Description:

J. Pierpont Morgan
New York, NY, ca. 1908-1918
Fantastic J.P. Morgan Multi-Million Dollar Checkbook from 1908-1918, Complete with Checks
Partially printed DS

JOHN PIERPONT MORGAN AND COMPANY, Partially Printed Document, Check Book, 1908-1918, New York, NY. 100 pp., most blank. Includes 4 unused checks and 2 unsigned, canceled checks. 12" x 9.25". Wear to cover; binding beginning to separate; interior clean and tight.

This checkbook for J. P. Morgan & Co., Bankers, in New York City, includes a record of transactions for the company from 1908 to 1918. Beginning with a balance of $1.9 million (approximately $70 million today), the account includes records of several checks to "Ourselves" of "J. P. Morgan & Co.," ranging from $40,000 to $700,000 and totaling more than $3.1 million, most for the purpose of transferring the funds to Lincoln National Bank, the Union Trust Company, or the Chase National Bank. The checkbook closes with a balance of $1,415.20.

Other expenditures are most often to railroad companies, including small amounts to the New York Central; Lake Erie and Western; Cleveland, Cincinnati, Chicago and St. Louis Railway; Missouri Pacific, and other railroads, and a 1908 loan of $4.45 million to the Michigan Central Railroad, a subsidiary of the New York Central system. In December 1908, the New York Central made J. P. Morgan its exclusive agent for the railroad company's banking needs. In 1910, J. P. Morgan & Company facilitated the sale of Michigan Central bonds in European markets.

Historical Background
In the early twentieth century, J. P. Morgan & Company was a dominant force in American finance. In 1904, the company helped finance the construction of the Panama Canal, transferring $40 million for the U.S. government to purchase land rights from the failed French attempt to build a canal beginning in 1881. The purchase was the largest real estate transaction in history to that time.

In the wake of the Panic of 1907, J. Pierpont Morgan took charge during the economic crisis. The stock market collapsed, credit dried up, and many banks and brokerages failed. Morgan led New York banks to supply liquidity to desperate markets, purchasing $30 million of New York City's bonds to keep the city from defaulting. The crisis led to the creation of the Federal Reserve System in 1913.

In 1911, J. P. Morgan & Company financed the Houston Ship Channel, which linked Houston with the port of Galveston. Completed in 1914, it is one of the busiest waterways in the United States. When J. P. Morgan died in March 1913, his son J. P. (Jack) Morgan Jr. became senior partner of J. P. Morgan & Company. The New York Stock Exchange closed until noon on the day of his funeral, an honor normally reserved for heads of state.

During World War I, J. P. Morgan & Company arranged a $500 million bond issue to support the British and French governments. The company also acted as a purchasing agent for the Allies, facilitating the purchase of more than $3 billion of war material. The firm's vast power also drew increasing scrutiny, as Congress began investigating its role in the economy.

John Pierpont Morgan (1837-1913) was born in Connecticut to a successful banker and his wife. He graduated from the English High School of Boston, then went to Europe to continue his studies. When he returned to the United States in 1857, he joined the New York branch of his father's banking firm. By 1864, he established his own firm of J. Pierpont Morgan & Company. In 1871, it became Drexel, Morgan & Co., when he entered a partnership with Philadelphia banker Anthony Drexel. His financial influence expanded as he reorganized and consolidated several major industries, including railroads, steel, and electricity. He led the syndicate that broke the government-financing privileges of Jay Cooke and developed a national railroad empire through reorganization and consolidation. After Drexel died in 1895, he renamed the firm J. P. Morgan & Company but retained close ties with Drexel & Company of Philadelphia and other banking houses in London and Paris. He became involved in the formation of General Electric in 1892 and U.S. Steel in 1901.

This item comes with a Certificate from John Reznikoff, a premier authenticator for both major 3rd party authentication services, PSA and JSA (James Spence Authentications), as well as numerous auction houses.

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  • Dimensions: 12" x 9.25"
  • Medium: Partially printed DS

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