---
aliases:
- J.P. Morgan & Co.
- J. P. Morgan & Co. Incorporated
- J.P. Morgan & Co. Incorporated
- J.P. Morgan & Company
- JP Morgan & Co.
- Drexel, Morgan & Co.
- House of Morgan
category: Private Organization
created: 2026-10-26
location: New York, New York
relations:
- fn: 4
  reverse: true
  role: senior member of the New York house; Morgan confirmed the seniority in Pujo
    testimony of December 1912
  start: 1895
  type: head_of
  with: '[[J. P. Morgan]]'
- fn: 5
  reverse: true
  role: partner in the New York house; confirmed in Pujo testimony of December 1912
  type: member_of
  with: '[[Charles Steele]]'
- fn: 63
  reverse: true
  role: partner; Morgan told the Pujo subcommittee on December 19, 1912 that Lamont
    was a partner; chairman of the American Group of the China Consortium
  start: 1911
  type: member_of
  with: '[[Thomas W. Lamont]]'
- end: 1922
  fn: 7
  reverse: true
  role: partner from January 1, 1909, by his own Pujo testimony; his death in 1922
    is recorded in the Keyes testimony on partnership accounts
  start: 1909-01-01
  type: member_of
  with: '[[Henry P. Davison]]'
- fn: 62
  reverse: true
  role: partner; testified before the Senate Banking and Currency Committee in 1933
    on the Alleghany stock allotments
  start: 1920
  type: member_of
  with: '[[George Whitney]]'
- end: 1927-09-30
  fn: 57
  reverse: true
  role: partner until his resignation to become Ambassador to Mexico
  start: 1914
  type: member_of
  with: '[[Dwight W. Morrow]]'
- fn: 60
  reverse: true
  role: partner after serving as Assistant Secretary of the Treasury, 1917 to 1920
  start: 1923-07
  type: member_of
  with: '[[Russell C. Leffingwell]]'
- fn: 61
  reverse: true
  role: admitted to the firm on January 2, 1931 after serving as Under Secretary of
    the Treasury and Agent General for Reparation Payments
  start: 1931-01-02
  type: member_of
  with: '[[S. Parker Gilbert]]'
- end: 1925
  fn: 11
  reverse: true
  role: partner whose death in 1925 is recorded in the Keyes testimony on partnership
    accounts
  type: member_of
  with: '[[Edward R. Stettinius Sr.]]'
- end: 1931-12-31
  fn: 10
  reverse: true
  role: partner of J. P. Morgan & Co. from 1921 and of Drexel & Co. from 1918; listed
    as retired in the list of partners read into the Pecora record
  start: 1921
  type: member_of
  with: '[[Thomas S. Gates Sr.]]'
- fn: 68
  reverse: true
  role: partner from 1929; vice president and director in 1940, per the Davison Family
    Collection finding aid
  start: 1929
  type: member_of
  with: '[[F. Trubee Davison]]'
- fn: 38
  role: contracted a $100,000,000 stabilization loan with the Italian government,
    executed November 18, 1925
  start: 1925-11-18
  type: represented
  with: '[[Italian Government]]'
- fn: 35
  role: syndicate manager of the $150,000,000 Imperial Japanese Government External
    Loan of 1924
  start: 1924-02
  type: represented
  with: '[[Imperial Japanese Government]]'
- end: 1917
  fn: 28
  role: purchasing agent in the United States for the British government, per du Pont
    and Hawkins testimony
  start: 1915
  type: represented
  with: '[[British Government]]'
- fn: 24
  role: arranged $50,000,000 of one-year French Treasury notes with the National City
    Bank and the First National Bank, as reported to the Secretary of State on March
    25, 1915
  start: 1915-03
  type: represented
  with: '[[French Government]]'
- fn: 73
  role: parent holding company of the bank, which the firm held entirely after the
    1959 merger with Guaranty Trust Company of New York
  start: 1959-04-24
  type: owned
  with: '[[Morgan Guaranty Trust]]'
- fn: 12
  reverse: true
  role: House subcommittee on the concentration of control of money and credit
  start: 1912-12
  type: investigated
  with: '[[Pujo Committee]]'
- fn: 52
  reverse: true
  role: examined the partners and the firm's stock allotments in the Stock Exchange
    Practices hearings
  start: 1933
  type: investigated
  with: '[[Senate Banking and Currency Committee]]'
- fn: 28
  reverse: true
  role: examined the firm's agency for the British and French governments in the Munitions
    Industry hearings
  start: 1934
  type: investigated
  with: '[[Special Committee Investigating the Munitions Industry]]'
summary: A banking partnership with 63 directorships in 39 corporations in 1912, whose
  1933 Senate examination named its 1929 Alleghany allottees and whose investment
  bankers left in 1935 to form Morgan Stanley.
tags:
- Organization
- Banking
- JPMorgan
- DrexelMorgan
- HouseOfMorgan
- PujoCommittee
- InterlockingDirectorates
- PurchasingAgency
- PecoraHearings
- GlassSteagall
- MorganStanley
- MorganGuaranty
- ForeignLoans
- ChinaConsortium
- NyeCommittee
- WallStreetBombing
title: J. P. Morgan & Co.
updated: 2026-10-26
---

J. P. Morgan & Co. was the New York banking partnership of the [J. P. Morgan](/people/j-p-morgan/) family, which underwrote, lent to and advised corporations and governments until it merged into Chase Manhattan Corporation on December 31, 2000. The name Drexel, Morgan & Co. appears in an 1886 Supreme Court caption for the New York house.[^1] In 1912 Mr. Scudder testified to the House subcommittee that the New York firm was "identical with Drexel & Co., of Philadelphia, in firm members."[^2] [Antony C. Sutton](/people/antony-c-sutton/)'s 1983 chart of old-line and new-wealth families places [Henry P. Davison](/people/henry-p-davison/) among the new-wealth families beside "J. P. Morgan & Co."[^3]

### Partners and the partnership

The senior member of the firm was J. P. Morgan. In December 1912 the Pujo subcommittee asked him whether he was the senior member of the partnership, and he answered "I am, sir."[^4] The partners he named included Charles Steele, who confirmed his membership before the subcommittee, and Thomas W. Lamont, whom Morgan identified as a partner.[^5][^6] Davison testified on January 23, 1913 that he had been a member of the firm "Since the 1st of January, 1909."[^7] Walter E. Frew, a director of Bankers Trust Company from about 1905, was asked in December 1912 whether Davison was a member of J. P. Morgan & Co. Frew answered "Of the First National Bank at that time," and then said that Davison "is now" a member of the firm.[^8]

The membership was read into the record again in 1933. Before the Senate Banking and Currency Committee, J. P. Morgan Jr. gave the date on which the firm had been constituted as it then stood as March 31, 1916, and read a list of the partners of J. P. Morgan & Co. at the end of 1931. It opened "Myself, E. T. Stotesbury, Charles Steele, Thomas W. Lamont, Horatio G. Lloyd," and then named Dwight W. Morrow ("no, he retired") and, after Thomas Cochran, Julius S. Morgan and George Whitney, Thomas S. Gates ("no, he has retired"). The list went on with Russell C. Leffingwell, Francis D. Bartow, Arthur M. Anderson, William Ewing, Harold Stanley, H. S. Morgan, Thomas S. Lamont, H. P. Davison, Thomas Newhall, Edward Hopkinson Jr., S. Parker Gilbert and, from January 2, 1932, Charles D. Dickey.[^9] The Thomas S. Gates of that list is Thomas S. Gates Sr., listed as president of the University of Pennsylvania in the 1930 to 1931 Who's Who, whose entry gives "partner Drexel & Co. since 1918, J. P. Morgan & Co. since 1921."[^10]

