by Jean Strouse
21 “You ought”: Allen, GPM, p. 266.
22 Kessler problems, Schley explanations: NY Times, Nov. 5, 1907, & Aug. 3, 1911.
23 U.S. Steel loan to Schley, 1907: NY Times, June 3, 1911.
24 “sell the” & “what would”: NY Times, Aug. 3 & July 30, 1911. “to sell”: U.S. Senate Committee on Judiciary Report on Absorption of TC&I, p. 6.
25 Gary declined TC&I 1901: W. David Lewis, Sloss Furnaces and the Rise of the Birmingham District (Tuscaloosa: University of Alabama Press, 1994), p. 291. Careful about antitrust law: Gary testimony, NY Times, June 3, 1911, & Kenneth Warren, The American Steel Industry, p. 186.
26 Schley says no: NY Times, June 3, 1911, & Garraty, p. 211.
27 “but it didn’t”: NY Times, Aug. 3, 1911. fn., TC&I history: Warren, pp. 185–87, & Hogan, Iron & Steel, Vol. II, pp. 498–512.
28 fn., bond-stock trade: Hogan, p. 504; Carosso, Morgans, p. 830, n. 68.
29 “anxious”: Thomas W. Lamont, Henry P. Davison, p. 81.
30 “There you”: PML—Strong to TWL, & Allen, pp. 262–64.
31 “that it”: TR to Charles J. Bonaparte, Nov. 4, 1907, LTR, Vol. V, pp. 830–31.
32 “buoyantly”: PML, HLS Box 12, folder 2—GWP memorandum on the Panic of 1907, Jan. 4, 1921.
33 “Morgan should”: BB to ISG, Nov. 7, 1907, Letters of BB & ISG, p. 412.
34 “There has”: TR to Douglas Robinson, Nov. 16, 1907. LTR, Vol. V, pp. 845–46.
35 “group of”: The Bankers Magazine, April 1908, p. 480, in Carosso, p. 547. “checked the”: The Public, Oct. 16, 1908.
36 $90 million: Julian Kennedy, in Warren, p. 186. $2 billion: J.W. Gates, NY Times, Nov. 7, 1907.
37 “Morgan banks”: Senate Judiciary Committee Report, 1909, pp. 5, 14–15. fn., “thrilling”: PML, MSI—LMS to FTM, Feb. 22, 1909.
38 Gates in NY Times, Nov. 7, 1907, & May 28–30, 1911, & 1909 Judiciary Committee Report, p. 9.
39 “imminent and” & ff.: NY Times, August 6, 1911.
40 “What would”: Ibid., Aug. 11, 1911.
41 “Is there”: Ibid., June 10, 1911.
42 “A desire”: in Garraty, Right-Hand Man, p. 252.
43 “Was there”: NY Times, Aug. 3, 1911.
44 “make the”: in Woodward, Origins, p. 310. “demagogues”: July 2, 1913. fn., TC&I after 1907: Warren, pp. 188–209.
45 “Now, wasn’t that”: NY Times, Jan. 25, 1908.
46 “industrial paralysis”: in James Livingston, Origins of the Federal Reserve System, p. 172. “sentiment is”: Columbia, Vanderlip Papers—Vanderlip to George E. Roberts, Dec. 23, 1907.
47 “If anything”: PML, HLS Box 3, folder A13—memorandum of G.F. Baker.
48 “meeting you”: Columbia, Perkins Papers—GWP to JPM, July 23, 1908.
49 Aldrich wealth: Nathaniel W. Stephenson, Nelson W. Aldrich (New York: Charles Scribner’s Sons, 1930), p. 323.
50 “Mr. Morgan thinks”: MGCo. Ms 21,795—ECG to W. Reid, August 4 & 8, 1908. “the standard”: in Livingston, pp. 159–60.
51 “position to-day”: St. Just—ECG to Mrs. Willy Buckler, Dec. 4, 1909.
CHAPTER 29: TRIO
1 “Inform”: PML—JPM to Jack, April 23, 1908.
2 “High Financiers” & ff.: PML—Jack to Theo. A. Bingham, Jan. 29, 1908.
3 “bushwhacked” & “We hope”: NY Times, Feb. 27 & April 5, 1908.
4 “but for”: Yale Alumni Weekly, Commencement, 1908.
5 “one of the”: London Times, Dec. 4, 1908.
6 “MONEY TALKS”: Chicago Daily Tribune, Dec. 10, 1908.
7 “My father”: NY Times, Dec. 11, 1908.
