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

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The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance Page 109

by Ron Chernow


  Liberty League, 379

  Liberty Loan, 201–203, 305

  Lincoln, Abraham, 13

  Lincoln Trust, 126

  Lindbergh, Anne Morrow, 206–207, 261–62, 271, 290

  husband’s Nazi sympathies and, 444–47, 461, 462

  marriage of, 295

  Lindbergh, Charles A., Jr., 291–92, 296, 300, 400, 459

  kidnapping of son of, 301, 444

  marriage of, 295

  Mexico and, 293, 294–95

  as Nazi sympathizer, 444–47, 461, 462

  Lindbergh, Charles A., Sr., 149–50, 192, 295–96, 444–45

  Lindsay, John V., 618

  Lindsay, Robert V. “Rod,” 519–20, 568, 590, 618, 653, 656, 704

  Lindsay, Sir Ronald, 457

  Ling, Jimmy, 543

  Link, Arthur, 515

  Linlithgow, marquess of, 347, 361, 410

  Lippman, Faye, 411

  Lippmann, Walter, 149, 221, 255, 348–49, 373, 466, 542, 605

  Morrow and, 292, 294, 296

  Mussolini and, 280, 283–84

  Roosevelt and, 354, 355, 358

  Lipton, Marty, 600, 601, 705

  Lloyd George, David, 438, 459

  World War I and, 186, 187, 190, 197, 200, 202

  Lloyds International Bank, 519, 643, 646, 674

  Lloyd’s of London, 203

  Lodge, Henry Cabot, 107

  London Times, 6, 58, 59, 263, 340, 385, 438, 481, 525, 569, 578, 614

  Long, Augustus, 543

  Long, Huey P., 362, 374

  Lopokova, Lydia, 272, 276

  Lorenzo, Frank, 667

  Lothian, Lord, 207, 438, 443

  Loughran, Jack, 551, 553, 555, 556, 663

  Louisiana Purchase, 5, 25

  Lovett, Robert, 487, 488, 536

  Lowell, A. Lawrence, 214

  Lowenthal, Max, 414

  Luce, Henry, 466, 612

  Lusitania, 103, 146, 196–97

  M

  McAdoo, William G., 255, 371

  World War I and, 184, 186, 197, 201, 202, 203

  MacArthur, Douglas, 490, 551

  McClellan, George B., 126

  McCloy, John J., 486–88, 496, 518, 531, 536, 638

  McCormick, Cyrus Hall, Jr., 109

  MacDonald, Ramsay, 397, 459

  gold standard and, 329–34

  McGillicuddy, John, 659

  McGraw, Harold W., Jr., 705–706

  McGraw Edison, 692

  McGraw-Hill, 705–706

  McKenna, Reginald, 191, 197, 273

  McKim, Charles F., 116

  McKinley, William, 77, 82, 108

  assassination of, 93–94

  Mackworth-Young, Bill, 614–15, 653, 671–72, 676, 678–79

  McLeod, A. Archibald, 56

  Macmillan, Harold, 521, 525

  MacNab, Alexander J., 298–99

  McNamara, Robert S., 543, 585, 587

  McReynolds, James C., 177, 178

  Magan, George, 676, 678, 679, 689

  Manchukuo, 343–45

  Manchuria, Japanese invasion of, 337–45

  Manufacturers Hanover, 609, 658–59, 701

  Manufacturers Trust, 326, 530, 531, 551

  Mao Tse-tung, 338

  Marais, Baron Emile du, 205–206

  Marathon Oil, 633

  Marbury, Bessie, 140–42

  Marcus, Bernard K., 327

  Markoe, Annette, 159

  Markoe, Dr. James W., 50, 122, 126, 159, 193

  murder of, 212

  Markoe, Mrs. John, 121–22

  Marshall Plan, 488, 518

  Martin, William McChesney, 428, 539

  Masefield, John, 220, 278, 348

  Massachusetts Institute of Technology (MIT), 234, 342

  Matinicock Point (also spelled Matinecock Point), 170, 262–63, 268, 322, 408, 460, 471