Keyes listed separate accounting periods marked by the deaths of partners: Arthur E. Newbold in 1920, Davison in 1922, Bacon in 1924, Edward R. Stettinius Sr. in 1925 and Porter in 1926. He also said "We had a change in 1927 by the retirement of the late Mr. Dwight W. Morrow, which occurred in September 1927."[^11]

### Directorships and the Pujo subcommittee

The Pujo subcommittee tabulated the directorships of a group of individuals in Exhibit 134-C of December 18, 1912. Its explanation of the table treated 180 individuals who were firm members or directors of eighteen financial institutions, and stated that "In the aggregate they hold 385 directorships in 41 banks and trust companies" and, "in all, 746 directorships in 134 corporations having total resources or capitalization of $25,325,000,000."[^12][^13]

The exhibit then gave the figures for J. P. Morgan & Co. separately: "J. P. Morgan & Co. of New York (identical with Drexel & Co. of Philadelphia) have 23 directorships in 13 banks and trust companies." Three of those were at the [Guaranty Trust Company of New York](/organizations/morgan-guaranty-trust/), the bank whose 1959 merger with the firm produced [Morgan Guaranty Trust](/organizations/morgan-guaranty-trust/); the list also shows three each at the Astor Trust, Bankers Trust and the First National Bank of New York, and one each at the Fourth Street National Bank, the Franklin National Bank, the Girard Trust Company and the Philadelphia National Bank. The same section lists 4 directorships in 4 insurance companies and "a controlling stock interest in another, the Equitable Life Assurance Society of New York"; 20 directorships in 12 transportation systems; 12 in 7 producing and trading corporations, among them 4 in the United States Steel Corporation and 2 each in the General Electric Company and the International Harvester Company; and 4 in 3 public utility corporations. It closes the Morgan summary: "In all, 63 directorships in 39 corporations having total resources or capitalization of $10,036,000,000."[^12]

The exhibit also records that J. P. Morgan & Co. held "2 of the 3 voting trustees of the Guaranty Trust Co. of New York and 1 of the 3 voting trustees of the Bankers Trust Co. of New York."[^12] A supplemental table in the same exhibit combined the affiliations of J. P. Morgan & Co., the First National Bank, the National City Bank, the Guaranty Trust Company and the Bankers Trust Company. It states that the five together had "118 directorships in 34 banks and trust companies," 30 in 10 insurance companies, 105 in 32 transportation systems, 63 in 24 producing and trading corporations and 25 in 12 public utility corporations: "In all, 341 directorships in 112 corporations having aggregate resources or capitalization of $22,245,000,000."[^14]

Asked about the control of credit, J. P. Morgan told the subcommittee, "I want to control nothing," and "I do not want any control."[^15]

### Early transactions, 1861 to 1907

In 1861 the House committee on government contracts reported, of the sale of Hall carbines to the government, that the arms "were placed under the control of J. Pierpont Morgan to secure him the payment of $20,000 he had advanced to Stevens."[^16]

In February 1895 the Treasury's gold contract was taken by a syndicate that the firm managed with August Belmont. The contract stipulated that the syndicate would "exert all financial influence and will make all legitimate efforts to protect the Treasury of the United States against the withdrawals of gold."[^17]

The firm was a syndicate manager for the 1901 offering that organized the United States Steel Corporation. The prospectus dated March 2, 1901, issued from the firm's office, described a $200,000,000 syndicate with "Syndicate Managers" named in the text.[^18] In the House inquiry into the steel corporation, Andrew Carnegie was asked why Morgan had "send word to me that he would like to buy me out."[^19] Treasury Secretary George B. Cortelyou testified that a conference was held at the Hotel Manhattan on October 22, 1907, and that members of the firm attended it.[^20]

### The purchasing agency, 1914 to 1917

On August 10, 1914 Secretary of State William Jennings Bryan wrote to President Woodrow Wilson: "Morgan Company of New York have asked whether there would be any objection to their making a loan to the French Government and also the Rothschilds." Bryan wrote that he had suggested the Department take the position that it would not approve of any loan to a belligerent nation, and that "Money is the worst of all contrabands because it commands everything else."[^21] On August 21, 1914 J. P. Morgan wrote to Wilson on British objections to the purchase of German ships, quoting cablegrams from "my London firm, which is at the moment in very close touch with the British Government."[^22]

On January 23, 1915 Davison returned from London and told the press that the firm had been appointed the sole commercial agent for Great Britain in the United States, so that "all purchases in this country for Great Britain would be made through J. P. Morgan & Co."[^23] By March 25, 1915 the firm wrote to the Secretary of State, jointly with the National City Bank and the First National Bank of New York, that it was arranging to place for the French Government "some $50,000,000. One-Year Treasury Notes, the proceeds of which are to be expended in this country."[^24]

On September 6, 1915 Secretary of State Robert Lansing wrote to Wilson on the need for loans to the belligerents. He gave the American export surplus as nearly a billion dollars from December 1, 1914 to June 30, 1915, wrote that if the European countries could not find means to pay "they will have to stop buying and our present export trade will shrink proportionately," and concluded that "there is only one means of avoiding this situation": "the flotation of large bond issues by the belligerent governments."[^25] On September 28, 1915 the Anglo-French financial commission announced a $500,000,000 credit at the Hotel Biltmore, with Davison reading a statement for the firm.[^26]

On July 3, 1915 Frank Holt, a former instructor in German at Cornell University, shot J. P. Morgan Jr. at his home at Glen Cove, New York. The New York Times reported on July 4 that Holt had confessed to setting the bomb that wrecked the Senate reception room at the Capitol on the night of July 2, and that he described to the police how he had practised for months the making of a bomb; the paper's subheading called the explosion "a protest against shipments of war munitions."[^27]

After the war began in Europe, J. P. Morgan & Co. was the principal fiscal and purchasing agent in the United States for the British and French governments. The Special Committee Investigating the Munitions Industry (the Nye Committee) examined the arrangement in 1934 and 1935. Pierre S. du Pont testified that "a great many of the contracts were made through Morgan & Co." and that these were "for the British and French Governments." He said the firm had negotiated with the du Pont company "as agents for the British Government."[^28] The du Pont company's letter of December 18, 1934 put the total sales value of its contracts with the two governments at $490,573,806, of which "J. P. Morgan & Co. acted as agent, under sales contracts aggregating $351,259,813.28."[^28]

Senator Clark asked whether money was owing to the du Pont company "from the allied and associated nations or their fiscal and purchasing agents in this country, such as Morgan."[^29] Colonel Hawkins testified that the British purchasing commission had worked "in connection with Mr. Stettinius," and that the commission had been organized by J. P. Morgan & Co., "who were the fiscal agents for the British in this country."[^30] Hawkins also said that Lt. Col. Black, who had been connected with that commission before American entry into the war, came to Washington in January 1918 and had since returned to his engineering firm.[^30]

The Senate report on the government manufacture of munitions (1936) recorded the contracts of the United States Steel Products Company. It gave the British contracts "through J. P. Morgan & Co., of $62,514,546 from 1915 to 1917" and the French contracts as "$52,781,486."[^31]

In January 1936 the committee questioned J. P. Morgan Jr., Thomas W. Lamont and George Whitney. The United States News reported that Morgan produced a copy of his 1915 speech to the bond houses that were to sell the Anglo-French loan, in which he said: "this is not a pro-Ally affair or an anti-German affair, or anything else; it is a pro-American affair, and that only." The same report quoted Morgan before the committee: "Increased exports helped this country and I don't think they lead us into war."[^32]