8 “I couldn’t”: Columbia University Oral History Research Office Collection: “Reminiscences of Herbert C. Pell,” p. 117.
9 “I wish”: LC, William Howard Taft Papers—JPM to WHT, Nov. 3, 1908. “Heartiest”: MGCo. Ms 21,802—Jack, ECG, VHS to JPMCo. Nov. 4, 1908.
10 “in all” & “other places”: Columbia, Perkins Papers—GWP to JPM, Feb. 25 & July 23, 1909.
11 “I think”: PML—Jack to GWP, Nov. 19, 1908.
12 “very much”: Lodge to TR, Nov. 30, 1909, Correspondence of Theodore Roosevelt and Henry Cabot Lodge, Vol. II, p. 355. “and seemed”: July 17, 1910, Taft and Roosevelt, The Intimate Letters of Archie Butt (Garden City, N.Y.: Doubleday, Doran & Co., Inc., 1930), Vol. II, p. 443.
13 “George, will”: PML—HLS notebook, “JPM.”
14 “What happened”: Lamont, Davison, p. 121.
15 Trio: Frank Vanderlip, Farm Boy to Financier (New York: D. Appleton-Century Company, 1935), p. 190. Moody, Masters, pp. 194–95.
16 “He is”: I Tatti—BG to BB, Aug. 24, 1909.
17 “mentally”: LC, Elihu Root Papers—Charles H. Allen to Root, Jan. 12, 1910.
18 “cleaned up”: Congressional Record, 60th Cong., 1st sess., p. 3568. “Your name”: BG notes in Hovey, p. 285. a “sneaking”: I Tatti, BG to BB, April 11, 1910.
19 “to take it”: PML, Jack Box 116—W.H. Hotchkiss to Equitable Directors, April 20, 1911, p. 2.
20 “a law”: St. Just—ECG to Mrs. Buckler, Dec. 4, 1909.
21 “We have” & “unless”: PML—GWP to Jack, Dec. 5, & Jack to GWP, Dec. 6, 1909.
22 “Big Chief”: I Tatti—BG to BB, Dec. 21, 1909.
23 “I permit” & “enthusiasmed”: PML—Olschki to BG, Sept. 25, 1907, & April 7, 1908.
24 “I know”: PML—BG to JPM, April 19, 1910.
25 “most exceptional”: PML—BG to JPM, May 6, 1907. “would like”: Bernard Quaritch to JPM, June 17, 1907.
26 “the most”: Tomkins, Merchants, pp. 166–67. “where works”: Margaret Sterne, The Passionate Eye, p. 92.
27 “After shaking”: Valentiner, “Reminiscences.”
28 fn.* “urge for”: Ibid.
29 “It looks” & “it was”: Sterne, pp. 94, 96.
30 “Morgan told” & ff.: Ibid., p. 95. fn.† “Whatever”: James Fenton, “Verrocchio: The New Cicerone,” The New York Review of Books, Feb. 19, 1998.
31 “that nobody”: MMA Egypt—Edward Robinson to Albert Lythgoe, Jan. 26, 1909.
32 “It was”: Ibid., AL to ER, March 5, 1909.
33 “I don’t”: Ibid., AL to ER, March 18, 1909. “Returned”: PML—JPM to Jack, March 13, 1909. “perfect”: MMA Egypt—AL to ER, March 31, 1909.
34 “put the”: LC, Franklin MacVeagh Papers.—W.L. Loeb, Jr., to J.C. Curtis, Sept. 19, 1911.
35 “I need not”: PML, Vendors’ files—Bode to JPM, May 17, 1909.
36 “impossible”: Princeton—Morgan Family Papers Box 10—JSM2 to Josephine P. Morgan, Aug. 15, 1909. “unnatural”: PML, MSI—LMS to FTM, August 17 [n.d.]. “yet I”: I Tatti—BG to BB, Aug. 21, 1909.
37 “remarkably” & “Mr. Morgan”: PML Vendors’ files—Sotheran to BG, Jan. 5, & BG to Sotheran, Jan. 25, 1907. “as to”: C.H. Read to BG, Nov. 9, 1909.
38 “One of”: PML—with Pudd’nhead Wilson MS. fn., “frankly”: PML—BG to Ray Brown, Feb. 2, 1911. stockbreeders: N-YHS Misc. Mss. Hughes, Rupert—Rupert Hughes to Wilmer B. Leech, Nov. 12, 1949.
39 Friedlander: in Harris, Cultural Excursions, p. 260.
40 “We are launched”: I Tatti—BG to BB, Sept. 27, 1909.
