pp. 79–83.
29 “The abuse”: N-YHS, Brown Brothers Harriman Papers, Chronological File, “Private and confidential …”—John Crosby Brown to Howard Potter, March 1, 1895. “completely”: MGCo. Ms 21,802—JPM to WHB, March 16, 1895.
30 “Without shame”: Cleveland, “The Cleveland Bond Issue.”
31 “emergency” & “the admiration”: NY Post, Feb. 21, & NY Times, Feb. 23, 1895.
32 Syndicate profit: PML—JPMCo. Syndicates 1; Carosso, p. 339; Allen, p. 124.
33 “And so” & ff.: Hovey, p. 191.
34 “command” & ff.: Allen, p. 119.
35 “readily”: MGCo. Ms 21,802—in JSMCo. to JPM, Jan. 17, 1896.
36 fn.: Friedman & Schwartz, pp. 110–11.
37 “We must” & “Do not”: MGCo. Ms. 21,802—JPM to WHB & WHB to JPM, Aug. 2, 1895.
38 “sharks”: in Carosso, p. 342.
39 “with great”: PML, HLS Box 6, folder C-13—JPM to Cleveland, Jan. 4, 1896, in “Mr. Morgan and the Bond Syndicate.”
40 “Personally”: WCW to D. Lamont, Jan. 3, 1896, in Mark D. Hirsch, William C. Whitney, Modern Warwick (New York: Archon Books, 1969 [1948]), p. 482.
41 “Lombard Street”: HA to BA, Dec. 27, 1895, in LHA, Vol. IV, p. 350. “the final”: BA to HA, 1896, in Daniel Aaron, Men of Good Hope, p. 260.
42 “at all”: Endicott Peabody to Bishop Attwood, Jan. 5, 1896, in Frank Davis Ashburn, Peabody of Groton (New York: Coward, McCann, Inc., 1944), p. 116.
43 “I cannot” & “You have”: MGCo. Ms 21,802—WHB to JPM, Dec. 28, 1895, & JPM to WHB, Jan. 9, 1896.
44 “I desire”: PML, HLS Box 6, folder C-13—JPM to Syndicate, Jan. 14, 1896.
45 “In view” & “great influence”: MGCo. Ms 21,802—JPM to WHB, Feb. 5, & WHB to JPM, Feb. 6, 1896.
46 “Dearest father”: PML, MSI—LPMD, May 9–June 3, 1896.
47 “advance”: Boller, Presidential Campaigns, p. 168.
48 “violent” & ff.: Bentley Mott, Myron T. Herrick, pp. 68–69.
49 “We have”: Morris R. Werner, William Jennings Bryan, pp. 73–75.
50 “the sceptre”: Ibid., p. 96.
51 “So you’re”: Harrison Salisbury, Without Fear or Favor (New York: Times Books, 1980), p. 27.
52 “impartially”: NY Times, Aug. 19, 1896.
53 “the largest”: Lawrence Goodwyn, The Populist Moment, p. vii. Populist program: Goodwyn, C. Vann Woodward, Origins of the New South, p. 250, & John D. Hicks, The Populist Revolt, pp. 356–62.
54 “easy” & ff.: Washington Wife, Journal of Ellen Maury Slayden from 1897–1919 (New York: Harper & Row, 1962), p. 4.
55 “twenty-five cents”: Goodwyn, p. 278. $2 million: Aaron, p. 261.
56 “I might”: in Mott, p. 64.
57 “believes”: Edmund Morris, The Rise of Theodore Roosevelt, p. 553.
58 “The New York people”: LC, W.E. Curtis correspondence, Vol. 7—W.E. Curtis to Mary Ann Curtis, July 23, 1896, in Carosso, p. 347. fn.: Friedman & Schwartz, p. 113.
59 “talking silver” & “the cow-bird”: in Hofstadter, APT, pp. 191, 189.
60 “If the”: Woodward, p. 289.