### Foreign loans, the Consortium and the State Department, 1924 to 1927

The firm was the American banker for the French, Italian and Japanese governments in the 1920s, and its partners were in regular contact with the State Department on each issue. On November 11, 1924 Secretary of State Charles Evans Hughes telegraphed the Ambassador in France that the Department had "just been consulted by J. P. Morgan and Company on the proposed French $100,000,000 loan which the firm is considering bringing out shortly if the Department sees no objection to it," and that the bankers' negotiations "have been awaiting consummation of the German loan." Hughes wrote that he "should certainly oppose flotation of a French loan in the United States were there any doubt of France's support" for the American claim to participate in the Dawes Plan annuities, and authorized the Ambassador to seek French assurances, "for the bankers will await the Department's answer."[^33] The same volume identifies Lamont in an editorial note as "member of the banking firm of J. P. Morgan & Co., New York City."[^34]

The February 1924 Japanese loan was a Morgan syndicate issue. The advertisement in the Commercial and Financial Chronicle of February 16, 1924 described a $150,000,000 Imperial Japanese Government External Loan of 1924, thirty-year sinking fund 6 1/2 per cent gold bonds due February 1, 1954. It stated that the proceeds were to retire the outstanding 4 1/2 per cent sterling loans and to purchase materials for reconstruction after "the earthquake and fire of September, 1923," and that subscription books would open "at the office of J. P. Morgan & Co." on February 15, 1924. The managers' notice listed J. P. Morgan & Co., Kuhn, Loeb & Co., the Guaranty Company of New York, Harris, Forbes & Co. and Lee, Higginson & Co. among others; a second notice carried the names of the National City Company and the First National Bank. In London the issue of sterling bonds was made by a group that included Morgan Grenfell & Co.[^35]

The American Group of the China Consortium also operated from the firm. On June 12, 1924 J. P. Morgan & Co. wrote to the Secretary of State "For the American Group," enclosing material for the Consortium Council meeting in London on July 14, which Lamont, "Chairman of the American Group," was to attend, and on July 29 forwarded the minutes of that meeting.[^36]

The Italian loan of 1925 followed the same pattern. On May 26, 1925 Lamont wrote to the Secretary of State that the Bank of Italy, together with the Bank of Naples and the Bank of Sicily, was arranging a $50,000,000 banking credit with American correspondents, which the Italian government would guarantee. Lamont wrote that "as explained to you, Mr. Mellon and Mr. Hoover, we regard this as a banking matter and so very different from any foreign government loan issued in this market." Andrew W. Mellon was then Secretary of the Treasury and Herbert Hoover was Secretary of Commerce. The Department replied on May 29 that, while it expressed no opinion on the transaction, it could not withhold objection to a public flotation of Italian bonds unless Italy had taken steps toward settling its debt to the United States.[^37]

The $100,000,000 issue followed. On November 18, 1925 the firm wrote that it had been "carrying on discussions with Count Volpi, the Italian Minister of Finance," on a loan "to be used for stabilization purposes," and that the contract had been executed that day. The firm noted that the Italian debt settlement had been reached at Washington on November 14.[^38] The Department answered on November 23 that it offered "no objection to the flotation of this issue in the American market," and that the Department "does not pass upon the merits of foreign loans as business propositions."[^39]

Lamont's 1927 trip to Japan was the subject of State Department telegrams. On November 19, 1927 Secretary of State Frank B. Kellogg telegraphed the Ambassador in Japan that the Department had received "an informal inquiry from Mr. Thomas W. Lamont as to whether any objection would be made to loan by American bankers of $30,000,000 to the South Manchuria Railway, the loan to be guaranteed by the Japanese Government," and that to pass such a loan "would apparently involve reversing previous decisions." The Department thought the Chinese "would very likely conclude" that the American government "has lined up behind Japan in her penetration of South Manchuria." The Ambassador, Charles MacVeagh, answered on November 21 that Lamont's conversations had been "almost all with men who represent important financial interests," that near the end of the visit Lamont and Jeremiah Smith "gave a clear-cut and sweeping criticism of Japanese industrial and financial methods," and that if J. P. Morgan & Company was willing to make the advance and was deterred solely by the Department's attitude, the Japanese would ascribe it to "distrust and suspicion of Japan."[^40]

On November 19, 1927 the American representative at Peking reported that General Dzau of Zhang Zuolin's headquarters had called to learn "whether I knew the object of the recent trip to Japan by Thomas W. Lamont." The representative also relayed a report from the commander of the Asiatic Fleet that Kuomintang leaders expected such loans to strengthen Japan's position in Manchuria.[^41] On December 9, 1927 the Tokyo mission reported that "J. P. Morgan & Company has refused to make loan to South Manchuria Railway," and that Dr. Takuma Dan, president of the Mitsui company, attributed the refusal to the Department's unwillingness to pass the loan in the face of Chinese protests.[^42]

The Reparation Commission, jointly with the German government, named Owen D. Young and J. P. Morgan as the American members of its 1929 committee of experts, each with the right to name an alternate, and [Thomas Nelson Perkins](/people/thomas-nelson-perkins/) was named as an alternate.[^43] The report of June 7, 1929 carries the signatures of Young, J. P. Morgan, Thomas N. Perkins and T. W. Lamont.[^44] On April 28, 1930 Louis T. McFadden, chairman of the House Committee on Banking and Currency, told the House that the State Department's statement of May 16, 1929 had turned America's participation in the Bank for International Settlements over to a group of bankers headed and dominated by J. P. Morgan & Co.[^45]

### The Wall Street explosion of 1920

On September 16, 1920 a bomb exploded at noon at Broad and Wall Streets, beside the firm's offices at 23 Wall Street. The [New York Times](/organizations/new-york-times/) reported the next day under the headline "Wall Street Explosion: Morgan Office Hit" that the explosion had killed thirty persons and injured probably 300 others.[^46] J. P. Morgan was in England at the time. The paper reported that he had received private reports that were reassuring, and its London dispatch named C. F. Whigham, a director of the affiliated London house of Morgan, Grenfell & Co..[^46]

### The Pecora examination, 1933

The Senate Banking and Currency Committee, with Ferdinand Pecora as counsel, examined the firm's partners and the allotments of its securities in 1933. J. P. Morgan Jr. opened his testimony with a statement on private bankers. He said that a private banker, unlike an incorporated bank, "has none of these privileges" of a charter and so "has a somewhat greater freedom of action," that the private banker was one for whom "none of the aids provided by the Government for incorporated banks, such as the Federal Reserve System or the Reconstruction Finance Corporation, are at his disposal," and that in his experience of over forty years "I cannot remember any partner of the house taking a directorship except at the earnest request of the board of directors of the company in question."[^47]

Pecora later put to him that, when he read the list of corporations on whose boards the partners sat, "I tallied the number and reached the total of 167 directorships; 167 directorships held by members of your firm." Morgan answered, "If that corresponds with the list that is right. I do not know the number."[^48] The partners' directorships read into the record included Lamont's at the United States Steel Corporation and the Northern Pacific Railway, and Whitney's at General Motors, the Kennecott Copper Corporation and the Consolidated Gas Company.[^49]

Pecora then asked whether the firm had paid income tax. Morgan answered for himself: "My 'No' means that I did not pay any income tax," for 1931 and 1932. Asked whether the aggregate paid by the members of J. P. Morgan & Co. and Drexel & Co. for 1931 "was zero," Morgan answered, "I believe it to be true, but I do not know. I don't see their income-tax returns."[^50]

