Morgan, page 106
3 “proposed plan”: MGCo., Private Telegrams VIII—JPMCo. to JSMCo., July 3, 1895. Court rulings: Carosso, Morgans, p. 384, & William Letwin, Law and Economic Policy in America, p. 185.
4 “form a”: NHHS, Charles S. Mellen Papers. “Memorandum of a Conference held in London on the 2nd of April 1896.”
5 fn., name change: Rousmaniere, “Called into Consultation,” pp. 90–92; “I made”: U.S. v. Northern Securities, Vol. I, p. 328.
6 “declined”: JJH—CHC to JJH, May 15, 1896.
7 “That is”: Maury Klein, Union Pacific, Vol. II, p. 21.
8 “It’s that”: Ibid., p. 24.
9 “if Hill”: Ibid., p. 98. “butting in”: Satterlee, JPM, p. 354.
10 “City Bank crowd”: JJH—JJH to J.S. Kennedy, May 16, 1901.
11 “It looks”: in NY Times, May 9, 1901.
12 “throw”: JJH—JJH to J. S. Kennedy, May 16, 1901. “all manner” & “abandon”: JJH to Mount Stephen, June 4, 1901.
13 fn.: Klein, Union Pacific Vol. II, p. 105.
14 “Friends here”: JJH—Stephen to JJH, May 8, 1901. “Cannot”: NHHS—Mellen to D.S. Lamont, May 7, 1901.
15 “Pierpont is”: PML—FTMD, May 11, 1901.
16 “everything”: JJH—JJH to Gaspard Farrer, May 15, 1901.
17 “not with”: PML—J. Schiff to JPM, May 16, 1901.
18 “Father …”: PML—Jack to FTM, June 21, 1901.
19 (“I did not”): Ibid., June 18, 1901.
20 “When you have”: PML—Lawrence Memoir, pp. 100–101; “You had”: PML—Jack to FTM, June 21, 1901.
21 “the Great Northern”: JJH—JJH to Stephen, May 18 & June 4, 1901. “Have just” & “Nothing more”: Mount Stephen to JJH June 6–7, 1901.
22 “in order”: U.S. v. Northern Securities, p. 341. “What do you”: Ralph Carson, Davis Polk Wardwell Sunderland & Kiendl (privately printed, 1965), p. 34, n. 46.
23 “would be”: in Philip Foner, History of the Labor Movement in the United States, p. 79.
24 strike: Ibid., p. 79, & Craig Phelan, Divided Loyalties, pp. 135–37.
25 Mitchell & Shaffer: Phelan, p. 136.
26 negotiations with U.S. Steel: Phelan, p. 139; Hogan, Vol. II, p. 443; P. Foner, p. 84. “disastrous” & fn., “the good will”: in P. Foner, pp. 84–85.
27 “people-ize”: Schlesinger, Crisis of the Old Order, p. 21.
28 “the wage earner” & “a nation”: in Stuart Brandes, American Welfare Capitalism, pp. 86–87.
29 “a prophylactic” & stock ownership: Garraty, Right-Hand Man, pp. 112–13. Gompers: in Brandes, p. 87.
30 “socialism”: Schlesinger, Crisis, p. 21. “the strike menace” & “a true”: in Brandes, pp. 90, 86.
31 “The Commodore”: PML, MSI—HLS to Mrs. G. B. Satterlee, Sept. 1, 1901.
32 minutes of NP meeting: Rousmaniere, “Called Into Consultation,” p. 115.
33 “entertaining”: NHHS—R.W. Martin to C.S. Mellen, Oct. 31, 1901.
34 Hill thought $200 million: JJH—JJH to Mount Stephen, Sept. 10, 1903.
35 “I feel” & ff.: U.S. v. Northern Securities, pp. 338, 345, 356.
36 “to fight”: in Meyer, “Northern Securities,” p. 242.
37 “no law” & “try to get”: JJH—JJH to Van Sant, Nov. 18, 1901, & to Louis W. Hill, Dec. 7, 1901.
38 “in the background”: NHHS—Mellen to JPM, Feb. 3, 1902.
39 “STRICTLY CONFIDENTIAL” & ff.: NHHS—Mellen to JPM, Jan. 25, 1902.
40 “Yes”: Ibid.—JPM to Mellen, Jan. 29, 1902.
41 “Well in hand” & “attack us”: Ibid.—Mellen to JPM, Feb. 1 & 3, 1902.
42 “Quite approve”: Ibid., JPM to Mellen, Feb. 15, 1902. “Not in”: Feb. 16, 1902. “All right”: JPM to Mellen, Feb. 18, 1902.
43 “in the hands”: Ibid.—Mellen to JPM, March 4, 1902.
44 “disagreeable”: MGCo. Ms 21,800—CED to Jack, Dec. 20, 1901.
CHAPTER 22: TROUBLE
1 “What?” to “The financial”: NY Times, Sept. 7, 8, 1901.
2 “that damned”: H.H. Kohlsaat, From McKinley to Harding, p. 101.
3 $10,000 for TR, 1898: Autobiography of Thomas Collier Platt (New York: B. W. Dodge & Co., 1910), p. 538.
4 “I hope” & “My dear”: LC, Theodore Roosevelt Papers—TR to E. Root, Dec. 5, 1900, and to JPM, Dec. 5, 1900.
5 “bully talk”: LC, Beveridge Papers—Albert J. Beveridge to GWP, April 1, 1901.
6 “bucking”: Kohlsaat, p. 98. “polygonal”: Pringle, Roosevelt, p. vii.
