MORGAN LIBRARY VALUED AT $7 MIL GIFTED TO SCHOLARS
New York City (JFK+50) On February 17, 1924, the Associated Press reports that "as a memorial to his father," J.P. Morgan has turned over a collection of 25,000 books and manuscripts "for the use of scholars" around the world.
Mr. Morgan, son of the late J. Pierpont Morgan*, estimated the value of the collection to be near seven million dollars. His father acquired the books and manuscripts in 1905 and housed them here in New York City.
According to the AP, the general public will not have access to the library because of the "fragility" of the collection.
JFK+50 NOTE
The Gilded Age was a period of national industrial domination and influence by wealthy men like JPM. Sometimes they are referred to as 'Captains of Industry' while other times they are known as 'Robber Barons.'
Progressive President Theodore Roosevelt puzzled these men because of his strong stand against monopolies. J.P. Morgan reportedly sent a message to TR saying "send your man to my man and we can work this out."
*John Pierpont Morgan (1837-1913) was born in Hartford, Connecticut & studied at the University of Gottingen in Switzerland. JPM became a financier & investment banker on Wall Street & was a driving force in industrial consolidation during the Gilded Age.
SOURCE
"$7,000,000 Library Is Gift Of Morgan," The Evening Star, Washington, D.C., February 17, 1924, Chronicling America, Library of Congress, www.loc.gov/