An exhibit marked "Committee Exhibit No. 10" listed the distribution of 1,250,000 shares of Alleghany Corporation common stock issued February 15, 1929 at $20 a share, "at a price equivalent to our cost," in the words of George Whitney. The list includes J. P. Morgan (40,000 shares), Lamont (18,000), Leffingwell (13,500), Charles E. Mitchell (10,000), John J. Raskob (2,000), William Gibbs McAdoo (500), John J. Pershing (500), Frank L. Polk (800), Owen D. Young, Newton D. Baker, John W. Davis (400), Charles A. Lindbergh (500), Harold Stanley, Henry S. Morgan (2,500), C. F. Whigham and William H. Woodin, and shows 50,000 shares to Drexel & Co. and 175,000 shares to "J. P. Morgan & Co. stock A/C." Whitney testified that the firm had arranged with the Guaranty Company of New York to underwrite the sale of 500,000 of the shares.[^51]

Pecora asked Whitney whether those named were "persons who also could be characterized as among the close friends of J. P. Morgan & Co." Whitney answered: "I should assume that the great majority; yes." He said of Woodin, identified in the testimony as "Secretary of the Treasury," that "I have already testified that for many years Mr. Woodin has been a personal friend of many of the partners," and said of the $20 price that "we did not desire to make any profit out of the sale."[^52] On the following day, resuming, Whitney was asked whether there was "a standing list or record in the office of J. P. Morgan & Co., or in the possession of any of its partners, which gives or shows the names of the close friends of J. P. Morgan & Co. who were invited from time to time to subscribe." He answered "No, sir."[^53]

### The Banking Act of 1933 and Morgan Stanley

The Banking Act of 1933, approved June 16, 1933 as Public No. 66 of the 73d Congress, bears the short title "Banking Act of 1933" and was enacted as an act "to provide for the safer and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into speculative operations."[^54] In the 1953 antitrust opinion of Judge Harold R. Medina, the Act is described as requiring commercial banks and their security affiliates to go out of the investment banking business if the banks wished to continue taking deposits, with a deadline of June 16, 1934.[^55]

According to that opinion, J. P. Morgan & Co. "elected to cease engaging in the investment banking business, and chose to remain a bank of deposit," and discontinued its investment banking activities on or about June 16, 1933. The opinion finds that the first discussions within the firm about a new investment banking organization took place in June and July 1935, that the final decision to organize Morgan Stanley & Co. Incorporated was made around the middle or the 20th of August 1935, and that "There was some thought of using the Drexel name, but difficulty arose with the heirs of the Drexel Estate." The corporation was organized on September 6, 1935 under New York law and commenced business on September 16, 1935. Of the then seventeen partners of J. P. Morgan & Co., Harold Stanley, Henry S. Morgan and William Ewing resigned to form it, together with John M. Young, head of the firm's bond department, Allen Northey Jones, head of its statistical department, and Perry E. Hall and Edward H. York Jr., who held the authority of partners in Drexel & Co. Stanley was president, Ewing executive vice president and Henry S. Morgan treasurer and secretary. On September 18, 1935 the corporation issued $7,000,000 of non-voting preferred stock, of which $6,600,000 "was purchased by nine partners of J. P. Morgan & Co." The opinion states that Morgan Stanley "set up an entirely new office at No. 2 Wall Street."[^56]

### Partners in government

Dwight W. Morrow was a lawyer with Simpson, Thacher & Bartlett until 1914 and a member of J. P. Morgan & Co. from 1914 to September 30, 1927, when he resigned to become Ambassador to Mexico. He was awarded the Distinguished Service Medal in 1919 by General Pershing for services in connection with military shipping and the Military Board of Allied Supply, and was adviser to the Allied Maritime Transport Council in 1918.[^57] The Office of the Historian records his appointment as Ambassador to Mexico on September 21, 1927, his presentation of credentials on October 29, 1927 and his departure on September 17, 1930.[^58] The Biographical Directory of the American Congress lists him among the Senators of New Jersey, with the entry for his successor reading "Appointed to fill vacancy caused by death of Dwight W. Morrow" and giving his death as October 5, 1931.[^59]

Russell C. Leffingwell was a special assistant to the Secretary of the Treasury in the flotation of the Liberty Loan in May 1917 and Assistant Secretary of the Treasury from October 30, 1917 until 1920; he was a member of Cravath, Henderson, Leffingwell & de Gersdorff from October 1920 to July 1923 and a member of J. P. Morgan & Co. from July 1923.[^60] Seymour Parker Gilbert, known as S. Parker Gilbert, was Assistant Secretary of the Treasury in charge of fiscal affairs from June 1920 and Under Secretary from July 1, 1921 to November 17, 1923, and Agent General for Reparation Payments from 1924. Pecora put to Keyes that January 2, 1931 "was advisedly fixed as the date of the admission of Mr. Gilbert into the firm," and Keyes answered "Yes, sir"; the 1931 list of partners names him.[^61]

George Whitney, who gave the firm's testimony on the Alleghany allotments, was a partner of J. P. Morgan & Co. from 1920 after beginning with Kidder, Peabody & Co. in Boston in 1907, and a director of the Guaranty Trust Company, General Motors and Kennecott Copper among other companies.[^62] Lamont had been a member of the firm since 1911 and a director of the Guaranty Trust Company and United States Steel, and was chairman of the American group of the International Consortium for Assistance of China and chairman of the International Committee of Bankers for the adjustment of the Mexican foreign debt.[^63]

Edward R. Stettinius Sr. is the partner whose death in 1925 Keyes recorded, and Colonel Hawkins's remark about the purchasing commission names "Mr. Stettinius."[^64] His son, Edward R. Stettinius Jr., was Director of Lend-Lease and Special Assistant to the President from 1941, Under Secretary of State from October 4, 1943 and Secretary of State from December 1, 1944 to June 27, 1945, according to the Office of the Historian, and the first American Ambassador to the United Nations.[^65] The Historical Dictionary of the New Deal describes Stettinius Sr. as "a business partner of J. P. Morgan."[^66]

His son, Thomas S. Gates Jr., born in 1906, began in investment banking with Drexel & Co., where he became a full partner in 1940. He served as Under Secretary of the Navy from 1953, Secretary of the Navy from 1957, Deputy Secretary of Defense and from 1959 Secretary of Defense until January 1961, and then returned to investment banking at the Morgan Guaranty Trust Company; President [Gerald Ford](/people/gerald-r-ford/) nominated him in 1976 as Chief of the United States Liaison Office in Beijing.[^67]

[F. Trubee Davison](/people/f-trubee-davison/), the son of Henry P. Davison, became a partner in 1929 and a vice president and director of the firm in 1940.[^68]

[R. Gordon Wasson](/people/r-gordon-wasson/), who wrote a study of the 1861 Hall carbine transaction in which J. P. Morgan lent Simon Stevens $20,000 on the arms, is described by [Annie Jacobsen](/people/annie-jacobsen/) as a vice president of the firm.[^69][^70]

### Morgan Guaranty and the 2000 merger

The 1959 merger of J. P. Morgan & Co. Incorporated and Guaranty Trust Company of New York formed Morgan Guaranty Trust Company of New York, which the firm held entirely. The Commercial and Financial Chronicle of April 30, 1959 announced that the bank "began operation April 27, 1959 as the banking institution formed by the merger of J. P. Morgan & Co. Incorporated and Guaranty Trust Company of New York," with Henry C. Alexander as chairman of the board, Thomas S. Lamont as vice chairman and Dale E. Sharp as president.[^71] The International Year Book listed the bank as the result of a merger on 24 April 1959 in its 1974, 1975 and 1983 editions.[^72]

