New York in New York County, New York — The American Northeast (Mid-Atlantic)
J.P. Morgan Building
— 23 Wall Street, Trowbridge & Livingston, Architects, 1913 —
At the corner of Wall and Broad streets, the financial crossroads of the world, sits the House of Morgan. J. Pierpont Morgan, Sr., the capitalist’s capitalist – known throughout the world of finance, sought out by presidents and potentates – helped bankroll the industrialization of America. His influence was such that, during the financial Panic of 1907, he orchestrated everything from the rescue of trust companies to the bailout of the New York Stock Exchange.
In 1913, the year Morgan died (to be succeeded by his son, J.P. Morgan, Jr.), the company built a new bank on the corner it has occupied since 1873 – one of Wall Street’s most valuable sites. With skyscrapers rising on all sides, and land values skyrocketing, the House of Morgan displayed its fabulous wealth by building its new headquarters no taller than the old – just four stories, though with foundations strong enough to support a forty-story tower is needed some day.
Luxurious but unmarked, like a prestigious private club, the Morgan building was nevertheless so well known that when, in 1920, a wagon exploded across the street killing 30 people,
Erected by The Alliance for Downtown New York, Inc.
Topics. This historical marker is listed in this topic list: Industry & Commerce. A significant historical year for this entry is 1907.
Location. 40° 42.427′ N, 74° 0.64′ W. Marker is in New York, New York, in New York County. Marker is at the intersection of Wall Street and Broad Street, on the right when traveling east on Wall Street. Marker is located on the southeast corner of Wall Street and Broad Street. Touch for map. Marker is in this post office area: New York NY 10005, United States of America. Touch for directions.
Other nearby markers. At least 8 other markers are within walking distance of this marker. J. P. Morgan (here, next to this marker); Ohio Company of Associates (a few steps from this marker); Wall Street Palisade (a few steps from this marker); 1 Wall Street / 14 Wall Street (a few steps from this marker); On this site in Federal Hall (a few steps from this marker); Let Freedom Ring (within shouting distance of this marker); The Wall Street Journal (within shouting distance of this marker); Federal Hall National Memorial (within shouting distance of this marker). Touch for a list and map of all markers in New York.
More about this marker. The upper right of the marker contains a Portrait of J.P. Morgan. Below this is a “Stock Certificate from the U.S. Street Corporation. In 1901, Morgan brokered the biggest deal of his life, the merger of more than a dozen independent street companies into the banking giant of the U.S. Street Corporation, which he capitalized at $1.4 billion dollars – roughly equal in 1901 to 7% of the United States’ gross national product. The world’s first billion-dollar corporation owned steel mills, blast furnaces and mines, barges, steamships and railroads, and produced more than half the country’s steel output. This stock certificate for $100,000 represents just a fraction of the $480 million Morgan paid to buy out steel magnate Andrew Carnegie.” The bottom of the marker contains a photo of 23 Wall Street surrounded by skyscrapers, and of Wall Street in the aftermath of the 1920 explosion.
Related markers.list of markers that are related to this marker. Take a tour of the markers in lower Manhattan erected by the Alliance for Downtown New York, Inc.
Also see . . .
1. The 1914 J. P. Morgan & Co. Building. "Daytonian in Manhattan" entry. (Submitted on April 10, 2020, by Larry Gertner of New York, New York.)
2. The Lost Drexel Building -- Broad and Wall Streets. "Daytonian in Manhattan" entry on the former building on the site. (Submitted on April 26, 2020, by Larry Gertner of New York, New York.)
Credits. This page was last revised on April 26, 2020. It was originally submitted on November 10, 2009, by Bill Coughlin of Woodland Park, New Jersey. This page has been viewed 1,043 times since then and 93 times this year. Photos: 1, 2. submitted on November 10, 2009, by Bill Coughlin of Woodland Park, New Jersey. 3. submitted on December 4, 2009, by Bill Coughlin of Woodland Park, New Jersey. 4. submitted on November 10, 2009, by Bill Coughlin of Woodland Park, New Jersey. 5, 6. submitted on September 19, 2018, by Allen C. Browne of Silver Spring, Maryland. 7, 8, 9. submitted on December 22, 2018, by Larry Gertner of New York, New York.