J. P. Morgan

John Pierpont Morgan (April 17, 1837 to March 31, 1913) was the senior member of the New York banking house of J. P. Morgan & Co., a partnership with allied houses in London, Paris and Philadelphia. The record places him in the Hall carbine loan of 1861, the gold syndicate of 1895, the syndicate that financed the United States Steel Corporation in 1901, the Northern Securities Company suit, the Tennessee Coal and Iron purchase of 1907 and the Pujo Committee hearings of December 1912. He died at Rome on March 31, 1913.¹²

Pierpont descent

Morgan's mother was Juliet Pierpont, a daughter of Rev. John Pierpont, minister of Hollis Street Church in Boston and a poet. The 1928 genealogy printed by the poet's great-grandson, James Allen Crosby, traces the line back to James Pierpont, born at Roxbury, Massachusetts, in 1659, who graduated from Harvard University in 1681, settled at New Haven in 1685, and is described in the genealogy as "one of the founders of Yale College." James Pierpont's grandson James Pierpont 3d married Elizabeth Collins in 1782, and their son was the poet, born at Litchfield on April 6, 1785.³

The genealogy records that Juliet Pierpont, born July 30, 1816, married Junius Spencer Morgan on May 2, 1836, and identifies him as "of Hartford, Conn., but later associated with the Banking-house of Peabody & Morgan of London, England." John Pierpont Morgan was born April 17, 1837. He married Amelia Sturges in 1861, who died in February 1862, and Frances Louisa Tracy in 1865.⁴

The genealogy's entry on Morgan calls him "America's leading financier of International fame" and lists his houses as "J. P. Morgan & Co., of New York, Drexel, Morgan & Co. of Philadelphia, Morgan, Grenfeld & Co. of London, Morgan, Harjes & Co. of Paris."⁵

London and George Peabody

Junius Spencer Morgan was associated with the London house of George Peabody, the American merchant and banker. A speaker at the memorial meeting of the Chamber of Commerce of the State of New York on April 3, 1913 said that Junius Morgan became "a partner with, and successor to, George Peabody, and, like him, one of the noblest and grandest merchants and bankers of London."⁶ An 1884 Supreme Court caption names "Junius S. Morgan and Walter H. Burns, copartners as J. S. Morgan & Company" in a case against the United States.⁷

The same memorial recorded two details of Morgan's early career. One speaker described him as "a clerk in the office, I believe, of Duncan, Sherman & Company." Another gave his "first entrance into the banking house" as 1857.⁸

Drexel, Morgan and J. P. Morgan & Company

In 1886 the complainants in a suit over the will of Robert Berney, who died at Paris, were identified in the record as "the firm of Drexel, Morgan & Co., bankers at the City of New York." The appellants in the Supreme Court appeal included "John Pierpont Morgan" and "J. Hood Wright," with Anthony J. Drexel (printed "Anthony D. Drexel" in the caption) and other members of the Drexel family.⁹ In December 1912 Morgan was asked about the Philadelphia house, Drexel & Company. He answered: "It is the same house. There is no difference. It is one partnership. It only has a different name, owning to my desire to keep Mr. Drexel's name in Philadelphia."¹⁰

Morgan read the names of the partners of the New York house into the record, and he said that the firm was a partner, as a firm, in the London and Paris houses. The names he read were "J. P. Morgan, E. T. Stotesbury, Charles Steele, J. P. Morgan, jr., Henry P. Davison, Arthur E. Newbold, William Pierce Hamilton, William H. Porter, Thomas W. Lamont, Horatio G. Lloyd, and Temple Bowdoin."¹¹ Asked whether he was "senior member of the partnership or firm of J. P. Morgan & Co., bankers, of New York City," he answered, "I am, sir."¹² Davison testified in January 1913 that he was "a member of the firm of J. P. Morgan & Co." since "the 1st of January, 1909."¹³ The New York Times obituary of Davison, dated May 7, 1922, says that Morgan invited him to become a partner in late 1908.¹⁴

On the second day of his examination he estimated the deposits of the New York house at "one hundred millions," of which a statement already furnished showed more than $81,000,000 held for seventy-three interstate corporations. Asked whether he or any member of his firm sat as a director in the corporations that deposited with the house, he answered, "With some of them."¹⁵ On the New Haven railroad, he said the firm had "financial arrangements with them, but nothing formal" before the written agency, and that he thought the firm had been its financial agents.¹⁶