41 “not because”: Herbert Croly, Willard Straight, p. 340. “very little”: Schiff to Kahn, June 25, 1909, in Adler, Schiff, Vol. I, p. 251.
42 “On the” & “Strikes me”: PML—Jack to JPM, June 2, & JPM to Jack, June 3, 1909.
43 “a proposition”: MGCo.—HPD to ECG, Aug. 6, 1909, in Carosso, Morgans, p. 554. “you can”: PML—HPD to Jack, May 21, 1912.
44 “embarrassing”: Lamont, p. 160.
45 “make it”: Swanberg, Whitney, p. 299. “will you” & “as regard”: PML—JPM to HPD, May 17, & HPD to JPM, May 18, 1911. fn.: HN to VSW, June 1, 1935, in Harold Nicolson Diaries, 1930–1939, edited by Nigel Nicolson (New York: Atheneum, 1966), p. 203.
46 “Mr. JPM”: Division of Rare and Manuscript Collections, Cornell Universi
ty Library—DPW to WDS, Jan. 30, 1911.
47 “Patriotism”: in Carosso, p. 577.
48 Mellen quadruples: Ibid., p. 608.
49 “these men”: NY Times, April 13, 1910.
50 “We have a”: Cooper, Pivotal Decades, p. 158.
51 JPM would have voted: PML—BG to J.H. FitzHenry, Nov. 1, 1910. “We are”: I Tatti—BG to BB, Nov. 11, 1910.
52 “a man of brains”: NY Times, Nov. 24, 1907.
53 “as astonished”: I Tatti—BG to BB, Oct. 1, 1912.
54 “nothing organic” & “a good rest”: PML—Jack to JPM, June 1, & HPD to JPM, June 4, 1910. fn., “means beside”: PML—Jack to FTM, July 5, 1921.
55 “buy Caxton”: PML, Vendors’ files “JPM 1910–13”—JPM to BG, March 1911.
56 “Prices absurd” & “Use your”: Ibid.—BG to JPM, April 28, & JPM to BG, April 29, 1911.
57 “ridiculous”: Ibid.—BG to JPM, May 5, 1911. “a profound”: Clay to JPM [May] 6, 1911.
58 “He tried”: PML—HLS notebook, “JPM.” “Thank God”: BG notes in Hovey, p. 309.
59 “Lamont, I”: Edward M. Lamont, The Ambassador From Wall Street (Lanham, Md.: Madison Books, 1994), p. 41.
60 “wholesome” & “The idea”: in Hofstadter, Age of Reform, p. 197n.
61 “Magazine Trust”: NY Times, Feb. 5, 1911. Publishing trust: NY Press, Feb. 6, 1911. “proper” facts: PML—TWL, CS, & Jack to HPD, May 23, 1912.
62 “You see” & “New Devil”: Lippmann, Drift and Mastery, pp. 23–24, 83.
63 fn., “to-day”: Ibid., p. 46; “attacks”: Tarbell, All in the Day’s Work (New York: Macmillan, 1939), pp. 242, 364.
64 “very much”: PML—BG to JPM, June 1, 1911.
65 the “insinuations”: PML—Jack to FTM, June 7, 1911.
66 “Well, it has”: Satterlee, JPM, p. 531.
67 “a friendly”: Tarbell, Gary, p. 211. “it is”: W.B. Dickson to Corey, Feb. 16, 1909, in Hessen, Steel Titan, p. 187.
68 “It is not”: Livesay, Carnegie, p. 187.
69 “His departure”: NY Times, Jan. 3, 1912. “JP went”: I Tatti—BG to BB, Jan. 9, 1912. “the Senior’s”: PML—Jack to ECG, Jan. 8, 1912.
70 “optimistic”: Columbia, Stillman Papers—J. Stillman to J.A. Stillman, Jan. 19, 1912.
71 “a succession”: Harbaugh, Roosevelt, p. 380. fn., “I have”: U.S. v. U.S. Steel Corporation et al. (1915), in McCraw & Reinhardt, “Losing to Win,” pp. 599–601; “in testifying” & ff.: Arundel Cotter, U.S. Steel, pp. 199–202.
72 “probable”: PML—Jack to JPM, May 23, 1910.
73 “most unwise”: PML—Jack to HPD, April 11, 1911.
74 “decidedly”: PML—HPD to JPM, March 15, 1911. fn., “better at”: PML—Jack to JPM, Feb. 2, 1911.
75 Conant, Taft, Warburg: in Livingston, Origins, pp. 191–97.
76 fn., “The instruments” to “covered all”: William Greider, Secrets of the Temple (New York: Simon & Schuster, 1987), pp. 277–78.