A Senate staff study of interlocking directorates (January 1978) recorded that J. P. Morgan held 100 percent control of the bank and described it as the parent of the nation's largest institutional investor.[^73]

On September 13, 2000 Chase and J. P. Morgan announced that they had entered into an Agreement and Plan of Merger dated September 12, 2000, under which "each outstanding share of common stock of J.P. Morgan" would be "converted into 3.7 shares of common stock of Chase," with reciprocal stock options for 19.9 percent of each company.[^74] On December 31, 2000 the firm "merged with and into The Chase Manhattan Corporation," which was renamed J.P. Morgan Chase & Co. A merger charge of $1.25 billion was recorded that day, and the bank was succeeded by [JPMorgan Chase](/organizations/jpmorgan-chase/) Bank.[^75]

[^1]: *Drexel v. Berney*, No. 305, Supreme Court of the United States, October Term 1886, on appeal from the Circuit Court for the Southern District of New York (appellants Francis A. Drexel, Anthony J. Drexel and others, as the firm of Drexel, Morgan & Co.). https://archive.org/details/per_scotus_1886_305
[^2]: *Money Trust Investigation: Investigation of Financial and Monetary Conditions in the United States under House Resolutions Nos. 429 and 504*, Subcommittee of the Committee on Banking and Currency, Part 14 (Washington: Government Printing Office, 1913), testimony of Mr. Scudder, p. 985 (J. P. Morgan & Co., "who are identical with Drexel & Co., of Philadelphia, in firm members"). https://archive.org/details/aeu8665.0014.001.umich.edu
[^3]: Antony C. Sutton, *America's Secret Establishment: An Introduction to the Order of Skull & Bones* (1983), chart "Hypothesis Number One," new-wealth tier (Davison family beside "J. P. Morgan & Co."). https://archive.org/details/americas_secret_establishment-skull_and_bones
[^4]: *Money Trust Investigation*, Part 14, p. 1003 (Untermyer: "Are you senior member of the partnership or firm of J. P. Morgan & Co., bankers, of New York City?" Morgan: "I am, sir."). https://archive.org/details/aeu8665.0014.001.umich.edu
[^5]: *Money Trust Investigation*, Part 6, testimony of Charles Steele, p. 455 (Untermyer: "You are a partner in the firm of J. P. Morgan & Co., are you not?" Steele: "I am."). https://archive.org/details/aeu8665.0006.001.umich.edu
[^6]: *Money Trust Investigation*, Part 15, p. 1044 (Untermyer: "Is Mr. Thomas W. Lamont a partner in your firm?" Morgan: "He is."). https://archive.org/details/aeu8665.0015.001.umich.edu
[^7]: *Money Trust Investigation*, Part 25, hearing of January 23, 1913, testimony of Henry P. Davison, pp. 1808 to 1809 ("I am a member of the firm of J. P. Morgan & Co."; "Since the 1st of January, 1909"). https://archive.org/details/aeu8665.0025.001.umich.edu
[^8]: *Money Trust Investigation*, Part 8, testimony of Walter E. Frew, December 10, 1912, p. 596 ("Mr. H. P. Davison, of J. P. Morgan & Co.?" "Of the First National Bank at that time."; "He is now; yes, sir."). https://archive.org/details/aeu8665.0008.001.umich.edu
[^9]: *Stock Exchange Practices*, Hearings before the Senate Committee on Banking and Currency, 73d Cong., 1st sess., on S. Res. 84 and S. Res. 56 (1933), Part 1, testimony of J. P. Morgan, pp. 7 to 9 (the firm constituted "1916, I believe, the 31st of March"; "Myself, E. T. Stotesbury, Charles Steele, Thomas W. Lamont, Horatio G. Lloyd, Dwight W. Morrow, no, he retired. Thomas Cochran, Julius S. Morgan, George Whitney, Thomas S. Gates, no, he has retired. Russell C. Leffingwell, Francis D. Bartow, Arthur M. Anderson, William Ewing, Harold Stanley, H. S. Morgan, Thomas S. Lamont, H. P. Davison, Thomas Newhall, Edward Hopkinson, Jr., S. Parker Gilbert, and Charles D. Dickey"; Dickey became a partner January 2, 1932). https://archive.org/details/stockexchangepra0133unit
[^10]: *Who's Who in America*, vol. 16, 1930 to 1931, entry "Gates, Thomas Sovereign, banker" (born Germantown, Philadelphia, March 21, 1873; "partner Drexel & Co. since 1918, J. P. Morgan & Co. since 1921"; "now pres. U. of Pa."); same entry in vol. 15, 1928 to 1929. https://archive.org/details/whos-who-in-america_1930-1931_16 ; https://archive.org/details/whos-who-in-america_1928-1929_15
[^11]: *Stock Exchange Practices*, Part 1 (1933), testimony of Keyes on partnership accounting periods, pp. 87 to 89 ("in 1925 by the death of Mr. Stettinius"; "in 1922 by the death of Mr. Davison"; "in 1920 by the death of Mr. Newbold"; "We had a change in 1927 by the retirement of the late Mr. Dwight W. Morrow, which occurred in September 1927"). https://archive.org/details/stockexchangepra0133unit
[^12]: *Money Trust Investigation: Interlocking Directorates* (Washington: Government Printing Office, 1913), Exhibit 134-C, December 18, 1912, "Explanation of Table of Interlocking Directorates," pp. 2 to 7 (the 18 institutions; 180 individuals; 385 directorships in 41 banks and trust companies; 746 directorships in 134 corporations with total resources or capitalization of $25,325,000,000; "J. P. Morgan & Co. of New York (identical with Drexel & Co. of Philadelphia) have 23 directorships in 13 banks and trust companies"; "In all, 63 directorships in 39 corporations having total resources or capitalization of $10,036,000,000"; the voting trustees). https://archive.org/details/moneytrustinves00mcmogoog
[^13]: *Money Trust Investigation*, Part 14, testimony of Mr. Scudder, pp. 983 to 985 ("The total number of individual names of firm members or directors of the 18 institutions is 180; that is, eliminating all duplications"). https://archive.org/details/aeu8665.0014.001.umich.edu
[^14]: *Money Trust Investigation: Interlocking Directorates*, Exhibit 134-C, "Explanation of Supplemental Table," pp. 27 to 28 (affiliations of J. P. Morgan & Co., First National Bank, National City Bank, Guaranty Trust Co. and Bankers' Trust Co.: "One hundred and eighteen directorships in 34 banks and trust companies"; "In all, 341 directorships in 112 corporations having aggregate resources or capitalization of $22,245,000,000"). https://archive.org/details/moneytrustinves00mcmogoog
[^15]: *Money Trust Investigation*, Part 15, pp. 1050 to 1051 (testimony of J. P. Morgan on the control of credit: "I want to control nothing"; "I do not want any control"). https://archive.org/details/aeu8665.0015.001.umich.edu
[^16]: U.S. House of Representatives, 37th Cong., 2d sess., House Report No. 2, "Government Contracts," p. 43 ("The arms were placed under the control of J. Pierpont Morgan to secure him the payment of $20,000 he had advanced to Stevens"). https://archive.org/details/governmentcontra00unit_1
[^17]: Contract of February 8, 1895 between the Secretary of the Treasury and August Belmont & Co., J. P. Morgan & Co. and associates, as printed in *The Commercial and Financial Chronicle*, vol. 60, no. 1547 (February 16, 1895), p. 283 ("exert all financial influence and will make all legitimate efforts to protect the Treasury of the United States against the withdrawals of gold"); U.S. Department of the Treasury, *Annual Report of the Secretary of the Treasury on the State of the Finances for the Year 1895* (1896), p. lxx. https://archive.org/details/1895bondcontract