7 “all of”: Hofstadter, APT, pp. 220–21. “corrupt wealth”: TR to Henry Cabot Lodge, Oct. 16, 1897, Letters of Theodore Roosevelt, Vol. I, p. 287.
8 “He would go” to “hammers”: Daniel Aaron, “Theodore Roosevelt as Cultural Artifact,” Raritan, Winter 1990, pp. 112–14. “an interesting”: in Pringle, p. 370. “Power when”: Adams, Education, p. 1101.
9 “Perkins wanted” & “to give”: TR to Douglas Robinson, both Oct. 4, 1901, LTR, Vol. III, pp. 159–60.
10 “go slow” & “the Government”: Joseph B. Bishop, Theodore Roosevelt and His Time, Vol. I, pp. 154, 162. “do away” & ff.: Hofstadter, APT, p. 226.
11 “ ‘The trusts’ ”: in Allen, The Big Change, p. 95.
12 “the very Sanhedrin”: in Chandler & Tedlow, Managerial Capitalism, p. 554.
13 “brutal assault”: MGCo. Ms 21,800—CED to Charles Steele, Feb. 22, 1902. “very sorry”: PML—Jack to GWP, Feb. 21, 1902.
14 “our stormy” & “Pierpont is”: HA to E. Cameron, Feb. 23 & 24, 1902, LHA, Vol. V, pp. 344–47.
15 “just what” & ff.: Bishop, pp. 184–85.
16 “mighty”: Roosevelt, Autobiography, p. 423.
17 fn.: Carosso, Investment Banking, pp. 80–81, & Morgans, pp. 512–13.
18 “the absolutely”: in John Morton Blum, The Republican Roosevelt, p. 117.
19 fn., “one of”: Rousmaniere, “Called Into Consultation,” pp. 62–63.
20 “The whole”: HA to E. Cameron, Feb. 24, 1902, LHA, Vol. V, p. 346.
21 “Theodore’s vanity” & ff.: Ibid., pp. 349–68.
22 “smash up”: PML—Jack to GWP, Feb. 15, 1902.
23 bond exchange: Edward S. Meade, “US Steel Corporation’s Bond Conversion,” in Ripley, Trusts, Pools, pp. 228–68.
24 “Here is”: PML—Jack to GWP, Feb. 7, 1902. fn., “particularly”: Meade in Ripley, pp. 228–39.
25 Lawsuits & conversion results: Garraty, Right-Hand Man, pp. 104–5.
26 fn., syndicate earnings: U.S. Commissioner of Corporations, Report on the Steel Industry, Vol. I, July 1, 1911, in Ripley, pp. 257–68.
27 “SCHWAB BREAKS”: NY Sun, January 13, 1902, in Hessen, Steel Titan, p. 134. “Public sentiment” & “I feel”: Columbia, Perkins Papers—AC to C. Schwab (copy), & to JPM, both Jan. 14, 1902, both in Hessen, pp. 134–35.
28 “if Morgan thinks” & “the slightest”: Columbia, Perkins Papers—Schwab to GWP, Jan. 14, & GWP to Schwab, Jan. 16, 1902.
29 “Many thanks” & “Steel Co.”: Ibid., Schwab to GWP, Jan. 17 & 28, 1902.
30 “forget it” to “unequalled”: Hessen, pp. 137, 153–55.
31 fn. Schwab: Hessen, pp. 145–65; Hogan, Iron and Steel, Vol. II, pp. 538–40.
32 market share: Thomas K. McCraw & Forest Reinhardt, “Losing to Win,” pp. 595–96.
33 strike settlement: P. Foner, History Labor, pp. 87–89, & Phelan, Divided Loyalties, p. 131.
34 “do what”: Mitchell to Hanna, Aug. 15, 1902; “a good deal”: Easley to Mitchell, March 5, 1902. Both in P. Foner, p. 90.
35 “forty years” & “rights and”: in Phelan, pp. 157, 180. “George the” to “Just Break”: in P. Foner, pp. 92–96.
36 “in the absolute”: MHS, Charles Francis Adams II Papers—Easley to Charles A. Moore, Sept. 29, 1902. coal depot: Satterlee, JPM, pp. 388–94.
37 “done more” & “the arrogance”: in P. Foner, pp. 96–97.
38 “wooden-headed”: TR to Winthrop M. Crane, Oct. 22, 1902, LTR, Vol. III, pp. 365–66.
39 “waste”: Allen, GPM, p. 225.
40 “A most”: TR to Crane (as above, Oct. 22, 1902). “mighty brains”: TR to H.C. Lodge, Oct. 17, 1902, Correspondence of TR and Henry Cabot Lodge, pp. 539–41. “to my”: TR to Crane, Oct. 22, 1902.
41 “My dear”: TR to JPM, Oct. 16, 1902, LTR, Vol. III, p. 353.
42 “Mr. Morgan has”: in Satterlee, JPM, p. 394.
43 “paramount” & ff.: Hofstadter, Age of Reform, pp. 236–37.
44 fn.: TR, Autobiography, pp. 423–25.
45 “noteworthy”: Wall Street Journal, Dec. 28, 1904, in Kolko, Railroads, p. 120.
46 economic changes: John Milton Cooper, Jr., The Pivotal Decades, pp. 82, 145.
47 “Don’t do it”: Kathleen Brady, Ida Tarbell, p. 123. “as nearly”—Tarbell, History Standard Oil, Vol. II, pp. 29, 288.
48 “popular”: Nation, Jan. 5, 1905, in Brady, p. 153.
49 “that of”: Brady, p. 143.
50 “I aimed”: in Cooper, Pivotal Decades, p. 86.