  Maxwell, Robert (né Hoch), 574, 575, 576, 577, 578, 682

  May Committee, 329

  Mayhew, David, 684

  Means, Gardiner, 419

  Medina, Harold, 503–506, 507, 517, 625, 698, 471

  Mees and Hope, 286, 544, 549

  Meir, Golda, 616

  Mellen, Charles S., 174–79

  Mellon, Andrew, 252, 275, 313

  Depression and, 322, 323–24

  World War I debt and, 226, 227–28, 282, 328

  Mendez, Luis, 587, 623

  Mendoza, Roberto, 706, 707, 708, 709

  Merchant banks, 6, 13, 23–28, 523, 678, 679

  attire of bankers, 519, 671

  competition between, see Gentleman Banker’s Code

  dynastic nature of, 19–20, 60–61, 89, 142, 168, 335–36

  intelligence information and, 21

  interlocking partnerships of, 33–35, 64–65, 153–55, 177, 180–81

  line between commerce and, 12, 23–24, 32, 38, 44, 66–69, 85

  mesh between statecraft and, 24–28, 131–38, 153, 205–206, 210, 216–17, 225–53

  new breed of, in 1980s, 668–69, 680, 694–95, 698, 702, 710, 711, 717

  origin of, 4

  privacy and, 174

  relationship banking and, see Relationship banking

  syndicates of, 26–27, 43, 156

  Mergers, 81–86, 91–94, 575

  bank, 152–54, 275, 496, 530, 532–36, 675, 703

  hostile takeovers, see Hostile takeovers

  Merrill Lynch, 502, 510, 564, 565, 594, 601, 602, 625, 631, 663, 690, 694, 700, 702, 710, 711

  Mesa Petroleum, 667

  Metropolitan Club, 47, 64–65

  Metropolitan Museum of Art, 119, 139, 169, 172, 173, 384, 473, 514

  Mexico, 210, 644, 646

  bribery memo, 242

  Catholic church in, 292, 296

  Lamont and, 238–43, 297–99

  loans to, 238–43, 292, 293, 296–99, 638, 642, 649

  oilmen in, 241–43, 292, 296

  Meyer, André, 512, 588, 694

  Meyer, John, Jr., 492, 549, 550, 553, 557

  described, 554–55

  Saudi Arabia and, 607, 608

  Mezzacappa, Damon, 623

  Milken, Michael, 650, 710

  Miner strike of 1902, 106–108

  Miquel, Raymond, 680

  Missouri Pacific Railroad, 325, 414–15

  Mitchell, Charles E., 255, 304, 315, 364

  Depression and, 324, 355, 390–91

  Mitchell, John, 107

  Mitsubishi, House of, 233, 551, 557

  Mitsui, House of, 233, 234, 235, 337, 342, 343, 552, 557, 710

  Mobil, 500, 533, 605, 625–26, 631, 694

  Mohasco Corporation, 595

  Money Trust, 131–37, 172, 201, 304, 384, 444

  Pujo Committee and, 149–56

  Monnet, Jean, 445

  Montagu, Samuel, 524

  Moody, John, 40, 70, 128

  Moore, George S., 496, 538

  Moore and Schley, 126–28

  Moreau, Emile, 310, 312

  Morgan, Amelia Sturges (Mimi), 22–23, 45, 49, 50, 167–68

  Morgan, Anne Tracy, 32, 140–42, 159, 247, 443, 452

  Morgan, Catherine Adams, 266

  Morgan, Charles F., 515, 581, 629

  Morgan, Frances, 97–98, 267

  Morgan, Frances Tracy (Fanny), 51, 159

  death of, 266–67

  described, 49, 62, 112

  marriage of, 23, 49–50, 53, 112

  relationship with son, 61–64, 81, 96, 113, 266–67

  Morgan, George, 555

  Morgan, Henry Sturgis (Harry), 97, 147, 178, 192, 263, 460, 473, 501

  described, 266, 389, 514–15

  Jack’s heart attack and, 409–10

  Morgan Stanley and, 387, 389, 514, 515–16, 583

  overseas banking and, 546

  Morgan, Jane Norton, 97–98, 211

  Morgan, Jane Norton Grew (Jessie): assassination attempt on Jack and, 192–93, 194

  death of, 267–69

  family life, 96–98, 262, 267

  ma
rriage of, 63–64, 170–71

  Morgan, John Adams, 515–16, 629

  Morgan, John Pierpont, Jr. (Jack), 23, 32, 50, 59, 80, 118, 141, 165–475, 504, 512, 527, 536, 551, 559, 560, 628