The 1861 Hall carbine transaction

The first report of the House select committee on the contracts of the government, presented by Representative Elihu B. Washburne as House Report No. 2 of the 37th Congress, second session, devotes a section to "The purchase of the Hall carbines." The committee had been appointed in July 1861 and its members included Charles H. Van Wyck, William S. Holman, Reuben E. Fenton, Henry L. Dawes and William G. Steele. The report states the sequence: in June 1861 Arthur M. Eastman of Manchester, New Hampshire, bought 5,400 Hall's carbines from the Ordnance Bureau at $3.50 each; after a slight alteration costing from 75 cents to $1.25 an arm, Eastman sold 5,000 to Simon Stevens at $12.50; Stevens sold the lot to Major General John C. Frémont at $22.¹⁷

The report names Morgan as the person who held the arms. In the committee's words, "The arms were placed under the control of J. Pierpont Morgan to secure him the payment of $20,000 he had advanced to Stevens."¹⁸ Stevens testified before the committee in New York. Asked "Of whom did you procure those arms?" he answered, "I got them from J. Pierpont Morgan, to send to General Fremont." Asked how the arms went into Morgan's hands, he said, "They were placed in his hands as collateral security for money loaned upon them," the money having been loaned to him. Asked what interest Morgan had in the sale, he answered that Morgan "had no interest in the sale of the carbines to General Fremont other than that he was to be refunded the $20,000 borrowed from him, with interest, and to be paid for his services and expenses in attending to the sale and collection of the money as trustee for all parties concerned." Stevens declined to state the amount of that compensation, and said that Morris Ketchum's banking house, Ketchum, Sons & Co., held a draft he had given Eastman on J. P. Morgan, payable when in funds from the proceeds of the sale to Frémont.¹⁹ Ketchum testified that he advanced "between forty and fifty thousand dollars," that his only security was the Frémont telegram and letter "held by Mr. Morgan," and that "Mr. Morgan holds subject to me, when he gets his pay from the government."²⁰

The payee on the government's vouchers was Morgan. Captain Franklin D. Callender, the ordnance officer at the St. Louis arsenal, testified on October 26, 1861: "According to the best information I have, J. Pierpont Morgan sold them to the government." He produced a bill dated August 7, 1861, headed "The United States to J. Pierpont Morgan, Dr.," for 2,500 Hall's rifled carbines at $55,550, certified by Frémont on September 9 and marked "Paid September 10, 1861," with a receipt for "fifty-five thousand five hundred and fifty dollars, in full of the above account" signed "J. PIERPONT MORGAN, By his attorney, J. T. HOWARD." Callender said the funds came from $82,662.50 turned over by the quartermaster, Captain Turnley, who had been directed to transfer $100,000, and that Howard had wanted the account paid so that Stevens's draft on Frémont would not "go back protested."²¹ A second bill in Morgan's name, for the other 2,500 carbines at $22 and accessories, totalled $58,175 and was marked "Not paid for want of funds."²²

The committee reached these findings: that the arm was worth to the government "very nearly $12 50," the sum Stevens paid Eastman; that the government had paid Morgan $55,550, a sum that "seems to include one per cent. for interest, exchange, or commission"; that $6,950 remained due on that basis; and that the claim sought "some $49,000 over and above the value of the property sold." The report added that "if J. Pierpont Morgan was the party actually selling the arms to the government, it would be difficult to explain Stevens's connexion with the draft, except as the general's agent," and it questioned Frémont's certification on that ground. Its resolution, offered by Van Wyck, asked the Secretary of the Treasury to adjust the claim for the five thousand carbines "on the basis of a sale of said arms to the government for $12 50 each, rejecting all other demands."²³²⁴ The resolution was before the House on May 1, 1862.²⁵

Dawes defended the committee on April 25, 1862, describing "a private speculation in which one Simon Stevens was interested, and through which $90,000 was to be taken out of the Treasury of the United States, without a dollar of consideration, in the simple sale and repurchase of five thousand arms." Thaddeus Stevens answered on April 28 that the resolution charged Frémont with "buying them for the Government through an agent." A letter from C. B. Sedgwick to Frémont dated February 20, 1862 asked about the carbines, and Frémont replied on February 22 that "the Hall's carbines, concerning which question is made, were purchased by me directly from Mr. Stevens, and not through him, agreeably to the offer of sale received from him by telegram."²⁶ The debates of February 6, 1862 had already recorded that the carbines were "purchased ... of Simon Stevens, for the sum of twenty-two dollars apiece," on a letter of June 20, 1861 giving Eastman "all of the Hall's carbines ... at the rate of $3 50 each."²⁷

