A skillful and fascinating retelling of the often testy relationship between J. P. Morgan and Roger Fry, two men who did more to establish the preeminence of the Metropolitan Museum of Art than any collector and curator before or since.

Shortly after the turn of the twentieth century, the Metropolitan Museum of Art began an ambitious program of collection building and physical expansion that transformed it into one of the world’s foremost museums, an eminence that it has maintained ever since. Two men of singular qualities and accomplishments played key roles in the Met’s transformation—J. P. Morgan, America’s leading financier and a prominent art collector, and Roger Fry, the headstrong English expert in art history who served as the Met’s curator of painting. Their complicated, often contentious relationship embodies and illuminates the myriad tensions between commerce and art, philanthropists and professional staff, that a great museum must negotiate to define and fulfill its mission.

In this masterful, multidisciplinary narrative, Charles Molesworth offers the first in-depth look at how Morgan and Fry helped to mold the cultural legacy of masterpieces of painting and the development of the “encyclopedic” museum. Structuring the book as a joint biography, Molesworth describes how Morgan used his vast wealth to bring European art to an American citizenry, while Fry brought high standards of art history from the world of connoisseurs to a general public. Their clashes over the purpose and functions of the Met, which ultimately led to Fry’s ouster, reveal the forces—personal and societal—that helped to shape the Metropolitan Museum and other major American cultural institutions during the twentieth century.

Gentlemen Bankers investigates the social and economic circles of one of America’s most renowned and influential financiers to uncover how the Morgan family’s power and prestige stemmed from its unique position within a network of local and international relationships.

At the turn of the twentieth century, private banking was a personal enterprise in which business relationships were a statement of identity and reputation. In an era when ethnic and religious differences were pronounced and anti-Semitism was prevalent, Anglo-American and German-Jewish elite bankers lived in their respective cordoned communities, seldom interacting with one another outside the business realm. Ironically, the tacit agreement to maintain separate social spheres made it easier to cooperate in purely financial matters on Wall Street. But as Susie Pak demonstrates, the Morgans’ exceptional relationship with the German-Jewish investment bank Kuhn, Loeb & Co., their strongest competitor and also an important collaborator, was entangled in ways that went far beyond the pursuit of mutual profitability.

Delving into the archives of many Morgan partners and legacies, Gentlemen Bankers draws on never-before published letters and testimony to tell a closely focused story of how economic and political interests intersected with personal rivalries and friendships among the Wall Street aristocracy during the first half of the twentieth century.

The House of Morgan was the personification of economic power and the symbol of capitalism in the late nineteenth and early twentieth centuries. Other entrepreneurs were wealthier—industrialists like Rockefeller, Carnegie, and Duke—but none was relied upon more by business and government or better known in the world of high finance. Vincent Carosso, using for the first time the large collections that constitute the Morgans’ own business records, as well as other private papers and public archives, has constructed an in-depth account of the evolution, operations, and internal management of the Morgan banks at London, New York, Philadelphia, and Paris, from the time Junius Spencer Morgan left his Boston business to become a London banker to the death of his son and successor, John Pierpont Morgan.

The new data throw light on the Morgans’ business strategies, policies, and practices in financing such vast American enterprises as railroads, steel, farm equipment, communications, and the electrical industry. They also reveal the Morgan firms’ dealings in the political arena in their role as financiers of the United States government—Morgan banks funded the Civil War debt, met the Army payroll in 1877, stopped disastrous outflows of U.S. gold in 1894 and 1895, and acted as the country’s central bank in the panic of 1907—and as bankers for Mexico, Argentina, and many other governments.

This intricate and comprehensive history of the mechanisms of international finance, the waning of private banking houses and the evolution of commercial and investment banking, the risks and profits of high finance will interest historians of business, economics, the United States, and the modern world.