61 “Have won” & “Result”: MGCo., Ms 21,802—JPM to WHB, & WHB to JPM, Nov. 4, 1896.
CHAPTER 19: ACQUISITIONS AND LOSSES
1 “quaint”: PML, MSI—LMS to FTM, Aug. 17 [1909]. “And this”: Satterlee, JPM, pp. 512–13.
2 “a big”: Ibid., LMS to FTM, Aug. 17 [1909].
3 “richest”: in William Barton McCash and June Hall McCash, The Jekyll Island Club (Athens: University of Georgia Press, 1989), p. 1.
4 “and decided”: PML—Frances M. Pennoyer Recollections.
5 Racquette Lake Railway: Harold K. Hochschild, Life and Leisure in the Adirondack Backwoods (Blue Mountain Lake, N.Y.: Adirondack Museum, 1962), p. 37.
6 “I have got”: Peter Lyon, Success Story, p. 167.
7 “the downfall,” “It was,” & fn., “in whatever”: Eugene Exman, The House of Harper, pp. 182–92.
8 fn., Saxton story: Exman, 227, & Dos Passos, 1919, p. 337; “looking back”: in Melvin Landsberg, Dos Passos’ Path to USA (Boulder, Colo.: Colorado Associated University Press, 1972), p. 253.
9 “Everyone” & “laid himself”: PML—Jack to FTM, Jan. 17 & 25, 1898.
10 “Father,” “more cheerful,” “immensely,” & “Louisa’s friend”: Ibid., Jan. 25, Feb. 8, 25, & Jan. 28, 1898.
11 “Quite the”: Daily Mail, Feb. 26, 1898.
12 “Jessie and I”: PML—Jack to FTM, June 25, 1898.
13 “this country”: Henry F. Pringle, Theodore Roosevelt, pp. 167–68.
14 “so worried,” “Personally,” & “and if”: PML—Jack to FTM, March 28 & 25, & April 26, 1898.
15 fn.: Erik Hofman, The Steam Yachts, An Era of Elegance (Tuckahoe, N.Y.: John de Graff, Inc., 1970), p. 67.
16 “You remember”: PML—Lawrence Memoir, p. 59.
17 “strong opposition”: PML—JPM to Jacob Rogers, Dec. 19, 1882. fn., “first appearance”: Daily Mail, June 8, 1899, & “equal to”: James R. Morse to F.B. Jennings, April 29, 1898; both in Carosso, Morgans, pp. 420–28.
18 fn.: PML—Jack to FDR, May 23 & June 20, 1917.
19 “This is”: Alexander Gunn, Sept. 12, 1898, in Swanberg, Whitney, p. 164.
20 “no more”: in William P. Stephens, Traditions and Memories of American Yachting (Brooklin, Me.: WoodenBoat, 1989), p. 232.
21 “Tonight”: PML—Jack to FTM, Jan. 25, 1899.
22 “Commodore”: NY Tribune, Oct. 20, 1899. “with a shout”: Satterlee, JPM, p. 538.
23 “If the Senior”: PML—Jack to CHC, Oct. 24, 1899.
24 “a lifetime”: Neil Harris, Cultural Excursions, p. 271.
25 “very fine”
& “As regards”: MMA Archives—Cesnola to JPM, & JPM to Cesnola, March 1, 1897.
26 fn.: MMA Archives.
27 “the friendship” & “the Museum”: Ibid., Cesnola to JPM, Nov. 23 & Dec. 5, 1894.
28 “happy”: Ibid., March 1, 1897.
29 “The sun”: NY Tribune, Jan. 1, 1898.
30 “Tambales”: PML, M1 file—JSM2 to JPM, July 4, 1899.
31 Cook & Morey in Medieval and Renaissance Manuscripts, Major Acquisitions of the Pierpont Morgan Library 1924–1974 (New York: The Pierpont Morgan Library, 1974), p. xi.