The claim was also before the War Department's commission of Joseph Holt and Robert Dale Owen, which Secretary Edwin M. Stanton created on March 13, 1862, and which docketed it as Case No. 97 in Morgan's name, taken from the voucher. R. Gordon Wasson, in a study of the affair, quotes the commission's opening finding from its report (Senate Executive Document 72, 37th Congress, second session, p. 460): "The purchase was not made from the claimant, J. Pierpont Morgan, but from Simon Stevens. Morgan having loaned Stevens money, the carbines passed into the possession of Morgan as a security for the advance thus made, and were by him delivered to General Fremont, under the sale made by Stevens to him; and the bills against the government were made out in favor of Morgan." Wasson reports that the commission decided the case on June 12, 1862, found a fair value of $65,228.05, credited the $55,550 already paid, and allowed a brokerage fee of 2.5 per cent.²⁸ Ketchum appeared before the committee again on January 22, 1862 with a statement of the financial relationships in the transaction. Wasson's reckoning is that the $55,550 voucher yielded net proceeds of $54,994.50; that Morgan retained $26,343.54, of which $156.04 was interest at 7 per cent and $5,400 a commission; and that he passed the balance of $28,650.96 to Ketchum on September 16, 1861.²⁹

Stevens sued the United States in the United States Court of Claims in 1866. Wasson reports a judgment of May 6, 1867, for $58,175 by a three to one decision, Judge Peck writing the opinion in Stevens v. United States, 2 Ct. Cl. 95; the government's appeal was dismissed on August 22, 1868, and Stevens was paid $61,577.83 on August 24, 1868.³⁰ Wasson cites a remark by Holman in the House that Stevens "uses the name of J. Pierpont Morgan, a New York broker, to cover the transaction."³¹

Wasson's essay was printed in 1941 in an edition of 100 copies and revised in 1948 in an edition of 750. Its preface states that, "insofar as the case against Morgan is concerned," the alleged transaction "is legend, not history."³² The author, R. Gordon Wasson, was a vice president at J.P. Morgan & Company.³³

The same committee report treats a different Morgan in its naval section: George D. Morgan of New York, to whom the purchase of vessels for the Navy Department at New York was transferred on May 8, 1861 under an arrangement the committee called "most singular and extraordinary," with compensation that the committee estimated at more than $95,000. The Senate and House named him in February 1862 as the agent "to purchase vessels for the Government."³⁴

The 1895 gold syndicate

The Commercial and Financial Chronicle reported on February 9, 1895 that "The syndicate is managed by Messrs. J. P. Morgan and August Belmont."³⁵ The contract dated February 8, 1895, printed in the February 16 issue, was made between the Secretary of the Treasury and a syndicate that included August Belmont & Co., N. M. Rothschild & Sons of London, and "J. P. Morgan & Co. ... on behalf of Messrs. J. S. Morgan & Co., of London." Under the contract the syndicate agreed to deliver 3,500,000 ounces of standard gold coin at $17.80441 per ounce, payable in 4 per cent thirty-year United States bonds dated February 1, 1895. At least one half of the gold was to be obtained in and shipped from Europe.³⁶

The Treasury's annual report for 1895 records that the amount of bonds issued under the contract was $62,315,400 and the gold received $65,116,244.62; the last deposit under the contract was made June 24, 1895 and syndicate deposits continued until September 11, 1895.³⁷ The report states that the parties to the contract stipulated that they would "as far as lies in their power exert all financial influence and will make all legitimate efforts to protect the Treasury of the United States against the withdrawals of gold pending the complete performance of this contract."³⁸

In January 1896 Morgan wrote to the members of what he called the United States Bond Syndicate, a circular printed by the Chronicle on January 18, 1896. He wrote that on December 23 he "was invited to Washington for a conference" and that "no negotiations for a loan were commenced or even suggested" during the visit. On his return, he wrote, he formed a syndicate to sell the government $200,000,000 in gold coin, naming James Stillman of the National City Bank, Edward D. Adams for the Deutsche Bank of Berlin, John A. Stewart of the United States Trust Company and Pliny Fisk among those whose "ready acquiescence" encouraged him. The participations reached $200,000,000 in three or four days and were, he wrote, "about equally divided" among four classes: European institutions prepared to ship gold, banks and individuals holding gold who wanted bonds, banks in several cities willing to exchange gold for bonds, and parties willing to obtain gold at any cost.³⁹