CHAPTER 23: COMMUNITY OF INTEREST ON THE ATLANTIC
1 “Pierpont Morgan …”: HA to E. Cameron, April 22, 1902, LHA, Vol. V, p. 377.
2 “large shipbuilding”: MGCo. Ms 21,802—JPM to JSMCo., July 18, 1900.
3 “the embodiment”: in Robert K. Massie, Dreadnought, Britain, Germany, and the Coming of the Great War, pp. 799–800.
4 “as an uncle” & ff.: in Philip Magnus, King Edward the Seventh, pp. 209–11.
5 “mean great”: in Havighurst, Twentieth-Century Britain, p. 5.
6 “the possession” & “at his private”: Bernard Hulderman, Albert Ballin, pp. 47, 56–57.
7 “Senators”: MGCo. Ms 21,802—CS to JSMCo., Feb. 26, 1902.
8 “willing” & ff.: Ibid., CS & GWP to JPM, April 10, 1902. “fully agree” & “quite willing”: JPM to CS & GWP, April 10 & 17, 1902.
9 shipping 1901–2: Thomas R. Navin and Marian V. Sears, “A Study in Merger,” pp. 305–16; Edward S. Meade, “Capitalization of the IMMCo.,” in Ripley, Trusts, Pools, pp. 360–67.
10 “in the light”: Hulderman, p. 59.
11 “boulverséd” & ff.: Bodleian, MS. Milner dep. 215, fols. 41–42—CED to Milner, April 25, 1902.
12 “The blow”: May 13, 1902, in Lamar Cecil, Albert Ballin, Business and Politics in Imperial Germany, pp. 55–56.
13 “If the U.S.”: JJH—GF to JJH, May 24, 1902.
14 “Difficult”: MGCo. Ms 21,802—JPM to CED, April 24, 1902. “conjecture”: CS to CED, April 25. “Have no” & “It does not”: JPM to CED, April 25, & to JSMCo., May 6, 1902.
15 structure of deal & fn.: Navin & Sears, “A Study,” pp. 305–14.
16 “English lines” & “every confidence”: MGCo. Ms 21,802—JSMCo. to JPM, May 6, & CED to JPM, May 7, 1902. “some way”: CED to JPM, May 7, 1902.
17 “unmitigated”: Magnus, p. 299.
18 “hot” to “very sore”: Bodleian, MS. Milner dep. 215, fols. 49–53—CED to Milner, May 23, 1902.
19 “expected”: Sir Edward Hamilton Diary, June 2, 1902, in Kathleen Burk, Morgan Grenfell, p. 109.
20 “to suppress”: MGCo. Ms 21,802—CED & Jack to CS, May 23, 1902.
21 “Quiet day”: PML—ATMD, May 28–June 8, 1902.
22 “I’ve talked”: Bodleian, MS. Milner dep. 215, fols. 54–55—CED to Milner, June 13, 1902.
23 “JPM …”: MGCo. Ms 21,800—CED to CS, June 18, 1902.
24 “the Senior”: PML—Jack to GWP, April 19, 1902.
25 “The new” & “plan seems”: Garraty, Right-Hand Man, pp. 132–40.
26 “How you”: MGCo. Ms 21,800—CED to CS, June 18, 1902.
27 “the inconvenient”: PML—Jack to FTM, June 20, 1902.
28 “nasty sea” & ff.: PML—ATM to FTM, July 7, 1902.
29 fn.: in Hannah Pakula, An Uncommon Woman, The Empress Frederick (New York: Simon & Schuster, 1995), p. 125.
30 “his artlessness” & ff.: Michael Balfour, The Kaiser and His Times, p. 140.
31 “most impressed”: PML—ATM to FTM, July 7, 1902.
32 “unfair” & ff.: Bodleian, MS. Milner dep. 215, fol. 60—CED to Milner, Nov. 6, 1902.
33 “Mrs. Nat” to “wild jag”: PML—ATM to FTM, July 7, 1902.
34 “He is”: PML—Jack to FTM, July 12, 1902.
35 “the Senior”: MGCo. Ms 21,800—CED to GWP, July 19, 1902.
36 “Nan and”: PML, MSI—LMS to FTM, Aug. 7, 1902.
37 “with much”: PML—ATM to FTM, Aug. 9, 1902. “fussed”: AMS interview, Dec. 31, 1993.
38 “the simultaneous”: Magnus, p. 299.
39 “Father’s”: PML, MSI—LMS to FTM, Aug. 16 [1902].
40 “irrespective”: “The Shipping Trust and Higher Rates,” Scientific American, Vol. 87, July 26, 1902.
41 “anxious to” & “We are”: MGCo. Ms 21,802—CS to CED, June 24, & to JPM, Aug. 7, 1902.
42 “which will”: Ibid.—JPM to CS, Aug. 1, 1902.
43 “our friend”: JJH—G. Farrer to JJH, July 1, 1902.
44 “you be uchred”: in Garraty, p. 136.
45 “avowedly”: Bodleian, MS. Milner dep. 215 fols. 54–55—CED to Milner, June 13, 1902. “avoid”: in Burk, p. 110.
46 “every desire” & “JPM &”: MGCo. Ms 21,802—Jack to CED, Sept. 29 & CED to Jack, Oct. 3, 1902.
47 IMM scope: Navin & Sears, “A Study,” p. 291; John J. & Margaret T. Clark, “The International Mercantile Marine Company: A Financial Analysis,” American Neptune, No. 2, Spring 1997, p. 146.
48 “as shifting”: Meade “IMMCo.,” in Ripley, p. 368.
