The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance

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by Ron Chernow


  3. Lamont, Across World Frontiers, p. 80.

  4. Lindbergh, Flower and the Nettle, p. xxv.

  5. Lamont, Across World Frontiers, p. 193.

  6. ME, Morgan Firm, Folder 37, letter from George Whitney, June 2, 1919.

  7. ME, Edward R. Stettinius Folder, letter from Edward R. Stettinius, May 6, 1919.

  8. TWL, Box 171, Folder 28, letter to Woodrow Wilson, June 13, 1919.

  9. Lamont, A cross World Frontiers, p. 126.

  10. TWL, Box 171, Folder 28, memorandum to Woodrow Wilson about treaty ratification, June 13, 1919.

  11. Ibid., letter from Woodrow Wilson, June 7, 1919.

  12. Lamont, Across World Frontiers, p. 158.

  13. TWL, Box 115, Folder 19, letter to Robert A. Lovett, November 21, 1932.

  14. JPMJ, Letter Press Book 17, Box 28, letter to Henry P. Davison, August 12, 1920.

  15. Ibid., Letter Press Book 14, Box 22, Letter to Morris Whitridge, November 26, 1917.

  16. Ibid., Letter Press Book 16, Box 26, letter to Franklin D. Locke, February 2, 1920.

  17. NYT, April 20, 1920.

  18. Ibid.

  19. Ibid.

  20. Brooks, Once in Golconda, p. 6.

  21. Ibid., p. 20.

  22. CUOH-GW, p. 59.

  23. Ibid., p. 60.

  24. JPMJ, Letter Press Book 17, Box 27, letter to A. Lawrence Lowell, March 2, 1920.

  25. Wecter, Saga of American Society, p. 155.

  26. JPMJ, Letter Press Book 16, Box 25, letter to Edward C. Grenfell, April 9, 1919.

  27. Ibid., Letter Press Book 17, Box 27, letter to Edward C. Grenfell, March 3, 1920.

  28. Ibid., Edward C. Grenfell File, letter from Edward C. Grenfell, April 22, 1920.

  29. Ibid., Letter Press Book 18, Box 29, letter to Paul Tynes.

  30. BM, July/August 1984.

  31. HPD, cable to Nelson W. Aldrich, April 7, 1913.

  32. Lamont, Henry P. Davison, p. 298.

  33. BM, July/August 1984.

  34. NYT, March 23 and 24, April 18, 1915.

  35. Lamont, Henry P. Davison, p. 325.

  36. Lamont, Across World Frontiers, pp. 45–46.

  37. Brooks, Once in Golconda, p. 47.

  38. Lamont, ed., Thomas Lamonts, p. 119.

  39. Lundberg, America’s 60 Families, p. 33.

  40. TWL, Box 94, Folder 16, letter to Jack Prentiss, February 24, 1916.

  41. TWL Box 94, Folder 16, letter to Henry Ford, June 19, 1916.

  42. BW, December 10, 1979.

  43. Sloan, My Years with General Motors, p. 43.

  44. JPMJ, Letter Press Book 18, Box 29, letter to Warren G. Harding, June 6, 1921.

  45. Lamont, Across World Frontiers, p. 219.

  46. Ibid., p. 218.

  47. TWL, Box 108, Folder 13, letter to J. P. Morgan, Jr., October 6, 1922.

  48. Ibid., Box 127, Folder 29, memorandum of March 24, 1933, p. 10.

  CHAPTER TWELVE: ODYSSEY

  1. RCL, Group 1030, Series I, Box 4, Folder 97, memorandum to Thomas W. Lamont, May 5, 1939.

  2. Lamont, Across World Frontiers, p. 242.

  3. Lamont, ed., Thomas Lamonts, p. 116.

  4. Lamont, Across World Frontiers, p. 238.

  5. Lamont, ed., Thomas Lamonts, p. 111.

  6. Lamont, Across World Frontiers, p. 231.

  7. MGR, File, Japan Government Loan, 1924, telegram from Thomas W. Lamont to Junnosuke Inouye, October 10, 1923.

  8. Ibid., File 1, Japan Government Loan, 1924, telegram from J. P. Morgan & Co. to Edward C. Grenfell, January, 1924.