The circular reprinted his letter of January 4, 1896 to the President, signed "J. PIERPONT MORGAN," which urged a contract for 11,500,000 ounces of gold, "approximating 200,000,000 of dollars, on about the basis of the contract of February 8, 1895," and pledged, if the President preferred public advertisement, "every influence and effort in my power" to make the sale successful. The Treasury issued its call for $100,000,000 of bonds on January 6; Morgan wrote that the minimum fixed in the syndicate contract made it available only for a bid for "all or none," and that he "at once decided to dissolve the Syndicate," delaying notice until January 14 because "every financial interest required the protection afforded by the knowledge that the Syndicate was in existence."⁴⁰⁴¹

Peabody Education Fund

The trustees of the Peabody Education Fund, the trust created by George Peabody, included Morgan, Anthony J. Drexel, former President Grover Cleveland, Joseph H. Choate, Rutherford B. Hayes and Daniel Coit Gilman.⁴² At the annual meetings of the trustees from 1893 to 1899 the minutes record that "Mr. J. Pierpont Morgan was re-elected Treasurer."⁴³

United States Steel

The prospectus of the United States Steel Corporation, dated March 2, 1901 from the "Office of J. P. Morgan & Co., 23 Wall Street, New York," was addressed to the stockholders of the Federal Steel, National Steel, National Tube, American Steel and Wire, American Tin Plate, American Steel Hoop and American Sheet Steel companies. It stated that the corporation had been organized under New Jersey law, that "A syndicate, comprising leading financial interests throughout the United States and Europe, of which the undersigned are managers," had been formed with subscriptions of $200,000,000, and that the syndicate had "already arranged for the acquisition of substantially all the bonds and stock of the Carnegie Company, including Mr. Carnegie's holdings." The authorized capital stock was $850,000,000, half 7 per cent preferred, with 5 per cent gold bonds up to $904,000,000. The document ends: "J. P. Morgan & Co. are to receive no compensation for their services as syndicate managers beyond a share in any sum which ultimately may be realised by the syndicate." It was printed as Exhibit 1 to the testimony of Charles M. Schwab before the Industrial Commission.⁴⁴

Asked by a commissioner about the terms on which the constituent companies had been exchanged, Schwab answered: "I did not make the agreement. You must get that from Mr. Morgan."⁴⁵ Another witness, E. R. Chapman, told the same commission that the formation of the corporation "became an absolute necessity under the situation confronting Mr. Morgan" and that "Mr. Morgan stepped to the front and devised a system by which practically the entire steel business of the country could be brought under control."⁴⁶

Andrew Carnegie gave two accounts of the sale to the House committee in 1911 and 1912. Asked whether the Carnegie properties could have met the Morgan combination, he answered: "Nonsense. [Laughter.] Why did Morgan send word to me that he would like to buy me out?" He added, "Ask Schwab about that."⁴⁷ Later, asked by Representative McGillicuddy when he first negotiated with Morgan, he answered: "I never negotiated with Mr. Morgan at all, nor saw him nor heard from him nor any of his men. Mr. Schwab came to me." Pressed for a date, he said it was "near January, 1901."⁴⁸

Northern Securities

Morgan was one of the individual defendants in the suit that the United States brought under the Sherman Act against the Northern Securities Company. The statement of the case lists "J. Pierpont Morgan" with James J. Hill, Robert Bacon, George F. Baker, D. Willis James, John S. Kennedy, William P. Clough and Daniel S. Lamont, and it names the Great Northern Railway Company and the Northern Pacific Railway Company as defendants.⁴⁹ The Supreme Court decided the case on March 14, 1904 and affirmed the decree. Justice John Marshall Harlan's opinion states that "under the leadership of the defendants Hill and Morgan" the stockholders of the two railways combined to organize the holding corporation, and quotes Morgan's testimony: asked why the stocks of both companies were put into one holding company, he "frankly answered: 'In the first place, this holding company was simply a question of custodian, because it had no other alliances.'"⁵⁰