[^18]: U.S. Industrial Commission, *Reports of the Industrial Commission*, vol. 13, *Industrial Combinations* (Washington: Government Printing Office, 1901), Exhibit 1 (prospectus of March 2, 1901, from the office of J. P. Morgan & Co., "Syndicate Managers"), pp. 475 to 477; testimony of Charles M. Schwab, p. 467. https://archive.org/details/report141commgoog
[^19]: U.S. House of Representatives, *Hearings before the Committee on Investigation of United States Steel Corporation*, vol. 4, testimony of Andrew Carnegie, p. 2513 ("Why did Morgan send word to me that he would like to buy me out?"); pp. 2535 to 2536.
[^20]: *Money Trust Investigation*, Part 6, pp. 430 to 431 (testimony of George B. Cortelyou, Secretary of the Treasury from March 5, 1907 to March 18, 1909, on the conference at the Hotel Manhattan on October 22, 1907).
[^21]: U.S. Department of State, *Papers Relating to the Foreign Relations of the United States: The Lansing Papers, 1914–1920*, vol. I (Washington: Government Printing Office, 1939), Secretary Bryan to President Wilson, August 10, 1914, p. 131 ("Morgan Company of New York have asked whether there would be any objection to their making a loan to the French Government and also the Rothschilds"; "Money is the worst of all contrabands because it commands everything else"). https://history.state.gov/historicaldocuments/frus1914-20v01
[^22]: *The Lansing Papers, 1914–1920*, vol. I, document 90, J. P. Morgan to President Wilson, New York, August 21, 1914, p. 100 (cablegrams from "my London firm, which is at the moment in very close touch with the British Government"). https://history.state.gov/historicaldocuments/frus1914-20v01
[^23]: *New York Times*, January 24, 1915, "Commercial Agent Only" (Davison "explained that his firm had been appointed the sole commercial agents for Great Britain in the United States"; "all purchases in this country for Great Britain would be made through J. P. Morgan & Co."). https://archive.org/details/sim_new-york-times_1915-01-24_64_20819
[^24]: *The Lansing Papers, 1914–1920*, vol. I, document 142, J. P. Morgan and Company, the National City Bank and the First National Bank of New York to the Secretary of State, March 25, 1915, p. 141 (file 851.51/30: "we are arranging to place for them some $50,000,000. One-Year Treasury Notes, the proceeds of which are to be expended in this country"). https://history.state.gov/historicaldocuments/frus1914-20v01
[^25]: *The Lansing Papers, 1914–1920*, vol. I, Secretary of State Lansing to President Wilson, September 6, 1915, pp. 144 to 147 (file 811.51/2624a: "they will have to stop buying and our present export trade will shrink proportionately"; "there is only one means of avoiding this situation"; "the flotation of large bond issues by the belligerent governments"). https://history.state.gov/historicaldocuments/frus1914-20v01
[^26]: *New York Times*, September 29, 1915, "Success of Credit Assured" (Anglo-French credit announced at the Hotel Biltmore; $500,000,000 five-year 5 per cent bonds "to be issued to the public at 98"; "Henry P. Davison of J. P. Morgan & Co. read a statement on behalf of that firm"). https://archive.org/details/sim_new-york-times_1915-09-29_64_21067
[^27]: *New York Times*, July 4, 1915, p. 1 ("By his own confession, Frank Holt, the former Cornell Instructor in German, who shot J. P. Morgan yesterday, was the man who set the bomb that wrecked the Senate reception room in the Capitol"; the explosion "a protest against shipments of war munitions"). https://archive.org/details/sim_new-york-times_1915-07-04_64_20980
[^28]: U.S. Senate, *Munitions Industry: Hearings before the Special Committee Investigating the Munitions Industry*, 73d and 74th Congresses, pursuant to S. Res. 206, testimony of Pierre S. du Pont, Parts 11 to 14, p. 3209 and footnote (the du Pont company's letter of December 18, 1934: contracts with the British and French governments of $490,573,806, of which J. P. Morgan & Co. acted as agent under contracts aggregating $351,259,813.28; "a great many of the contracts were made through Morgan & Co."; "for the British and French Governments"; "as agents for the British Government"). https://archive.org/details/munitionsindustr1114unit
[^29]: *Munitions Industry*, Parts 11 to 14, questions of Senator Clark to Mr. du Pont, p. 2709 ("fiscal and purchasing agents in this country, such as Morgan"). https://archive.org/details/munitionsindustr1114unit
[^30]: *Munitions Industry*, hearings, Parts 15 to 19, testimony of Col. Hawkins ("in connection with Mr. Stettinius"; "who were the fiscal agents for the British in this country"; Lieut. Col. Black "came in in January of 1918"; "He has gone back to his engineering firm"). https://archive.org/details/munitionsindustr1519unit
[^31]: U.S. Senate, Special Committee Investigating the Munitions Industry, *Report on Government Manufacture of Munitions*, S. Rept. 944, 74th Cong., 2d sess. (Washington: Government Printing Office, 1936), section on the United States Steel Products Company. https://archive.org/details/munitionsindustr36unit
[^32]: *The United States News*, January 20, 1936, pp. 8 to 9 (the Munitions Committee's questioning of J. P. Morgan, Thomas W. Lamont and George Whitney; Morgan's 1915 speech to the bond houses: "this is not a pro-Ally affair or an anti-German affair, or anything else; it is a pro-American affair, and that only"; Morgan: "Increased exports helped this country and I don't think they lead us into war"). https://archive.org/details/sim_us-news-weekly-special-issues_the-united-states-news_1936-01-20_4_3
[^33]: *Foreign Relations of the United States*, 1924, vol. II, telegram no. 386, Secretary of State Hughes to the Ambassador in France (Herrick), Washington, November 11, 1924, 5 p.m., p. 72 (file 462.00 R 296/694a: "The Department has just been consulted by J. P. Morgan and Company on the proposed French $100,000,000 loan"; "have been awaiting consummation of the German loan"; "I should certainly oppose flotation of a French loan in the United States were there any doubt of France's support"; "for the bankers will await the Department's answer"). https://history.state.gov/historicaldocuments/frus1924v02
[^34]: *Foreign Relations of the United States*, 1924, vol. II, editorial note identifying "Thomas W. Lamont, member of the banking firm of J. P. Morgan & Co., New York City." https://history.state.gov/historicaldocuments/frus1924v02
[^35]: *The Commercial and Financial Chronicle*, vol. 118, no. 3060 (February 16, 1924), advertisements "$150,000,000 Imperial Japanese Government External Loan of 1924" (statement prepared by Mr. Kengo Mori, Special Finance Delegate of the Imperial Japanese Government; purpose of issue; "Subscription books will be opened at the office of J. P. Morgan & Co."; managers J. P. Morgan & Co., Kuhn, Loeb & Co., Guaranty Company of New York, Harris, Forbes & Co., Lee, Higginson & Co. and others; the National City Company and First National Bank group; the English issue by a group including Morgan Grenfell & Co.). https://archive.org/details/sim_commercial-and-financial-chronicle_1924-02-16_118_3060