77 Lindbergh and Wall Street Journal, Aug. 1, 1911, in James Grant, Money of the Mind, p. 124.
CHAPTER 30: PORTRAITS
1 “I have”: Lamont, Davison, p. 126. “was the”: David H. Greer, Literary Digest, April 12, 1913.
2 “remember”: I Tatti—BG to BB, Jan. 6, 1911. “you must”: PML—BG to JPM, April 19, 1910.
3 “called on”: Gutekunst to BB, May 19, 1909, in Brown, Raphael & America, p. 69. fn.: Ibid., pp. 105, 70.
4 “Sometimes”: BB to ISG, July 11, 1909, Letters of BB & ISG, p. 450.
5 “I am going”: I Tatti—BG to BB, June 15, 1909.
6 “as usual”: BB to ISG, July 11, 1909, Letters BB-ISG, p. 450.
7 “attending” & ff.: I Tatti—BG to BB, August 2, 1909. “Why is it” & “all his”: June [28?] & Feb. 24, 1910. “extremely”: Feb. 24, 1910. “all day”: June [28?], 1910. “I had” & “as he”: Nov. 11, 1910, & May 6, 1911.
8 “not interested”: Herbert E. Winlock, Excavations at Deir el Bahri 1911–1931 (New York: Macmillan Co., 1942), p. 1.
9 “splendidly” & ff.: MMA Egypt—Winlock to A. Lythgoe, Feb. 17, 1911.
10 “I know” & ff.: Ibid., Feb. 20, 1911.
11 “Morgan likes” & “he likes”: Ibid., March 2–3 & Feb. 17, 1911.
12 “the most superb”: MMA Egypt—AL to Caroline Ransom, March 17, 1912.
13 “Morgan was able”: Ibid.—AL to ER, Feb. 19, 1912.
14 “There is”: William Lawrence, Memories, p. 323.
15 “Emperor”: PML—HLS Box 3, folder A-10, Lanier recollections.
16 “adored”: Nigel Nicolson, Portrait of a Marriage, p. 54. Knole: Victoria Glendenning, Vita, p. 9.
17 “she made” & “You are”: Nicolson, p. 55.
18 “ruthless”: Glendenning, p. 16.
19 “enjoyed”: Nicolson, p. 56.
20 “it would”: Susan Mary Alsop, Lady Sackville (New York: Avon Books, 1978), pp. 152–53.
21 to “wage” & “the People’s”: in Havighurst, Twentieth-Century Britain, p. 102.
22 “Alas” to “Why”: Lilly—Sackville-West Mss., LSD, Feb. 23 & July 5, 1911.
23 “rather a shock” to “I hate”: Ibid., July–Aug., 1911.
24 “looking at”: PML—Vendors’ files (S Misc. I), LS to JPM, Aug. 8, 1911. “Ces petites”: Lilly—LSD, Aug. 10, 1911.
25 “almost certain” & ff.: PML Vendors’ files (JPM 1910–13)—JPM to William Loeb, Nov. 14, 1911.
26 “I am”: Ibid., MacVeagh to JPM, Nov. 17, 1911.
27 “princely” & “very”: London Times, Jan. 27, 1912.
28 “Have just”: PML—JPM to Jack, April 15, 1912. “horrible”: Walter Lord, A Night to Remember (New York: Henry Holt & Co., 1955), p. 161.
29 “but greatly” & “my heart”: PML—JPM to Jack, April 17, & to Stotesbury & CS, April 22, 1912. “exceedingly” & no comment: NY Times, April 18 & 19, 1912.
30 “JP has”: I Tatti—BG to BB, April 23, 1912.
31 “Newspapers” & “infernally”: PML—Jack to JPM, April 19, & JPM to Jack, April 23, 1912.
32 “so long”: Walter Lord, The Night Lives On (New York: William Morrow & Co., 1986), p. 212. “In the face”: in Wyn Craig Wade, The Titanic, End of a Dream (New York: Rawson, Wade Publishers, Inc., 1979), p. 251.
33 fn., “to help”: PML—Archibald C. Coolidge to Jack, June 9, 1910. “whose people,” “too dignified,” & “speak to”: Jack to A.L. Lowell, Aug. 29, 1911, & Feb. 13 & April 5, 1912. “if I am”: DAB, H.E. Widener. “nothing of”: PML Vendors’ files—Rosenbach to BG, April 20, 1912.