49 “largely on”: MGCo. Ms 21,802—CS to CED, April 24, 1902. “unforeseen” & “what threatens”: Ms 81,200—CED to Jack, Aug. 14, 1903, & to CS, Jan. 7, 1903.
50 “not justified”: NY Times, March 31, 1903.
51 “the speculative”: TR to H. C. Lodge, Aug. 6, 1903, LTR, Vol. III, p. 545. “revelations”: Henry Clews, Fifty Years of Wall Street (New York: Irving Publishing Co., 1908), pp. 770–71.
52 fn., “My dear,” “I should,” & “I wished”: LC, TR Papers—TR to JPM, Oct. 8; JPM to TR, Oct. 12; TR to JPM, Oct. 13, 1903.
53 JPMCo. profit & loss 1902–3: Carosso, pp. 614–15.
54 “Apparently none”: MGCo. Ms 21,800—CED to CS, June 16, 1902.
55 “To put”: Ibid.—CED to G. Balfour, June 8, 1903.
56 “thick with”: PML—Jack to JPM, Nov. 13, 1903. “Pierpont Morgan’s”: HA to EC, Feb. 14–16, 1904, LHA, Vol. V, p. 550. “if the”: MGCo. Ms 21,800—CED to CS, Sept. 18, 1903.
57 “chiefly on”: in Hulderman, pp. 62–63. “did not” & JPM promise: J.B. Ismay to Harold Ismay, Feb. 9, 1904, in Wilton J. Oldham, “The Ismay Line,” Journal of Commerce (Liverpool, 1961), pp. 146–47.
58 “The ocean”: in Cecil, pp. 57–58.
59 “It’s not”: BG notes in Hovey, p. 228.
CHAPTER 24: COLLECTOR
1 “a strong”: Jean Beaudrillard, “The System of Collecting,” The Cultures of Collecting, edited by John Elsner and Roger Cardinal (Cambridge, Mass.: Harvard University Press, 1994), p. 10.
2 “This bronze”: PML Vendors’ files, Canessa—bill for Dec. 13, 1909.
3 books duty free: U.S. Revenue Act 1897, pp. 503, 609.
4 his host said: LC, McKim Papers—Charles F. McKim to W.R. Mead, April 2, 1902.
5 “You can”: Ibid.—CFM to Theodore N. Ely, March 27, 1902.
6 “We were starving”: in Charles Moore, The Life and Times of Charles Follen McKim, p. 260.
7 “never would”: PML Vendors’ files—Goldschmidt to JPM, May 16, 1902.
8 “Curiously”: JJH—G. Farrer to JJH, May 24, 1902.
9 “bric-a-brac” & “picture gallery”: N-YHS, McKim Mead & White, 1950 Collection, “Morgan Library,” Box 627, folder B—JSM2 in HLS to CFM, May 19, 1902, & HLS to CFM, July 29, 1902.
10 Erechtheum joints: in Moore, McKim, p. 282.
11 “the best” & “the extraordinary”: LC, McKim Papers—CFM to Gorham P. Stevens, June 1904, & to W.M. Kendall, May 16, 1904.
12 “blasts”: Ibid., CFM to Mead, Aug. 26, 1904. “Father much”: PML, MSI—LMSD, Dec. 18, 1903.
13 “not to”: N-YHS, MMW, 1968 Collection, Sherman Statue file, Box M-8—Saint-Gaudens to CFM, Aug. 23, 1905.
14 “While fully”: Ibid., 1950 Collection, “Morgan Library,” Box 626—CFM to JPM, April 25, 1904.
15 “White is” & ff.: Moore, pp. 260–63. “expressed”: LC, McKim Papers—CFM to Mead, Aug. 26, 1904.
16 “Pierpont’s face”: HA to EC, Feb. 1, 1903, LHA Vol. V, p. 448.
17 lobbies Shaw: NY Times, March 14, 1903.
18 “sights”: Vasari, Lives of the Painters, Vol. II, pp. 851–55.
19 “justly regarded”: In August Company, p. 110.
20 Dino armor: Tomkins, Merchants, p. 152. “hardware”: MGCo. Ms 21,795—CED to JPM, April 30, 1904.
21 “So Mr. Riggs”: MMA Archives—B. Dean to H. Kent, June 5, 1912.
22 “not merely”: in Tomkins, Merchants, p. 99.
23 “Education”: James, American Scene, pp. 513–14.
24 “No, sir” & ff.: in Tomkins, p. 102.
25 “I loathe”: Virginia Woolf, Roger Fry, p. 119.
26 “I am having” & “will be”: Roger Fry to Helen Fry, Jan. 9 & 10, 1905, in Letters of Roger Fry, Vol. I, pp. 228–29.
27 “I travelled” to “not like”: RF to HF, Jan. 11, 1905. There are two different letters of this date, one in Denys Sutton’s Letters of Roger Fry, Vol. I, p. 230, the other at King’s College, Cambridge, and I am quoting from them both. fn., “Ghirlandaio”: in James Henry Duveen, The Rise of the House of Duveen, p. 235.
29 “lots of” & ff.: RF to HF, Jan. 11, 1905, LRF, Vol. I, pp. 230–31.
30 “dragooned” & “Henry James”: Moore, p. 242.
31 “the great examples”: Elihu Root, “Art and Architecture in America,” in Miscellaneous Addresses by Elihu Root, edited by Robert Bacon and James Brown Scott (Cambridge, Mass.: Harvard University Press, 1917), pp. 189–96.
32 “big success”: HJ to Mary Cadwalader Jones, Jan. 13, 1905, HJL, Vol. IV, p. 337.