The 1907 panic and Tennessee Coal

In November 1907, during the panic, the steel corporation was asked to take up a block of Tennessee Coal, Iron and Railroad Company stock that the brokerage firm Moore & Schley had been holding. On November 4, 1907 Theodore Roosevelt wrote to the Attorney General, Charles J. Bonaparte, after a visit from Elbert H. Gary and Henry C. Frick. The letter, read into the record of the House committee chaired by Augustus Owsley Stanley, quoted their account of "a certain business firm" that "will undoubtedly fail this week if help is not given," and of the purchase as urged "by the combination of the most responsible bankers in New York who are now thus engaged in endeavoring to save the situation." Roosevelt wrote that "I felt it no public duty of mine to interpose any objection."⁵¹

Gary testified that in the panic transaction he dealt "with Mr. Ledyard alone. Mr. Ledyard was the attorney of Col. Payne. Col. Payne was one of the customers of Moore & Schley," adding: "It was he who first suggested, I think, the possibility of the United States Steel Corporation buying the stock."⁵² The lawyer Lewis Cass Ledyard testified that Oliver Hazard Payne, a Standard Oil figure, had told him he "thought it could be best brought to the attention of the United States Steel Corporation through Mr. Morgan."⁵³ John W. Gates of the Moore & Schley syndicate testified that on his return from Europe on November 6 or 7, 1907 he found negotiations pending, and that "Judge Gary, Mr. Morgan, and Mr. Frick were trying to acquire this block of stock," with the principals at Morgan's residence on Thirty-sixth Street, the trade being made after "three, four, or five hours of telephoning backward and forward."⁵⁴

The Pujo hearings, December 1912

The House subcommittee of the Committee on Banking and Currency, chaired by Arsène Pujo, examined Morgan on December 18 and 19, 1912 under House Resolutions 429 and 504. Samuel Untermyer conducted the examination for the committee. On the first day the examination established the partnership and its membership.¹¹¹²

On the second day Untermyer asked whether Morgan wanted control. Morgan answered, "I want to control nothing," and "I do not want any control." He continued: "control is a thing, particularly in money, and you are talking about a money control, now, there is nothing in the world that you can make a trust on money." Asked about competition, he said, "I do not object to competition, either. I like a little competition."⁵⁵ In the afternoon he was asked whether control of credit involves control of money: "A control of credit? No." He added, "Money is gold, and nothing else."⁵⁶

On the same day, as printed on page 1084, Untermyer asked, "Is not commercial credit based primarily upon money or property?" Morgan answered: "No, sir; the first thing is character." Asked "Before money or property?" he added: "Before money or anything else. Money can not buy it."⁵⁷

The subcommittee also confirmed the partners of the firm. Asked whether he was "a partner in the firm of J. P. Morgan & Co.," Charles Steele answered, "I am."⁵⁸ Asked whether Thomas W. Lamont was a partner, Morgan answered, "He is."⁵⁹ George B. Cortelyou, Secretary of the Treasury from March 5, 1907 to March 18, 1909, testified that on the evening of October 22, 1907 he met at the Hotel Manhattan with "Mr. Morgan, Mr. Stillman ... Mr. Hepburn, Mr. Cannon, Mr. George F. Baker, Mr. Vanderlip, Mr. Perkins, and two or three others." Asked whether George W. Perkins "was then a member of the firm of J. P. Morgan & Co.," Cortelyou answered, "He was."⁶⁰ Perkins's family appears on the Perkins family page. Walter E. Frew, president of the Corn Exchange Bank, testified on December 10, 1912 that he became a director of the Bankers Trust Company (organized in March 1903) about 1905 on the invitation of Henry P. Davison. Untermyer asked, "Mr. H. P. Davison, of J. P. Morgan & Co.?" and Frew answered, "Of the First National Bank at that time." Asked whether Davison was a member of J. P. Morgan & Co., he said, "He is now; yes, sir. He was not at the time." Frew agreed that the voting trustees of the Bankers Trust Company were "Henry P. Davison, George W. Perkins, and Daniel G. Reid," and that Perkins "was then a member of J. P. Morgan & Co."⁶¹

Antony C. Sutton wrote in his 1983 book on Skull and Bones that "Although Morgan himself was not a member of The Order, some of his partners were." Sutton named the partner Henry P. Davison, "whose son H.P. Davison, Jr. was initiated in 1920," and wrote that Davison "brought Thomas Lamont and Willard Straight into the Morgan firm."⁶²