32 Dürers to JSM2: PML—BG to Fritz Lugt, Jan. 17, 1917.
33 “How much” & ff.: Aline Saarinen, The Proud Possessors. p. 72.
34 Duveen purchases: PML—Duveen Bros. files, & The Frick Collection, an Illustrated Catalogue, Vol. VI, Furniture and Gilt Bronzes, French (Princeton, N.J.: Princeton University Press, 1992).
35 “angel food”: Art Commerce Scholarship, A Window onto the Art World—Colnaghi 1760 to 1984 (London: P. & D. Colnaghi & Co., Ltd., 1984), p. 22.
36 “one of my”: The Frick Collection Catalogue, Vol. 1, Paintings (Princeton, N.J.: Princeton University Press, 1968), p. 32.
37 “Father” & “I’m not: PML, MSI—LPM to FTM, April 19, 1900. “glorious”: Ibid.—LPMD, Jan. 7, 1899.
38 “May radiantly”: LPMD, Jan. 6, 1899.
39 “We are all”: Havighurst, Twentieth-Century Britain, p. 19. “It is another”: Harcourt to Chamberlain, Dec. 2, 1898, in Richard W. Davis, “ ‘We Are All Americans Now!’ ” pp. 140–41.
40 “How the” & “one of the”: Lorne to Lewis Harcourt, Dec. 4, 1898, & Daily Chronicle, July 3, 1899, both in Davis, p. 142.
41 “the first” & ff.: PML, MSI—LPMD, Jan. 6, 1899.
42 fn., pearls: John Steele Gordon, “The Problem of Money and Time,” American Heritage, May/June 1989.
43 “What I want”: PML—May Harcourt to Jack, May 16, 1913.
44 “I thought”: Reynolds to Harcourt in Sotheby’s Catalogue, Nuneham Park Sale, June 10, 1993, p. 4.
45 “most interesting” & ff.: PML, MSI—LPMD, Feb. 1–9, 1899.
46 “considered”: London Times, July 22, 1899. “a capable”: N-YHS, Brown Brothers Harriman Papers, Chronological File 1899–1900, “unannotated … partnership matters”—Mark Collett to John Crosby Brown, July 25, 1899; both in Carosso, Morgans, pp. 443–45.
47 “capable”: Bodleian, MS. Milner deposit 213, folios 59–60—CED to Alfred Milner, Dec. 21, 1900.
48 “happy enough”: Ibid., Milner dep. 213, fols. 160–61—CED to Milner, Nov. 2, 1900. “more patriotic”: Ibid., dep. 213, fols. 59–60, Dec. 21, 1900. “since the”: Ibid., dep. 214, fol. 42, Feb. 8, 1901. £25,000 a year: London Stock Market Report, May 10, 1902.
49 “without regard”: Cecil Baring to Lord Revelstoke, Dec. 28, 1900, in Ziegler, Sixth Great Power, p. 297.
50 “ ‘he meant’ ”: PML, MSI—LPM to FTM, April 21, 1899.
51 “Why” to “I am”: Ibid., Mar. 31–April 6 [1900].
52 “not as” & “the kind”: Ibid., HLS to LPM [March] and May 4, 1900.
53 “Don’t you” & “It was”: Ibid., May 4 & July 9, 1900.
54 “He is”: Ibid., Aug. 1, 1900.
CHAPTER 20: THE DYNAMO AND THE VIRGIN
1 “There is”: Orations, Addresses and Speeches of Chauncey M. Depew, ed. John D. Champlin (New York: privately printed, 1910), Vol. VI, p. 45.
2 “As he grew” & ff.: Adams, Education, pp. 1067–75.
3 “Don’t any”: Pringle, Roosevelt, p. 233.
4 “Old Pierpont” & “This is”: Bodleian, MS. Milner dep. 214, fol. 42—CED to Milner, Feb. 8, 1901, & dep. 214, fol. 46, July 13, 1901.
