The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance

by Ron Chernow

When Pierpont’s will was disclosed, it contained many surprises. Overflowing with religious fervor, it had a florid opening, in which he committed his soul into the hands of Jesus Christ. He distributed money with great liberality. Besides the Morgan bank capital, Jack was bequeathed $3 million outright, the Corsair, the property at Princes Gate and Dover House, and that inestimable jewel, the Morgan collection. Daughters Louisa Satterlee and Juliet Hamilton received $1 million apiece, with an extra million thrown in for their husbands. The long-suffering Fanny received Cragston, the Madison Avenue house, a $100,-000 guaranteed annuity, and a $l-million trust fund. She survived until 1924, faithfully attended by Jack. There was friction in the family regarding Anne Morgan’s award of $3 million. Since she would have no children and planned to donate the money to philanthropic activities, some thought she should have received much less.