34 “to appear” to “No, dear”: Lilly—LSD, May, 1912. fn., “As you know”: PML Vendors’ files (S Misc. IV)—JPM to Sturgis & Walton, Sept. 9, 1911.
35 “Of course” to “after all”: Lilly—LSD, May–June, 1912.
36 “most attractive” & ff.: St. Just—ECG to Maud Grenfell, June 27, 1912.
37 “Unaccountably”: Satterlee, JPM, p. 549.
38 “marching orders” to “as he wants”: Lilly—LSD, June–July 1912. fn.*: Nicolson, pp. 71–73.
39 “entirely given”: PML—VHS to Jack, May 1, 1909. “No more”: Stanley Olson, John Singer Sargent (New York: St. Martin’s Press, 1986), pp. 227–28. fn.†, “thrilling”: PML—Jessie Scrapbook, 1905; “as you are” & “to do”: Jack to Sargent, Nov. 15, 1905, & Jan. 9, 1906.
40 “but his expression” & ff.: Edward Steichen, A Life in Photography (Garden City, N.Y.: Doubleday, 1963), Chapter 3.
41 “I think”: PML—BG to Stieglitz, Dec. 18, 1909. “my rather”: Steichen, A Life. fn., “Belle da Costa”: PML—Steichen to BG [n.d.], 1910; “seems to”: Stieglitz to BG, July 10, 1914.
42 “the great bear” & ff.: George Biddle, An American Artist’s Story (Boston: Little, Brown, 1939), pp. 134–35.
43 “most enthusiastic” & “the work”: PML—BG to JPM, March 17 & April 19, 1910. fn., “same deplorable”: PML Vendors’ files, Wadsworth Athenaeum—BG to Charles Goodwin, June 5, 1928; Jack to Met: MMA
Archives, JPM Gifts, Paintings 1900–12—BG to William Ivins, July 6, 1939.
44 “inferior”: HJ to Edith Wharton, November 19, 1911, HJL, Vol. IV, p. 592.
45 “had six”: Henry James, The Outcry, p. 24.
46 “the most beautiful” to “We grew”: Ibid., pp. 24–45.
47 fn., “my Montovano”: HJ to Robert C. Witt, Nov. 27, 1912, in HJL, Vol. IV, pp. 640–41.
48 “Are you talking” to “Because”: Outcry, pp. 79–85.
49 “I believe” & ff.: E.M. Forster, Howards End, pp. 267–68.
50 “JP is” & “exquisite”: I Tatti—BG to BB, Feb. 21 & Aug. 11, 1911.
51 “which made” & “he went”: Ibid., Sept. 2 & Oct. 11, 1911.
52 “He just laughed”: Ibid., Sept. 6, 1912.
CHAPTER 31: TRUST AND MONEY
1 “money oligarchy,” “settle,” “the trust,” & “The condition”: in Literary Digest, Feb. 17, 1912.
2 “advantageous” & “unpleasant”: PML—CS & Jack to JPM, March 15 & April 25, 1912.
3 “a certain”: Adolph S. Ochs to Effie Ochs, August 4, 1898, in Richard F. Shepard, The Paper’s Papers (New York: Times Books, 1996), pp. 63–65.
4 “most delighted” & “best counsel”: PML—HPD to Jack, May 2, 1912, & JPM & HPD to CS & Jack, May 3, 1912.
5 “TWL’s man” & ff.: PML—TWL to HPD, May 3, & (with CS & Jack) May 23, 1912.
6 “enthusiastically”: PML—HPD to T. Bowdoin, May 5, 1912.
7 “Are furnishing”: Ibid.—TWL, CS, Jack to HPD, May 23, 1912. fn., “control powerful”: Ibid.; “parasite”: HBS, Thomas W., Lamont Papers—TWL to H.G. Wells, Dec. 1, 1934, & March 28, 1935; “In speaking”: Modern Monthly, Dec. 1934.
8 “To hear”: NY Times, May 26, 1912. fn.*, “I wear” & “If Mr.”: Allen, GPM, p. 235; “It does not”: Carosso, Morgans, pp. 610–11.
9 “not frighten”: I Tatti—BG to BB, May 21, 1912.
10 “enjoyed”: PML—Vendors’ files (A Misc. III), Albert Mensdorff to JPM, May 27, 1912. fn.†, plan: Ron Chernow, House of Morgan, p. 183.
11 “My hat” to “strong as”: Harbaugh, Roosevelt, pp. 390–407.
12 “who is”: Boller, Presidential Campaigns, p. 195.
13 “the most vivid” to “understand the job”: Cooper, Pivotal Decades, pp. 175–81.