5 “far heavier”: NY Times, March 18, 1900. “succumbed” & ff.: Moody, Masters of Capital, p. 29.
6 “unprotected”: JJH—JJH to D. Lamont, March 31, 1900.
7 “delightful”: Bodleian, MS. Milner dep. 215, fols. 43–49—CED to Milner, May 9, 1902. “the Commodore”: AMS interview, May 9, 1993. “as if”: PML—Lawrence Memoir, p. 68.
8 “deal of the century”: George Smith and Richard Sylla, “The Transformation of Financial Capitalism,” p. 2.
9 fn., “Since a year”: PML—N. Tesla to JPM, Oct. 13, 1904. “do anything more”: C. W. King to Tesla, Oct. 15, 1904.
10 mergers: Smith & Sylla, p. 2; Navin & Sears, “The Rise of a Market,” pp. 128–29; Chandler & Tedlow, Managerial Capitalism, p. 554.
11 “Every conceivable”: Arthur Stone Dewing, The Financial Policy of Corporations, Vol. IV (1920), p. 36.
12 rise in output: H.R. Schubert, “The Steel Industry,” in Charles Singer et al., A History of Technology (Oxford: Oxford University Press, 1958), Vol. V, p. 61.
13 “my fellow”: Livesay, Carnegie, p. 153. Steel figures: Ibid., pp. 132–55, & Robert Hessen, Steel Titan, p. 65.
14 “a Methodist”: Allen, GPM, p. 164.
15 “the beginning”: in William T. Hogan, An Economic History of the Iron and Steel Industry in the U.S., Vol. I, p. 266.
16 Federal deal & figures: MGCo., Ms 21,760. HC 3.1.1. (129); Navin & Sears, “Rise,” pp. 133–34; Smith & Sylla, p. 16; Allen, p. 167; Chandler & Tedlow, p. 282.
17 “Judge Gary” & ff.: Ida Tarbell, The Life of Elbert H. Gary, pp. 94–95.
18 “I think”: Livesay, p. 183.
19 “No pangs”: Ibid., p. 144.
20 “steel republic”: in Hogan, Vol. II, p. 470. “capacity to”: Tarbell, Gary, p. 111.
21 “The situation”: Hessen, p. 112.
22 “At least”: Livesay, p. 186.
23 “if I were”: Wall, Carnegie, p. 773.
24 Schwab speech: Hessen, pp. 115–16.
25 “very much”: Scott, Bacon, p. 82.
26 “Well, if”: Hessen, pp. 117–18.
27 “nice sense”: Carnegie, Autobiography, pp. 165–66.
28 “Carnegie could not”: Hessen, pp. 121–22.
29 “I accept”: Wall, p. 789.
30 fn.* Carnegie figures: Ibid., pp. 788–89.
31 fn.† “I have been”: Carnegie, p. 256.
32 “Morgan has” & “It is”: LC, Andrew Carnegie Papers—AC to George Lauder, Feb. 26, 1901, & to John Walker, March 3, 1901.
33 Federal spending: James Grant, Bernard Baruch, p. 56.
34 $30 million: Ray Stannard Baker, “What the U.S. Steel Corporation Really Is.” “Judge Gary”: Tarbell, Gary, p. 120.
35 half U.S. capacity: Hessen, p. 123. 7 percent GNP: Smith and Sylla, p. 2.
36 “the greatest”: LC, Albert J. Beveridge Papers—AJB to GWP, April 1, 1901. “the world”: Allen, p. 184. “planning”: R.S. Baker, “What the U.S. Steel Corp.” “an emperor”: Allen, p. 180. “Pierpont Morgan is”: HA to E. Cameron, Feb. 11, 1901, LHA, Vol. V, p. 199.
37 “America is” & “Pierpont Morgan calls”: in Allen, pp. 180–81.
38 “It’s a”: PML—Jack to FTM, Feb. 17, 1901.