Jekyll Island, 1910

In late 1910 a group of bankers and federal officials met at Jekyll Island, Georgia, to draft the plan that became the Aldrich Plan for a central banking system. Frank A. Vanderlip wrote in 1935 that a letter from James Stillman set out Aldrich's plan of "getting Davison and me down to his estate in Rhode Island without any one's knowing of it." The meeting went to Georgia instead. Vanderlip wrote: "Those who had been asked to go were Henry Davison, Paul Warburg, Ben Strong, and myself," and he recorded that A. Piatt Andrew came from Washington.⁶³

Vanderlip described Davison as "a splendid person to prevent wrangles in any company."⁶⁴ The Davison family finding aid says that Davison "became a senior partner at JP Morgan & Company" in 1909, that "The following year Davison attended a secret meeting in Jekyll Island, Georgia," and that "Many believe this meeting led to the creation of the Federal Reserve." The finding aid lists the children of Davison and his wife, Mary Kate Trubee, as including Henry P. Davison Jr. and F. Trubee Davison.⁶⁵

Art and the Metropolitan Museum

Morgan became a trustee of the Metropolitan Museum of Art in 1889 and was elected its president in 1904. A speaker at the Chamber of Commerce memorial said Morgan "was interested in our Metropolitan Museum from the very beginning," and that he was one of the public-spirited citizens who worked for a year to raise "the pitiful $106,000 with which it was started." The speaker also said that Morgan "had a broad vision of a great American Academy at Rome," formed by the union of the original Academy with the American School for Classical Study.⁶⁶

The 1928 genealogy calls the donation of his library, miniatures and other works of art to the public "his most precious monument."⁶⁷

Will and death

Morgan died in Rome on March 31, 1913. The Chronicle reported on April 12 that his funeral would be held at St. George's Church, Stuyvesant Square, with burial at Hartford, Connecticut. The honorary pallbearers were George S. Bowdoin, Lewis Cass Ledyard and Robert W. de Forest. The Stock Exchange closed.⁶⁸ The Chamber of Commerce met on April 3, 1913, and its memorial speakers included Elihu Root, Joseph H. Choate, Robert W. de Forest and Seth Low.⁶⁶

The New-York Tribune of April 20, 1913 printed the will, which Morgan had made in New York on January 4, 1913, with a codicil of January 6, shortly before he left for Egypt. Its first article reads: "I commit my soul into the hands of my Saviour, in full confidence that, having redeemed it and washed it in His most precious blood, He will present it faultless before the throne of my Heavenly Father; and I entreat my children to maintain and defend, at all hazard and at any cost of personal sacrifice, the blessed doctrine of the complete atonement for sin through the blood of Jesus Christ, once offered, and through that alone." The Tribune counted about thirteen thousand words and legacies of about $17,000,000, and gave the art collection, which it valued at $60,000,000, with the books and curios in the library on East Thirty-sixth Street and Morgan's 502 shares in the Equitable Life Assurance Society, to J. P. Morgan Jr. as residuary legatee.⁶⁹

Article XXXII of the will states that Morgan had long been "interested in gathering my collections of paintings, miniatures, porcelains and other works of art," that it was his intention to make a disposition "which would render them permanently available for the instruction and pleasure of the American people," and that, failing that in his lifetime, the collections would pass to his son. It adds that "it would be agreeable to me to have 'The Morgan Memorial' which forms a portion of the property of the Wadsworth Atheneum at Hartford, Conn., utilized to effectuate a part of this purpose," while imposing on his son no "duty or obligation, legal or moral."⁷⁰ The will directed burial in the family plot at Hartford, with services at St. George's Church, and made provision for the continuation of the firm: the executors were to carry out the agreements in the partnership.⁷¹ The executors were J. P. Morgan Jr., William Pierson Hamilton, Herbert L. Satterlee and Lewis Cass Ledyard, and the witnesses to the codicil were Ledyard, Choate and Gary.⁷²

Successor banks

The firm passed into later banks. On December 31, 2000 J.P. Morgan & Co. Incorporated "merged with and into The Chase Manhattan Corporation," which was renamed J.P. Morgan Chase & Co. The Morgan Guaranty Trust had been formed on April 24, 1959 by the merger of J.P. Morgan & Co. Incorporated with the Guaranty Trust Company of New York.⁷³