  as Anglophile, 95–98, 104, 170–71, 191, 263–65, 430–31, 459–60

  anti-Semitism of, 150, 196–99, 214–17, 394

  art collection of father and, 171–74, 263, 384

  assassination attempt on, 192–95

  banker-government collaboration and, 132, 133, 137, 210, 216–17

  becomes a Morgan partner, 64

  British gold standard and, 274–75, 276, 329–36

  British royalty and, 410, 431, 439–40

  changing the “Jr.,” 168

  clash with Lamont, 334–36

  as conciliator, 177

  Coolidge and, 254

  death of, 472

  death of father, 159–61

  death of mother, 266–67

  death of wife, 267–69, 408, 411

  delegating of authority, 142, 166–67

  Depression and, 347, 348

  described, 61–63, 95, 142, 166–71, 217, 262–69, 335

  estate of, 472–73

  family life, 96–98

  first crises of, 171–82

  government and, 181, 206

  Graf and, 367–68

  grandchildren of, 267, 269, 380, 408

  hatred of Germans, 191, 194–95, 210, 215–17, 248, 310, 394, 400

  heart attacks of, 409–10

  homes of, 96–97, 112–13, 170, 262–65

  income taxes and, 366, 410–11

  incorporation of J. P. Morgan and, 469, 471

  insecurity of, 61–62, 96, 142, 166, 171, 220, 411

  insurance policy on, 203

  lieutenants of, 142–45, 217–21, 287

  marriage of, 63–64, 98, 170–71, 267

  New Deal and, 369, 379–80, 408–12, 417

  New Haven Railroad and, 174–81

  Nye hearings and, 400, 401, 409

  partners of, 166–67, 256–62, 469

  on Peabody, 10, 15

  Pecora hearings and, 361, 363–69, 409

  philanthropy of, 169, 472–73

  philosophy of, 409

  power of, 167, 179–82, 193–94

  privacy and, 174, 194, 263, 364, 369

  Pujo Committee and, 150–57

  relationship with father, 60–64, 95–97, 104, 112–13, 139, 142, 150, 157, 166–71

  relationship with mother, 61–64, 81, 96, 113, 266–67

  religion and, 63, 169, 347

  Franklin Roosevelt and, 106, 357, 380, 411–12, 461–62, 467–68

  Theodore Roosevelt and, 93–94

  Sarnoff and, 311

  sense of omnipresent danger, 192–95, 203–204, 210–14, 301

  as a snob, 63, 171

  sons of, 266

  succession of, 142–45, 166–71

  Titanic and, 146–47

  Vatican and, 285–86, 407

  wealth of, 322, 408, 409

  Whitney embezzlement and, 425, 426–27

  women and, 171

  World War I and, see World War I

  Morgan, John Pierpont, Sr. (Pierpont), 28–161, 235, 508, 514

  ailments of, 9, 19, 33, 34, 157, 158

  alcohol and, 49

  anti-Semitism of, 47–48, 74, 89–90, 103–104

  as apprentice on Wall Street, 11–12

  art collection of, 79, 96, 116–20, 126–27, 158, 171–74

  birth of, 18

  brainstorms and, 55

  Carnegie and, 39–40, 83–84

  as a child, 9, 19

  children of, 32

  cigars of, 49, 55, 80, 126

  Civil War stand-in for, 22

  Cooke’s financial collapse and, 35–37

  death of, 150, 157–60, 472

  death of father and, 60

  described, 19–21, 29, 38–39, 45–52, 65–66, 86–87, 96, 112, 125, 139–40, 152, 158

  details of the business and, 66

  disdain for stocks, 303, 305

  dollar diplomacy and, 131–38

  editorial “titles” of, 78

  education of, 20

  estate of, 158–59, 173

  family responsibilities and, 20, 39

  fear of hiring commanding figures, 88

  Gainsborough painting of, 41–42

  on gentlemen, 48, 52

  gold standard and, 71–78

  government finance and, 35–40, 77, 99, 219

  Hall Carbine Affair and, 21–22

  hatred of competition, 54, 56, 82, 83, 102, 111

  homes of, 32, 46–47, 79–80, 112–13

  as industrial arbiter, 53–58, 126–27

  infidelities of, 49–51, 53, 81, 84, 87, 113–16, 121–22, 141, 159

  last years of, 139, 142, 157–58

  marriage to Fanny, 23, 49–50, 53, 112

  marriage to Mimi, 22–23, 45

  Mexican loan of, 238, 241

  as moralist, 19, 30, 38, 45, 51, 52, 58, 114

  morganization, 67–69

  New York Central Railroad and, 42–45

  Northern Pacific corner and, 88–94

  nose of, 48, 86–87

  occult and, 51–52

  offices of, 34, 65–66

  panic of 1857 and, 11–12

  panic of 1873 and, 36–38, 39

  panic of 1907 and, 90, 116, 121–29

  partners of, 23, 33–35, 64–65, 69–70, 74, 87–88, 103–105, 108, 119

  Peabody and, 13

  as a peer of royalty, 78–79

  philanthropy of, 50–52, 159

  photograph of, by Steichen, 86

  power of, 58, 66–69, 93, 105, 121–37, 152–56

  privacy and, 47, 109, 139, 151–52

  Pujo Committee and, 150–56, 363