  9. Ibid, File 27, Japan Government Loan, 1924, telegram from Thomas W. Lamont to Edward C. Grenfell, January 28, 1924.

  10. Carosso, Investment Banking in America, p. 257.

  11. Lamont, Yes to Life, p. 18.

  12. El Universal, August 5, 1921.

  13. Swanberg, Citizen Hearst, p. 339.

  14. Lamont, ed., Thomas Lamonts, p. 118.

  15. TWL, Box 197, Folder 19, letter to Charles Evans Hughes, April 18, 1924.

  16. Lamont, ed., Thomas Lamonts, p. 118.

  17. TWL, Box 192, Folder 7, cable from J. P. Morgan, Jr., October 25, 1921.

  18. Ibid., letter from Walter C. Teagle, December 15, 1921.

  19. Ibid., Anonymous memo, December 14, 1921, attached to letter from Walter C. Teagle, December 15, 1921.

  20. Chandler, Benjamin Strong, p. 260.

  21. Clay, Lord Norman, p. 487.

  22. Boyle, Montagu Norman, p. 198.

  23. Clay, Lord Norman, p. 482.

  24. Ibid., p. 55.

  25. Boyle, Montagu Norman, p. 86.

  26. RCL, Group 1030, Series I, Box 1, Folder 9, letter to Basil P. Blacken, March 2, 1920.

  27. Jay, Morgan & Cie., p. 24.

  28. Burk, “House of Morgan in Financial Diplomacy,” p. 29.

  29. TWL, Box 182, Folder 27, “Heartbreak House,” April 18, 1945.

  30. NYH, May 25, 1922.

  31. JPMJ, Letter Press Book 19, Box 32, letter to Edward C. Grenfell, March 10, 1923.

  32. Forbes, J. P. Morgan, Jr., p. 277.

  33. Sayers, Bank of England, p. 81.

  34. Schacht, Confessions of the Old Wizard, p. 179.

  35. TWL, Box 182, Folder 2, letter to Dr. Hjalmar Schacht, April 7, 1934.

  36. RCL, Group 1030, Series I, Box 3, Folder 62, letter to S. Parker Gilbert, February 2, 1928.

  37. Case and Case, Owen Young and American Enterprise, p. 280.

  38. Ibid., p. 300.

  39. J.P. Morgan & Co., News Report on the Death of S. Parker Gilbert.

  40. McNeil, American Money and the Weimar Republic, p. 30.

  41. Ibid.

  42. Nicolson, Dwight Morrow, p. 276.

  CHAPTER THIRTEEN: JAZZ

  1. JPMJ, Letter Press Book 24, Box 41, letter to Charles C. Hilles, May 28, 1928.

  2. TWL, Box 115, Folder 17, letter to Bruce Bliven, no date.

  3. Harbaugh, Lawyer’s Lawyer, p. 184.

  4. JWD, 1873–1955 (?).

  5. Harbaugh, Lawyer’s Lawyer, p. 211.

  6. Josephson, Money Lords, p. 21.

  7. NYWT, March 13, 1943.

  8. ME, Dwight W. Morrow Folder, letter to Dwight W. Morrow, April 28, 1927.

  9. Lamont, ed., Thomas Lamonts, p. 385.

  10. Pecora, Wall Street under Oath, p. 45.

  11. ME, Russell C. Leffingwell Folder, letter to Russell C. Leffingwell, July 31, 1924.

  12. Forbes, Stettinius, Sr., p. 207.

  13. Ibid., p. 106.

  14. Ibid., p. 199.

  15. Lamont, Across World Frontiers, p. 216.

  16. Lindbergh, Flower and the Nettle, p. 199.

  17. Ibid., p. 207.

  18. Lamont, ed., Thomas Lamonts, p. 107.

  19. HFJ, May 1926.

  20. Forbes, J. P. Morgan, Jr., p. 126.

  21. Ibid., p. 67.

  22. NYK, February 2, 1929.

  23. N, February 9, 1935.

  24. JPMJ, Letter Press Book 24, Box 42, letter to Charles G. Dawes, July 15, 1929.

  25. FO, August 1933.

  26. JPMJ, Edward C. Grenfell Folder, letter to Edward C. Grenfell, April 12, 1920.

  27. Forbes, J. P. Morgan, Jr., p. 113.

  28. JPMJ, Charles Steele Folder.

  29. NYT, September 4, 1967.

  30. Ibid.

  31. Forbes, J. P. Morgan, Jr., p. 138.

