Morgan Library

1920s to 1940s

The Pierpont Morgan Library was incorporated as a public institution in March 1924, a month after Jack Morgan announced that he would transfer the collection to a board of trustees and provide a $1.5 million endowment for the library. The library's name reflected the fact that the elder J. P. Morgan had disliked being called by his first name and even his first initial. The Morgans transferred the library building, and the land under 219 Madison Avenue, to the Morgan Library. Greene was retained as the librarian. The Morgan Library was not a public library and initially only allowed researchers into the space; as Jack Morgan said, "one soiled thumb could undo the work of 900 years". Only ten scholars could initially enter the building at once. The library's collection continued to grow, with emphasis placed on rare items; for example, though only four items were acquired in 1926, all of these were unique manuscripts.