33 “The journey” to “He’s not”: RF to HF, Jan. 13 & 21, 1905, LRF, Vol. I, pp. 231–33.
34 “Friends, Romans”: Moore, p. 251.
4 “form a”: NHHS, Charles S. Mellen Papers. “Memorandum of a Conference held in London on the 2nd of April 1896.”
5 fn., name change: Rousmaniere, “Called into Consultation,” pp. 90–92; “I made”: U.S. v. Northern Securities, Vol. I, p. 328.
6 “declined”: JJH—CHC to JJH, May 15, 1896.
7 “That is”: Maury Klein, Union Pacific, Vol. II, p. 21.
8 “It’s that”: Ibid., p. 24.
9 “if Hill”: Ibid., p. 98. “butting in”: Satterlee, JPM, p. 354.
10 “City Bank crowd”: JJH—JJH to J.S. Kennedy, May 16, 1901.
11 “It looks”: in NY Times, May 9, 1901.
12 “throw”: JJH—JJH to J. S. Kennedy, May 16, 1901. “all manner” & “abandon”: JJH to Mount Stephen, June 4, 1901.
13 fn.: Klein, Union Pacific Vol. II, p. 105.
14 “Friends here”: JJH—Stephen to JJH, May 8, 1901. “Cannot”: NHHS—Mellen to D.S. Lamont, May 7, 1901.
15 “Pierpont is”: PML—FTMD, May 11, 1901.
16 “everything”: JJH—JJH to Gaspard Farrer, May 15, 1901.
17 “not with”: PML—J. Schiff to JPM, May 16, 1901.
18 “Father …”: PML—Jack to FTM, June 21, 1901.
19 (“I did not”): Ibid., June 18, 1901.
20 “When you have”: PML—Lawrence Memoir, pp. 100–101; “You had”: PML—Jack to FTM, June 21, 1901.
21 “the Great Northern”: JJH—JJH to Stephen, May 18 & June 4, 1901. “Have just” & “Nothing more”: Mount Stephen to JJH June 6–7, 1901.
22 “in order”: U.S. v. Northern Securities, p. 341. “What do you”: Ralph Carson, Davis Polk Wardwell Sunderland & Kiendl (privately printed, 1965), p. 34, n. 46.
23 “would be”: in Philip Foner, History of the Labor Movement in the United States, p. 79.
24 strike: Ibid., p. 79, & Craig Phelan, Divided Loyalties, pp. 135–37.
25 Mitchell & Shaffer: Phelan, p. 136.
26 negotiations with U.S. Steel: Phelan, p. 139; Hogan, Vol. II, p. 443; P. Foner, p. 84. “disastrous” & fn., “the good will”: in P. Foner, pp. 84–85.
27 “people-ize”: Schlesinger, Crisis of the Old Order, p. 21.
28 “the wage earner” & “a nation”: in Stuart Brandes, American Welfare Capitalism, pp. 86–87.
29 “a prophylactic” & stock ownership: Garraty, Right-Hand Man, pp. 112–13. Gompers: in Brandes, p. 87.
30 “socialism”: Schlesinger, Crisis, p. 21. “the strike menace” & “a true”: in Brandes, pp. 90, 86.
31 “The Commodore”: PML, MSI—HLS to Mrs. G. B. Satterlee, Sept. 1, 1901.
32 minutes of NP meeting: Rousmaniere, “Called Into Consultation,” p. 115.
33 “entertaining”: NHHS—R.W. Martin to C.S. Mellen, Oct. 31, 1901.
34 Hill thought $200 million: JJH—JJH to Mount Stephen, Sept. 10, 1903.
35 “I feel” & ff.: U.S. v. Northern Securities, pp. 338, 345, 356.
36 “to fight”: in Meyer, “Northern Securities,” p. 242.
37 “no law” & “try to get”: JJH—JJH to Van Sant, Nov. 18, 1901, & to Louis W. Hill, Dec. 7, 1901.
38 “in the background”: NHHS—Mellen to JPM, Feb. 3, 1902.
39 “STRICTLY CONFIDENTIAL” & ff.: NHHS—Mellen to JPM, Jan. 25, 1902.
40 “Yes”: Ibid.—JPM to Mellen, Jan. 29, 1902.
41 “Well in hand” & “attack us”: Ibid.—Mellen to JPM, Feb. 1 & 3, 1902.
42 “Quite approve”: Ibid., JPM to Mellen, Feb. 15, 1902. “Not in”: Feb. 16, 1902. “All right”: JPM to Mellen, Feb. 18, 1902.
43 “in the hands”: Ibid.—Mellen to JPM, March 4, 1902.
44 “disagreeable”: MGCo. Ms 21,800—CED to Jack, Dec. 20, 1901.
CHAPTER 22: TROUBLE
1 “What?” to “The financial”: NY Times, Sept. 7, 8, 1901.
2 “that damned”: H.H. Kohlsaat, From McKinley to Harding, p. 101.
3 $10,000 for TR, 1898: Autobiography of Thomas Collier Platt (New York: B. W. Dodge & Co., 1910), p. 538.
4 “I hope” & “My dear”: LC, Theodore Roosevelt Papers—TR to E. Root, Dec. 5, 1900, and to JPM, Dec. 5, 1900.
5 “bully talk”: LC, Beveridge Papers—Albert J. Beveridge to GWP, April 1, 1901.
6 “bucking”: Kohlsaat, p. 98. “polygonal”: Pringle, Roosevelt, p. vii.
7 “all of”: Hofstadter, APT, pp. 220–21. “corrupt wealth”: TR to Henry Cabot Lodge, Oct. 16, 1897, Letters of Theodore Roosevelt, Vol. I, p. 287.