  32. Ibid., p. 140.

  33. JPMJ, Edward C. Grenfell Folder, letter to Edward C. Grenfell, January 19, 1922.

  34. Ibid., Letter Press Book 21, Box 36, letter to Edward C. Grenfell, April 17, 1925.

  35. Ibid., Letter Press Book 22, Box 37, letter to Louisa Lee Schuyler, July 23, 1925.

  36. Ibid., letter to Mrs. J. Kearny Warren, July 14, 1925.

  37. TWL, Box 191, Folder 1, letter to Giovanni Fummi, July 10, 1930.

  38. Ibid., letter to Charles Steele, August 17, 1925.

  39. NYK, February 9, 1929.

  40. JPMJ, Letter Press
Book 24, Box 41, no date.

  CHAPTER FOURTEEN: GOLDEN

  1. Woolf, Diary, p. 210.

  2. Lindbergh, Flower and the Nettle, pp. 64–65.

  3. Pankhurst, Suffragette Movement, p. 393.

  4. Ibid., p. 484.

  5. JPMJ, Box 32, cable from Edward C. Grenfell, July 26, 1913.

  6. Pankhurst, Home Front, p. 71.

  7. Burk, “House of Morgan in Financial Diplomacy,” p. 12.

  8. RCL, Group 1030, Series I, Box 6, letter to J. P. Morgan, Jr., September 10, 1923.

  9. JPMJ, Edward C. Grenfell Folder, letter from Edward C. Grenfell, March 23, 1925.

  10. Boyle, Montagu Norman, p. 189.

  11. JPMJ, Edward C. Grenfell Folder, letter from Edward C. Grenfell, June 24, 1926.

  12. Ibid., letter from Edward C. Grenfell, March 23, 1925.

  13. MGR, File 5, British Gold Loan, cable from Edward C. Grenfell to J. P. Morgan, Jr., April 3, 1925.

  14. DT, May 5, 1925.

  15. MGR, File 5, British Gold Loan, letter from Winston Churchill to Edward C. Grenfell, May 1, 1925.

  16. Chandler, Benjamin Strong, p. 384.

  17. Lamont, Yes to Life, p. 22.

  18. Ibid.

  19. Lamont, ed., Thomas Lamonts, p. 139.

  20. Ibid., p. 95.

  21. Forbes, J. P. Morgan, Jr., p. 125.

  22. TWL, Box 190, Folder 13, letter to Giovanni Fummi, October 5, 1923.

  23. Ibid., Box 190, Folder 14, letter to Prince Gelasia Caetani, April 21, 1924.

  24. Ibid., Box 103, Folder 11, letter to Russell C. Leffingwell, April 20, 1925.

  25. Ibid., Box 190, Folder 17, letter to Giovanni Fummi, December 11, 1925.

  26. Thomas W. Lamont, speech before the Foreign Policy Association Luncheon, New York City, January 23, 1926.

  27. Diggins, Mussolini and Fascism, p. 145.

  28. Ibid., pp. 147–49.

  29. ME, Thomas W. Lamont Folder, memorandum to Thomas W. Lamont, January 7, 1926.

  30. Diggins, Mussolini and Fascism, p. 50.

  31. Lippmann, Public Philosopher, p. 214.

  32. TWL, Box 190, Folder 22, letter to Giacomo de Martino, April 6, 1927.

  33. CH, 28, July 1928.

  CHAPTER FIFTEEN: SAINT

  1. DWM, Calvin Coolidge File (1922–31), letter to James R. Sheffield, June 1, 1920.

  2. TWL, Box 113, Folder 4, letter from Dwight W. Morrow to Howard C. Robbins, January 16, 1920.

  3. Nicolson, Dwight Morrow, p. 229.

  4. Howland, Morrow, p. vi.

  5. DWM, Calvin Coolidge File (1922–31), letter from Calvin Coolidge, March 10, 1920.

  6. Nicolson, Dwight Morrow, p. 140.

  7. Ibid., p. 136.

  8. Ibid., p. 148.

  9. Ibid., p. 149.

  10. Ibid., p. 103.

  11. Ibid., p. 124.

  12. Howland, Morrow, p. 67.

  13. Nicolson, Dwight Morrow, p. 246.

  14. Anne Morrow Lindbergh, interview with author.

  15. Constance Morrow Morgan, letter to author, April 19, 1989.

  16. NYHT, October 9, 1927.

  17. Howland, Morrow, p. xi.

  18. Davis, Hero. p. 253.