[^36]: *Foreign Relations of the United States*, 1924, vol. I, pp. 544 and 550 (The American Group, by J. P. Morgan & Co., to the Secretary of State, New York, June 12, 1924, file 893.51/4628, on the Consortium Council meeting in London on July 14, "which will be attended by Mr. Lamont, Chairman of the American Group"; the American Group to the Secretary of State, July 29, 1924, file 893.51/4668, enclosing the minutes). https://history.state.gov/historicaldocuments/frus1924v01
[^37]: *Foreign Relations of the United States*, 1925, vol. II, pp. 358 to 359 (Thomas W. Lamont of J. P. Morgan & Co. to the Secretary of State, New York, May 26, 1925, file 865.51/446; the Secretary of State to Lamont, May 29, 1925). https://history.state.gov/historicaldocuments/frus1925v02
[^38]: *Foreign Relations of the United States*, 1925, vol. II, p. 362 (J. P. Morgan & Co. to the Secretary of State, New York, November 18, 1925, file 865.51/471: "carrying on discussions with Count Volpi, the Italian Minister of Finance"; "to be used for stabilization purposes"; "The agreement for settlement of the Italian debt was reached at Washington, Nov. 14, 1925"). https://history.state.gov/historicaldocuments/frus1925v02
[^39]: *Foreign Relations of the United States*, 1925, vol. II, p. 363 (The Secretary of State to J. P. Morgan & Co., Washington, November 23, 1925: "no objection to the flotation of this issue in the American market"; "does not pass upon the merits of foreign loans as business propositions"). https://history.state.gov/historicaldocuments/frus1925v02
[^40]: *Foreign Relations of the United States*, 1927, vol. II, pp. 483 to 486 (telegram no. 84, Secretary of State Kellogg to the Ambassador in Japan, November 19, 1927, 4 p.m.; telegram no. 128, Ambassador MacVeagh to the Secretary of State, Tokyo, November 21, 1927, 5 p.m., file 894.51 So 8/2). https://history.state.gov/historicaldocuments/frus1927v02
[^41]: *Foreign Relations of the United States*, 1927, vol. II, telegram no. 1008 from Peking, received November 19, 1927, p. 482 (General Dzau's visit; "whether I knew the object of the recent trip to Japan by Thomas W. Lamont"; the report from the commander in chief of the Asiatic Fleet on Kuomintang expectations). https://history.state.gov/historicaldocuments/frus1927v02
[^42]: *Foreign Relations of the United States*, 1927, vol. II, telegram no. 132 from Tokyo, December 9, 1927, 5 p.m., file 894.51 So 8/20 ("J. P. Morgan & Company has refused to make loan to South Manchuria Railway"; Dr. Dan, president of the Mitsui Co., on the Department's position). https://history.state.gov/historicaldocuments/frus1927v02
[^43]: U.S. Department of State, *Foreign Relations of the United States*, 1929, vol. II, document 1039, telegram of January 18, 1929 from the Secretary of State to the chargé in France (file 462.00R296/2622: the British Ambassador "to offer the appointment to Young and Morgan and to Perkins as an alternate"). https://history.state.gov/historicaldocuments/frus1929v02
[^44]: *International Conciliation*, no. 253 (October 1929), Carnegie Endowment for International Peace, report of the Committee of Experts, closing paragraph and signature page, p. 56. https://archive.org/details/sim_international-conciliation_1929-10_253
[^45]: U.S. House of Representatives, *Congressional Record*, 71st Cong., 2d sess., April 28, 1930, remarks of Louis T. McFadden, chairman of the Committee on Banking and Currency, on the State Department statement of May 16, 1929.
[^46]: *New York Times*, September 17, 1920, p. 1 ("Wall Street Explosion: Morgan Office Hit"; the explosion at Broad and Wall Streets at noon on September 16; first reports of thirty killed and about 300 injured; J. P. Morgan in England with reassuring private reports; C. F. Whigham, director of the affiliated Morgan, Grenfell & Co. of London). https://archive.org/details/sim_new-york-times_1920-09-17_69_22882
[^47]: *Stock Exchange Practices*, Part 1 (1933), testimony of J. P. Morgan, pp. 3 to 5 (preliminary statement on private bankers: "has none of these privileges"; "a somewhat greater freedom of action"; "none of the aids provided by the Government for incorporated banks, such as the Federal Reserve System or the Reconstruction Finance Corporation, are at his disposal"; "I cannot remember any partner of the house taking a directorship except at the earnest request of the board of directors of the company in question"). https://archive.org/details/stockexchangepra0133unit
[^48]: *Stock Exchange Practices*, Part 1 (1933), testimony of J. P. Morgan, pp. 52 to 54 (Pecora: "I tallied the number and reached the total of 167 directorships; 167 directorships held by members of your firm"; Morgan: "If that corresponds with the list that is right. I do not know the number."). https://archive.org/details/stockexchangepra0133unit
[^49]: *Stock Exchange Practices*, Part 1 (1933), testimony of J. P. Morgan reading the directorships of the partners, pp. 29 to 30 (Lamont: United States Steel Corporation, Northern Pacific Railway Co.; George Whitney: General Motors Corporation, Kennecott Copper Corporation, Consolidated Gas Co. of New York). https://archive.org/details/stockexchangepra0133unit
[^50]: *Stock Exchange Practices*, Part 1 (1933), testimony of J. P. Morgan, pp. 53 to 54 ("My 'No' means that I did not pay any income tax"; Pecora: "was zero?" Morgan: "I believe it to be true, but I do not know. I don't see their income-tax returns."). https://archive.org/details/stockexchangepra0133unit
[^51]: *Stock Exchange Practices*, Part 1 (1933), testimony of George Whitney, p. 136 ("an arrangement with the Guaranty Co. of New York to underwrite the sale of 500,000 shares of common stock") and "Committee Exhibit No. 10," "Alleghany corporation common stock issued Feb. 15, 1929," pp. 138 to 140 (the list; 1,250,000 shares in all; "At a price equivalent to our cost, namely, $20 a share"). https://archive.org/details/stockexchangepra0133unit
[^52]: *Stock Exchange Practices*, Part 1 (1933), testimony of George Whitney on the letter to Woodin ("Committee Exhibit 11-A," February 25, 1929), p. 146 ("I should assume that the great majority; yes"; "I have already testified that for many years Mr. Woodin has been a personal friend of many of the partners"; "we did not desire to make any profit out of the sale"), and p. 142 (Woodin identified as "Secretary of the Treasury"). https://archive.org/details/stockexchangepra0133unit
[^53]: *Stock Exchange Practices*, Part 1 (1933), testimony of George Whitney, resumed, p. 154 ("Mr. Whitney, is there a standing list or record in the office of J. P. Morgan & Co."; "No, sir"). https://archive.org/details/stockexchangepra0133unit
[^54]: Banking Act of June 16, 1933, ch. 89, 48 Stat. 162 (Public, No. 66, 73d Cong.; short title; "To provide for the safer and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into speculative operations"). https://www.govinfo.gov/content/pkg/STATUTE-48/pdf/STATUTE-48-Pg162.pdf
[^55]: *United States v. Henry S. Morgan et al.*, 118 F. Supp. 621 (S.D.N.Y. 1953) (Medina, J.), Part I and Part III, "Further Developments 1933-1949" (the Glass-Steagall Act; "The deadline was June 16, 1934"). https://static.case.law/f-supp/118/cases/0621-01.json