8 “He would go” to “hammers”: Daniel Aaron, “Theodore Roosevelt as Cultural Artifact,” Raritan, Winter 1990, pp. 112–14. “an interesting”: in Pringle, p. 370. “Power when”: Adams, Education, p. 1101.
9 “Perkins wanted” & “to give”: TR to Douglas Robinson, both Oct. 4, 1901, LTR, Vol. III, pp. 159–60.
10 “go slow” & “the Government”: Joseph B. Bishop, Theodore Roosevelt and His Time, Vol. I, pp. 154, 162. “do away” & ff.: Hofstadter, APT, p. 226.
11 “ ‘The trusts’ ”: in Allen, The Big Change, p. 95.
12 “the very Sanhedrin”: in Chandler & Tedlow, Managerial Capitalism, p. 554.
13 “brutal assault”: MGCo. Ms 21,800—CED to Charles Steele, Feb. 22, 1902. “very sorry”: PML—Jack to GWP, Feb. 21, 1902.
14 “our stormy” & “Pierpont is”: HA to E. Cameron, Feb. 23 & 24, 1902, LHA, Vol. V, pp. 344–47.
15 “just what” & ff.: Bishop, pp. 184–85.
16 “mighty”: Roosevelt, Autobiography, p. 423.
17 fn.: Carosso, Investment Banking, pp. 80–81, & Morgans, pp. 512–13.
18 “the absolutely”: in John Morton Blum, The Republican Roosevelt, p. 117.
19 fn., “one of”: Rousmaniere, “Called Into Consultation,” pp. 62–63.
20 “The whole”: HA to E. Cameron, Feb. 24, 1902, LHA, Vol. V, p. 346.
21 “Theodore’s vanity” & ff.: Ibid., pp. 349–68.
22 “smash up”: PML—Jack to GWP, Feb. 15, 1902.
23 bond exchange: Edward S. Meade, “US Steel Corporation’s Bond Conversion,” in Ripley, Trusts, Pools, pp. 228–68.
24 “Here is”: PML—Jack to GWP, Feb. 7, 1902. fn., “particularly”: Meade in Ripley, pp. 228–39.
25 Lawsuits & conversion results: Garraty, Right-Hand Man, pp. 104–5.
26 fn., syndicate earnings: U.S. Commissioner of Corporations, Report on the Steel Industry, Vol. I, July 1, 1911, in Ripley, pp. 257–68.
27 “SCHWAB BREAKS”: NY Sun, January 13, 1902, in Hessen, Steel Titan, p. 134. “Public sentiment” & “I feel”: Columbia, Perkins Papers—AC to C. Schwab (copy), & to JPM, both Jan. 14, 1902, both in Hessen, pp. 134–35.
28 “if Morgan thinks” & “the slightest”: Columbia, Perkins Papers—Schwab to GWP, Jan. 14, & GWP to Schwab, Jan. 16, 1902.
29 “Many thanks” & “Steel Co.”: Ibid., Schwab to GWP, Jan. 17 & 28, 1902.
30 “forget it” to “unequalled”: Hessen, pp. 137, 153–55.
31 fn. Schwab: Hessen, pp. 145–65; Hogan, Iron and Steel, Vol. II, pp. 538–40.
32 market share: Thomas K. McCraw & Forest Reinhardt, “Losing to Win,” pp. 595–96.
33 strike settlement: P. Foner, History Labor, pp. 87–89, & Phelan, Divided Loyalties, p. 131.
34 “do what”: Mitchell to Hanna, Aug. 15, 1902; “a good deal”: Easley to Mitchell, March 5, 1902. Both in P. Foner, p. 90.
35 “forty years” & “rights and”: in Phelan, pp. 157, 180. “George the” to “Just Break”: in P. Foner, pp. 92–96.
36 “in the absolute”: MHS, Charles Francis Adams II Papers—Easley to Charles A. Moore, Sept. 29, 1902. coal depot: Satterlee, JPM, pp. 388–94.
37 “done more” & “the arrogance”: in P. Foner, pp. 96–97.
38 “wooden-headed”: TR to Winthrop M. Crane, Oct. 22, 1902, LTR, Vol. III, pp. 365–66.
39 “waste”: Allen, GPM, p. 225.
40 “A most”: TR to Crane (as above, Oct. 22, 1902). “mighty brains”: TR to H.C. Lodge, Oct. 17, 1902, Correspondence of TR and Henry Cabot Lodge, pp. 539–41. “to my”: TR to Crane, Oct. 22, 1902.
41 “My dear”: TR to JPM, Oct. 16, 1902, LTR, Vol. III, p. 353.
42 “Mr. Morgan has”: in Satterlee, JPM, p. 394.
43 “paramount” & ff.: Hofstadter, Age of Reform, pp. 236–37.
44 fn.: TR, Autobiography, pp. 423–25.
45 “noteworthy”: Wall Street Journal, Dec. 28, 1904, in Kolko, Railroads, p. 120.
46 economic changes: John Milton Cooper, Jr., The Pivotal Decades, pp. 82, 145.
47 “Don’t do it”: Kathleen Brady, Ida Tarbell, p. 123. “as nearly”—Tarbell, History Standard Oil, Vol. II, pp. 29, 288.
48 “popular”: Nation, Jan. 5, 1905, in Brady, p. 153.
49 “that of”: Brady, p. 143.
50 “I aimed”: in Cooper, Pivotal Decades, p. 86.
CHAPTER 23: COMMUNITY OF INTEREST ON THE ATLANTIC
1 “Pierpont Morgan …”: HA to E. Cameron, April 22, 1902, LHA, Vol. V, p. 377.