  19. Steel, Walter Lippmann and the American Century, p. 238.

  20. FA, January, 1927.

  21. Nicolson, Dwight Morrow, p. 291.

  22. DWM, Charles A. Lindbergh Folder, letter from Charles A. Lindbergh, September 29, 1927.

  23. Lindbergh, Hour of Gold, Hour of Lead, p. 128.

  24. Nicolson, Dwight Morrow, p. 313.

  25. Lindbergh, Hour of Gold, Hour of Lead, p. 20.

  26. Anne Morrow Lindbergh, interview with author.

  27. Lippmann, Public Philosopher, p. 211.

  28. CUOH-GR, p. 223.

  29. TWL, Box 192, Folder 15, cable to J. P. Morgan partners, March 2, 1929; cable to J. P. Morgan & Co., March 5, 1929.

  30. CUOH-GR, p. 215.

  31. TWL, Box 114, Folder 4, letter to Harold Nicolson, May 17, 1935.

  32. Ibid., memorandum from Vernon Munroe, December 11, 1929.

  33. Nicolson, Dwight Morrow, p. 382.

  34. TWL, Box 192, Folder 18, letter to Dwight W. Morrow, July 24, 1930.

  35. Ibid., Box 197, Folder 21, letter from Dwight W. Morrow, August 18, 1930.

  36. NFP, August 13, 1930.

  37. Nicolson, Dwight Morrow, p. 379.

  38. Ibid., p. 388.

  39. Davis, Hero, p. 295.

  40. Ibid., p. 291.

  41. Nicolson, Dwight Morrow, p. 399.

  42. Nicolson, Diaries and Letters, p. 71.

  43. Brooks, Once in Golconda, p. 49.

  CHAPTER SIXTEEN: CRASH

  1. WSJ, May 1, 1989.

  2. Wendt, Wall Street Journal, p. 203.

  3. Ibid., p. 201.

  4. Mayer, Markets, pp. 50, 272.

  5. NYK, February 2, 1929.

  6. Fogarty, The Story of Texasgulf, p. 11.

  7. TWL, Box 127, Folder 29, memorandum of March 24, 1933, p. 17.

  8. ERS, Box 8, Folder 154, letter to Henry P. Davison, February 4, 1922.

  9. Ibid., Box 11, Folder 200, letter to Thomas W. Lamont, August 21, 1924.

  10. Ibid., Box 11, Folder 187, letter to Herman Harjes, December 19, 1923.

  11. Josephson, Money Lords, p. 48.

  12. TWL, Box 126, Folder 12, private memorandum about Oris P. and Mantis J. Van Sweringen, July 6, 1928.

  13. Brooks, Seven Fat Years, p. 221.

  14. Ziegler, Sixth Great Power, p. 356.

  15. JPMJ, Box 38, cables 1929–35, cable to J. P. Morgan & Co., August 30, 1929.

  16. Ziegler, Sixth Great Power, pp. 356–57.

  17. Lyons, David Sarnoff, p. 150.

  18. Bilby, David Sarnoff and the Rise of the Communications Industry, pp. 96–98.

  19. Lyons, David Sarnoff, p. 153.

  20. Ibid., pp. 153–54.

  21. McNeil, American Money and the Weimar Republic, p. 261.

  22. TWL, Box 103, Folder 13, letter from Russell C. Leffingwell, March 8, 1929.

  23. Ibid.

  24. Ibid., letter from Russell C. Leffingwell, April 16, 1929.

  25. TI, November 2, 1987.

  26. Galbraith, Great Crash, p. 71.

  27. Schlesinger, Crisis of the Old Order, p. 84.

  28. NYT, August 1, 1928.

  29. TWL, Box 98, Folder 15, letter to Herbert Hoover, October 19, 1929.

  30. Ibid., Box 108, Folder 14, letter to J. P. Morgan, Jr., October 22, 1929.

  31. Galbraith, Great Crash, p. 132.

  32. Ibid.

  33. Josephson, Money Lords, p. 102.

  34. Brooks, Once in Golconda, p. 124.

  35. NYT, October 25, 1929.

  36. Galbraith, Great Crash, p. 109.

  37. WSJ, October 25, 1929.

  38. Galbraith, Great Crash, p. 109.

  39. NYT, October 30, 1929.

  40. Ibid.

  41. Galbraith, Great Crash, p. 114.

 

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