39 Securities issued & “enough to”: in Carosso, Morgans, pp. 470–71.
40 Bureau estimate: U.S. Commissioner of Corporations, Report on the Steel Industry, Vol. I, July 1, 1911, in William Z. Ripley, Trusts, Pools and Corporations, pp. 185–201.
41 fn., “the years”: Hogan, Vol. II, p. 476–77.
42 “an aggregate”: Iron Age, April 18, 1901, in Carosso, p. 472. “uneasiness”: Wall Street Journal, Feb. 27, 1901, in WSJ, Nov. 15, 1988.
43 “Statements furnished”: in Hogan, Vol. II, p. 477.
44 fn., syndicate members: PML—USS Syndicate Book II, p. 209, and Carosso, p. 801, n. 20.
45 profits 1901–2: Hogan, Vol. II, p. 477. Performance: George J. Stigler, The Organization of Industry, pp. 111–12.
46 earnings: PML—USS Syndicate Book II, p. 209, & Ripley, pp. 204–5.
47 “greatly in excess”: in Ripley, p. 205. “represented”: Wall Street Journal, Nov. 15, 1988.
48 average commissions: Carosso, Investment Banking in America, p. 75.
49 “a
master”: Stigler, pp. 111–12. “unique”: in Ripley, p. 209.
50 “The entire”: in Arthur M. Schlesinger, Jr., Crisis of the Old Order, 1919–1933, p. 21.
51 “a corporation”: John A. Garraty, Right-Hand Man, p. 56.
52 “I know all” & ff.: Ibid., pp. 84–85.
53 “size and” & “if you”: Ibid., pp. 86–87.
54 “when I” & “heartiest”: Columbia, George Walbridge Perkins Papers—GWP to Stillman, March 2, & Stillman to GWP, March 6, 1901.
55 “Go slow”: Ibid.—Beveridge to GWP, March 8, 1901.
56 “the fullest”: C&FC, Oct. 5, 1901, in Carosso, Morgans, p. 488. “impossibly”: PML—Jack to GWP, Oct. 10, 1901.
57 “George W.”: NY World, March 9, 1902, in Garraty, p. 92.
58 “Wall Street”: HA to E. Cameron, April 8, 1901, LHA, Vol. V, p. 231.
59 “Nobody will”: Satterlee, JPM, p. 353.
60 “possessing”: Geoffrey Agnew, Agnew’s 1817–1967 (London: B. Agnew Press, 1967), p. 84. “réclame”: in NY Herald, April 1, 1913. fn., “I personally”: in London Times, July 14, 1994.
61 “the only”: D.A. Brown, Raphael and America, p. 39.
62 fn., Inghirami: interview with Dr. Hilliard Goldfarb, chief curator, the Isabella Stewart Gardner Museum.
63 “a heavenly” & “My remaining”: ISG to BB, March 11, 1901, & April 1, 1902, in Letters of Bernard Berenson and Isabella Stewart Gardner, pp. 251, 285.
64 “truly marvellous”: Vasari, Lives of the Painters, Vol. I, p. 715. Ruskin, “work of,” & “richest”: in Brown, pp. 66–68.
65 “that spacious” & “pictures”: BB to ISG, Nov. 9, 1897, Letters BB-ISG, p. 97, & Sept. 25, 1902, in Brown, p. 53.
66 “more primitive”: Italian Paintings, Sienese and Central Italian Schools, Federico Zeri (New York: Metropolitan Museum of Art, 1980), p. 73.
67 “the most”: Brown, pp. 67, 105, n. 233.
68 “I hope”: MGCo. Ms 21,800—CED to Jack, Dec. 10, 1901. “Mr. J. Pierpont” & ff.: Brown, pp. 68, 64.
CHAPTER 21: RAID
1 “contentment”: NY Times, April 18, 1912.
2 Hill’s plans: Balthasar H. Meyer, “A History of the Northern Securities Case,” pp. 227–36, & Albro Martin, James J. Hill, p. 441.