2 “large shipbuilding”: MGCo. Ms 21,802—JPM to JSMCo., July 18, 1900.
3 “the embodiment”: in Robert K. Massie, Dreadnought, Britain, Germany, and the Coming of the Great War, pp. 799–800.
4 “as an uncle” & ff.: in Philip Magnus, King Edward the Seventh, pp. 209–11.
5 “mean great”: in Havighurst, Twentieth-Century Britain, p. 5.
6 “the possession” & “at his private”: Bernard Hulderman, Albert Ballin, pp. 47, 56–57.
7 “Senators”: MGCo. Ms 21,802—CS to JSMCo., Feb. 26, 1902.
8 “willing” & ff.: Ibid., CS & GWP to JPM, April 10, 1902. “fully agree” & “quite willing”: JPM to CS & GWP, April 10 & 17, 1902.
9 shipping 1901–2: Thomas R. Navin and Marian V. Sears, “A Study in Merger,” pp. 305–16; Edward S. Meade, “Capitalization of the IMMCo.,” in Ripley, Trusts, Pools, pp. 360–67.
10 “in the light”: Hulderman, p. 59.
11 “boulverséd” & ff.: Bodleian, MS. Milner dep. 215, fols. 41–42—CED to Milner, April 25, 1902.
12 “The blow”: May 13, 1902, in Lamar Cecil, Albert Ballin, Business and Politics in Imperial Germany, pp. 55–56.
13 “If the U.S.”: JJH—GF to JJH, May 24, 1902.
14 “Difficult”: MGCo. Ms 21,802—JPM to CED, April 24, 1902. “conjecture”: CS to CED, April 25. “Have no” & “It does not”: JPM to CED, April 25, & to JSMCo., May 6, 1902.
15 structure of deal & fn.: Navin & Sears, “A Study,” pp. 305–14.
16 “English lines” & “every confidence”: MGCo. Ms 21,802—JSMCo. to JPM, May 6, & CED to JPM, May 7, 1902. “some way”: CED to JPM, May 7, 1902.
17 “unmitigated”: Magnus, p. 299.
18 “hot” to “very sore”: Bodleian, MS. Milner dep. 215, fols. 49–53—CED to Milner, May 23, 1902.
19 “expected”: Sir Edward Hamilton Diary, June 2, 1902, in Kathleen Burk, Morgan Grenfell, p. 109.
20 “to suppress”: MGCo. Ms 21,802—CED & Jack to CS, May 23, 1902.
21 “Quiet day”: PML—ATMD, May 28–June 8, 1902.
22 “I’ve talked”: Bodleian, MS. Milner dep. 215, fols. 54–55—CED to Milner, June 13, 1902.
23 “JPM …”: MGCo. Ms 21,800—CED to CS, June 18, 1902.
24 “the Senior”: PML—Jack to GWP, April 19, 1902.
25 “The new” & “plan seems”: Garraty, Right-Hand Man, pp. 132–40.
26 “How you”: MGCo. Ms 21,800—CED to CS, June 18, 1902.
27 “the inconvenient”: PML—Jack to FTM, June 20, 1902.
28 “nasty sea” & ff.: PML—ATM to FTM, July 7, 1902.
29 fn.: in Hannah Pakula, An Uncommon Woman, The Empress Frederick (New York: Simon & Schuster, 1995), p. 125.
30 “his artlessness” & ff.: Michael Balfour, The Kaiser and His Times, p. 140.
31 “most impressed”: PML—ATM to FTM, July 7, 1902.
32 “unfair” & ff.: Bodleian, MS. Milner dep. 215, fol. 60—CED to Milner, Nov. 6, 1902.
33 “Mrs. Nat” to “wild jag”: PML—ATM to FTM, July 7, 1902.
34 “He is”: PML—Jack to FTM, July 12, 1902.
35 “the Senior”: MGCo. Ms 21,800—CED to GWP, July 19, 1902.
36 “Nan and”: PML, MSI—LMS to FTM, Aug. 7, 1902.
37 “with much”: PML—ATM to FTM, Aug. 9, 1902. “fussed”: AMS interview, Dec. 31, 1993.
38 “the simultaneous”: Magnus, p. 299.
39 “Father’s”: PML, MSI—LMS to FTM, Aug. 16 [1902].
40 “irrespective”: “The Shipping Trust and Higher Rates,” Scientific American, Vol. 87, July 26, 1902.
41 “anxious to” & “We are”: MGCo. Ms 21,802—CS to CED, June 24, & to JPM, Aug. 7, 1902.
42 “which will”: Ibid.—JPM to CS, Aug. 1, 1902.
43 “our friend”: JJH—G. Farrer to JJH, July 1, 1902.
44 “you be uchred”: in Garraty, p. 136.
45 “avowedly”: Bodleian, MS. Milner dep. 215 fols. 54–55—CED to Milner, June 13, 1902. “avoid”: in Burk, p. 110.
46 “every desire” & “JPM &”: MGCo. Ms 21,802—Jack to CED, Sept. 29 & CED to Jack, Oct. 3, 1902.
47 IMM scope: Navin & Sears, “A Study,” p. 291; John J. & Margaret T. Clark, “The International Mercantile Marine Company: A Financial Analysis,” American Neptune, No. 2, Spring 1997, p. 146.
48 “as shifting”: Meade “IMMCo.,” in Ripley, p. 368.
49 “largely on”: MGCo. Ms 21,802—CS to CED, April 24, 1902. “unforeseen” & “what threatens”: Ms 81,200—CED to Jack, Aug. 14, 1903, & to CS, Jan. 7, 1903.