  railroads and, 29–32, 35–38, 42–45, 53–58, 66–69, 88–94, 178

  real estate and, 79

  relationship with daughter, 140–42

  relationship with father, 12, 17, 19–23, 26, 33–35, 40–42, 55, 58–60, 159–60

  relationship with son, 60–64, 95–97, 104, 112–13, 139, 142, 150, 157, 166–71

  religion and, 51–52, 159

  retirement thoughts, 33, 39, 44–45

  as a romantic, 22–23, 50, 115–16, 118

  Teddy Roosevelt and, 93–94, 105–12, 127–28, 131, 175

  “savior complex” of, 45, 68

  scorning the nouveau riche, 46–48

  shipping trust and, 100–103, 145–47

  as speculator, 20–22

  steel trust and, 81–86

  as a stuffed shirt, 47–48, 83, 415

  Taft and, 130–32

  Titanic and, 145–47

  vacations of, 34, 139

  wealth of, 32, 34, 46, 60, 150, 158–59

  women and, 108, 113–14, 140

  yachts of, 29, 53, 54–55, 60, 80–81, 139

  Morgan, Joseph, 18–19

  Morgan, Juliet Pierpont I, 18, 28, 58–59

  Morgan, Juliet Pierpont II, 20, 32, 141, 159

  Morgan, Junius, Jr., 20

  Morgan, Junius Spencer, 18–28, 39, 49, 50, 65, 95, 116, 145

  children of, 19–20

  death of, 59, 119

  described, 9–10, 17, 25–26, 28, 29, 40–41

  government finance and, 26–28, 58, 71

  homes of, 28

  marriage of, 18

  New York dinner for, 41

  panic of 1857 and, 12

  Peabody and, 8–15

  railroad conflicts and, 54, 55

  relationship with son, 12, 17, 19–23, 26, 33–35, 40–42, 55, 58–60

  Morgan, Junius Spencer, Jr., 97, 168, 194, 213, 263, 322, 409, 473, 535

  described, 266, 389

  Morgan, Louisa, 32, 152, 156, 157, 159

  Morgan, Louise, 535

  Morgan, Mary, 20

  Morgan, Miles, 18

  Morgan, Sally Spencer (Sarah), 18

  Morgan, Sarah II, 2
0

  Morgan, Yuki Kato, 555–56

  Morgan, House of:

  aftermath of World War I and, 205–10

  alienation from Washington, 349–92

  alliance with government, 131–38, 205–206, 225–53, 307–308, 392, 461–62

  as an American bank, 133, 145

  as an Anglo-American alliance, see Anglo-American alliance

  Bermuda meeting to resurrect, 591–94

  breakup of, 394–91

  British gold standard and, 273–77, 313, 315, 329–36

  British royalty and, 79

  clients of, 365–66

  code book of, 189–90, 231

  collection of papers of, 515

  competition within, 550, 568, 594, 653, 654, 716

  confusion overseas over relationships between banks constituting, 550–51, 589–90, 591

  coup de grace for, 374–77

  decline in power and size of, 492–94, 496

  defaults on foreign loans made by, 638

  Depression and, see Depression, the Great

  domestic politics and, 225–29, 254–55, 447–49, 497–99, 528–29

  employee relations, 493

  ethical standards of, 630

  Export Department, 187–92, 197, 202, 203, 401, 441

  Federal Reserve and, 156, 181–82, 244–45

  folklore of, as heartless moneymen, 72–78

  German loans of, 217, 247–53, 310–12, 350–51, 392–99

  Glass-Steagall Act and, 374–91

  gold standard and, 71–78, 357–59

  headquarters of, 34, 65–66, 165–66

  holding companies and, 308–10, 369–70

  Hoover and, 349–55

  intelligence of, 189, 215–16, 283

  internationalism of, 488, 499, 541

  loyalties to domestic clients, 324–26

  loyalties to foreign clients, 236–37, 341

  loyalties to Wall Street friends, 324, 364–65

  as “merchant of death,” 191–92, 400–401, 409, 437

  mystique of, 451–54, 493–94, 719

  New Deal and, 357–59

  palace revolt at, 334–36

  partners at, 256–62, 322, 348, 349, 371, 431

  Pecora hearings and, see Pecora hearings

  power of, 58, 181–82, 203–206, 230, 254–58, 324, 360, 366, 413, 428, 449, 453–54, 473, 537, 719–20

  preferred list of friends of, 370–74, 414

  public relations and, 151, 179–80

  railroads and, see Railroads; return to overseas banking, 541–48

  Roaring Twenties and, 254–58, 304–19

  shift of power from London to New York, 65, 98–99, 184–85, 270–71, 518–19

  strategy of, 37–38, 77, 84, 154, 167, 256–57

  trust operations, 559–60

  Whitney scandal and, 421–29

  World War II and, 441–68

  Young and, 416–17

  Morgan and Company, J. P., 27, 68, 108, 111, 145, 159, 286, 479, 492, 518, 553, 555, 715

  Bechtel and, 606

  break-up of, 384–91, 470–71

  British gold standard and, 275, 276, 331–36

 

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