[^56]: *United States v. Henry S. Morgan et al.*, 118 F. Supp. 621 (S.D.N.Y. 1953), findings on J. P. Morgan & Co. and the formation of Morgan Stanley & Co. Incorporated (organized September 6, 1935, commenced business September 16, 1935; resignation of Harold Stanley, Henry S. Morgan and William Ewing from "the then seventeen partners"; John M. Young and Allen Northey Jones; Perry E. Hall and Edward H. York Jr. of Drexel & Co.; preferred stock issued September 18, 1935, $6,600,000 "purchased by nine partners of J. P. Morgan & Co."; "an entirely new office at No. 2 Wall Street"). https://static.case.law/f-supp/118/cases/0621-01.json
[^57]: *Who's Who in America*, vol. 15, 1928 to 1929, entry "Morrow, Dwight Whitney" ("mem. J. P. Morgan & Co., 1914-27: resigned Sept. 30, 1927, to accept apptmt. as A.E. and P. to Mexico"; Distinguished Service Medal, 1919; adviser to the Allied Maritime Transport Council, February to December 1918). https://archive.org/details/whos-who-in-america_1928-1929_15
[^58]: U.S. Department of State, Office of the Historian, "Dwight Whitney Morrow," Principal Officers and Chiefs of Mission (Ambassador Extraordinary and Plenipotentiary, Mexico; appointed September 21, 1927; presentation of credentials October 29, 1927; left post September 17, 1930). https://history.state.gov/departmenthistory/people/morrow-dwight-whitney
[^59]: *Biographical Directory of the United States Congress, 1774-1989* (Bicentennial Edition, 1989), table of Senators from New Jersey ("Died October 5, 1931"; successor "Appointed to fill vacancy caused by death of Dwight W. Morrow"). https://archive.org/details/micro_IA41152637_0892
[^60]: *Who's Who in America*, vol. 15, 1928 to 1929, and vol. 11, 1920 to 1921, entries "Leffingwell, Russell Cornell" (special assistant to the Secretary of the Treasury, Liberty Loan, May 1917; assistant secretary of the Treasury since October 30, 1917; "mem. J. P. Morgan & Co., July 1923"). https://archive.org/details/whos-who-in-america_1928-1929_15 ; https://archive.org/details/whos-who-in-america_1920-1921_11
[^61]: *Who's Who in America*, vol. 16, 1930 to 1931, entry "Gilbert, Seymour Parker" (assistant secretary of the Treasury in charge of fiscal affairs, June 1920 to March 1921; under secretary, July 1, 1921 to November 17, 1923; agent general for reparation payments of Germany since 1924); *Stock Exchange Practices*, Part 1 (1933), testimony of Keyes, pp. 87 to 90 (Pecora: "the date of January 2, 1931, was advisedly fixed as the date of the admission of Mr. Gilbert into the firm"; Keyes: "Yes, sir") and list of partners at the end of 1931. https://archive.org/details/whos-who-in-america_1930-1931_16 ; https://archive.org/details/stockexchangepra0133unit
[^62]: *Who's Who in America*, vol. 15, 1928 to 1929, entry "Whitney, George, banking" (born Boston, October 9, 1885; Harvard 1907; Kidder, Peabody & Co., 1907; "partner J. P. Morgan & Co. since 1920"; director of the Guaranty Trust Co. of New York, General Motors Corporation and Kennecott Copper Corporation). https://archive.org/details/whos-who-in-america_1928-1929_15
[^63]: *Who's Who in America*, vol. 16, 1930 to 1931, entry "Lamont, Thomas William, banker" ("mem. firm of J. P. Morgan & Co., bankers, since 1911"; chairman of the American group of the International Consortium for Assistance of China; chairman of the International Committee of Bankers for the adjustment of the Mexican foreign debt). https://archive.org/details/whos-who-in-america_1930-1931_16
[^64]: *Stock Exchange Practices*, Part 1 (1933), testimony of Keyes, pp. 87 to 89 ("in 1925 by the death of Mr. Stettinius"); *Munitions Industry*, Parts 15 to 19, testimony of Col. Hawkins ("in connection with Mr. Stettinius"). https://archive.org/details/stockexchangepra0133unit ; https://archive.org/details/munitionsindustr1519unit
[^65]: U.S. Department of State, Office of the Historian, "Edward Reilly Stettinius Jr.," Biographies of the Secretaries of State (Director of Lend-Lease and Special Assistant to the President, 1941; Under Secretary of State from October 4, 1943; Secretary of State from December 1, 1944 until June 27, 1945; first U.S. Ambassador to the United Nations). https://history.state.gov/departmenthistory/people/stettinius-edward-reilly
[^66]: *Historical Dictionary of the New Deal: From Inauguration to Preparation for War* (Westport: Greenwood Press, 1985), entry for Edward R. Stettinius Jr. ("Edward R. Stettinius, Sr., a business partner of J. P. Morgan"). https://archive.org/details/historicaldictio0000unse_j5g3
[^67]: University of Pennsylvania, Kislak Center, finding aid for the papers of Thomas Sovereign Gates Jr., biographical note (born April 10, 1906; Drexel and Company, full partner in 1940; Under Secretary of the Navy 1953, Secretary of the Navy 1957 to 1959, Secretary of Defense 1959 to 1961; "returned to investment banking, working for the Morgan Guaranty Trust Company"); Gerald R. Ford Library, nomination of Thomas S. Gates as Chief of the U.S. Liaison Office, Beijing, 1976. https://findingaids.library.upenn.edu/records/legacy/upenn_rbml_PUSpMsColl1135
[^68]: Pritzker Military Museum & Library, Davison Family Collection, finding aid for Henry Pomeroy Davison and Henry Pomeroy Davison Jr., biographical note on Henry Pomeroy Davison Jr. (partner at J. P. Morgan & Company 1929; vice president and director 1940).
[^69]: Annie Jacobsen, *Phenomena: The Secret History of the U.S. Government's Investigations into Extrasensory Perception and Psychokinesis* (Little, Brown and Company, 2017), on R. Gordon Wasson's position at the firm.
[^70]: R. Gordon Wasson, *The Hall Carbine Affair: A Study in Contemporary Folklore* (revised edition, 1948), title page, copyright page and preface. https://archive.org/details/hallcarbineaffai012466mbp
[^71]: *The Commercial and Financial Chronicle*, vol. 189, no. 5842 (April 30, 1959), "Morgan Guaranty Trust Formed by Merger." https://archive.org/details/sim_commercial-and-financial-chronicle-thursday_1959-04-30_189_5842
[^72]: *The International Year Book and Statesmen's Who's Who* (1974, 1975 and 1983 editions), entry for the bank ("through the merger of J. P. Morgan & Co. Incorporated and Guaranty Trust Company of New York on 24 April 1959"); 1963 edition ("Chairman, Henry C. Alexander"). https://archive.org/details/internationalyea0000john
[^73]: U.S. Senate, Committee on Governmental Affairs, Subcommittee on Reports, Accounting and Management, *Interlocking Directorates Among the Major U.S. Corporations: A Staff Study*, Committee Print, 95th Cong., 2d sess. (January 1978), summary of findings. https://archive.org/details/interlockingdire00unit
[^74]: The Chase Manhattan Corporation, Form 8-K (date of earliest event reported September 12, 2000; filed September 18, 2000), Item 5 (Agreement and Plan of Merger dated as of September 12, 2000; conversion into 3.7 shares; stock option agreements for 19.9 percent of each company's common stock at $208.13 and $56.25 per share). https://www.sec.gov/Archives/edgar/data/19617/000095012300008649/y40434e8-k.txt
[^75]: J.P. Morgan Chase & Co., Form 10-K405 for 2001 (filed March 22, 2002), Item 1, Item 14 Exhibit 4.1, and Management's Discussion (the December 31, 2000 merger with The Chase Manhattan Corporation; merger charge of $1.25 billion). https://www.sec.gov/Archives/edgar/data/19617/000095012302002823/y57010e10-k405.htm


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