50 “not justified”: NY Times, March 31, 1903.
51 “the speculative”: TR to H. C. Lodge, Aug. 6, 1903, LTR, Vol. III, p. 545. “revelations”: Henry Clews, Fifty Years of Wall Street (New York: Irving Publishing Co., 1908), pp. 770–71.
52 fn., “My dear,” “I should,” & “I wished”: LC, TR Papers—TR to JPM, Oct. 8; JPM to TR, Oct. 12; TR to JPM, Oct. 13, 1903.
53 JPMCo. profit & loss 1902–3: Carosso, pp. 614–15.
54 “Apparently none”: MGCo. Ms 21,800—CED to CS, June 16, 1902.
55 “To put”: Ibid.—CED to G. Balfour, June 8, 1903.
56 “thick with”: PML—Jack to JPM, Nov. 13, 1903. “Pierpont Morgan’s”: HA to EC, Feb. 14–16, 1904, LHA, Vol. V, p. 550. “if the”: MGCo. Ms 21,800—CED to CS, Sept. 18, 1903.
57 “chiefly on”: in Hulderman, pp. 62–63. “did not” & JPM promise: J.B. Ismay to Harold Ismay, Feb. 9, 1904, in Wilton J. Oldham, “The Ismay Line,” Journal of Commerce (Liverpool, 1961), pp. 146–47.
58 “The ocean”: in Cecil, pp. 57–58.
59 “It’s not”: BG notes in Hovey, p. 228.
CHAPTER 24: COLLECTOR
1 “a strong”: Jean Beaudrillard, “The System of Collecting,” The Cultures of Collecting, edited by John Elsner and Roger Cardinal (Cambridge, Mass.: Harvard University Press, 1994), p. 10.
2 “This bronze”: PML Vendors’ files, Canessa—bill for Dec. 13, 1909.
3 books duty free: U.S. Revenue Act 1897, pp. 503, 609.
4 his host said: LC, McKim Papers—Charles F. McKim to W.R. Mead, April 2, 1902.
5 “You can”: Ibid.—CFM to Theodore N. Ely, March 27, 1902.
6 “We were starving”: in Charles Moore, The Life and Times of Charles Follen McKim, p. 260.
7 “never would”: PML Vendors’ files—Goldschmidt to JPM, May 16, 1902.
8 “Curiously”: JJH—G. Farrer to JJH, May 24, 1902.
9 “bric-a-brac” & “picture gallery”: N-YHS, McKim Mead & White, 1950 Collection, “Morgan Library,” Box 627, folder B—JSM2 in HLS to CFM, May 19, 1902, & HLS to CFM, July 29, 1902.
10 Erechtheum joints: in Moore, McKim, p. 282.
11 “the best” & “the extraordinary”: LC, McKim Papers—CFM to Gorham P. Stevens, June 1904, & to W.M. Kendall, May 16, 1904.
12 “blasts”: Ibid., CFM to Mead, Aug. 26, 1904. “Father much”: PML, MSI—LMSD, Dec. 18, 1903.
13 “not to”: N-YHS, MMW, 1968 Collection, Sherman Statue file, Box M-8—Saint-Gaudens to CFM, Aug. 23, 1905.
14 “While fully”: Ibid., 1950 Collection, “Morgan Library,” Box 626—CFM to JPM, April 25, 1904.
15 “White is” & ff.: Moore, pp. 260–63. “expressed”: LC, McKim Papers—CFM to Mead, Aug. 26, 1904.
16 “Pierpont’s face”: HA to EC, Feb. 1, 1903, LHA Vol. V, p. 448.
17 lobbies Shaw: NY Times, March 14, 1903.
18 “sights”: Vasari, Lives of the Painters, Vol. II, pp. 851–55.
19 “justly regarded”: In August Company, p. 110.
20 Dino armor: Tomkins, Merchants, p. 152. “hardware”: MGCo. Ms 21,795—CED to JPM, April 30, 1904.
21 “So Mr. Riggs”: MMA Archives—B. Dean to H. Kent, June 5, 1912.
22 “not merely”: in Tomkins, Merchants, p. 99.
23 “Education”: James, American Scene, pp. 513–14.
24 “No, sir” & ff.: in Tomkins, p. 102.
25 “I loathe”: Virginia Woolf, Roger Fry, p. 119.
26 “I am having” & “will be”: Roger Fry to Helen Fry, Jan. 9 & 10, 1905, in Letters of Roger Fry, Vol. I, pp. 228–29.
27 “I travelled” to “not like”: RF to HF, Jan. 11, 1905. There are two different letters of this date, one in Denys Sutton’s Letters of Roger Fry, Vol. I, p. 230, the other at King’s College, Cambridge, and I am quoting from them both. fn., “Ghirlandaio”: in James Henry Duveen, The Rise of the House of Duveen, p. 235.
29 “lots of” & ff.: RF to HF, Jan. 11, 1905, LRF, Vol. I, pp. 230–31.
30 “dragooned” & “Henry James”: Moore, p. 242.
31 “the great examples”: Elihu Root, “Art and Architecture in America,” in Miscellaneous Addresses by Elihu Root, edited by Robert Bacon and James Brown Scott (Cambridge, Mass.: Harvard University Press, 1917), pp. 189–96.
32 “big success”: HJ to Mary Cadwalader Jones, Jan. 13, 1905, HJL, Vol. IV, p. 337.
33 “The journey” to “He’s not”: RF to HF, Jan. 13 & 21, 1905, LRF, Vol. I, pp. 231–33.
34 “Friends, Romans”: Moore, p. 251.
