Editing J. P. Morgan (section)

===Yachting===
[[File:Jsj-504a-corsair.jpg|thumb|upright|J. P. Morgan's yacht ''Corsair II'', later bought by the U.S. Government and renamed the {{USS|Gloucester|1891|6}} to serve in the [[Spanish–American War]]. Photograph by [[John S. Johnston|J. S. Johnston]] ]]
Morgan was the [[Yacht club#Organization|Commodore]] of the [[New York Yacht Club]] (NYYC) and was present at a board meeting on October 27, 1898, to discuss the construction of a new clubhouse.   Morgan offered to acquire a {{convert|75|by|100|ft|adj=on|m}} plot on 44th Street in midtown Manhattan <ref name="p574511646">{{cite news |date=October 28, 1898 |title=Yachting: Commodore Morgan Gives the New-york Club a Site for a House to Race for the Canadian Cup Yacht Associations Meet |page=4 |work=New-York Tribune |id={{ProQuest|574511646}}}}</ref><ref name="nyt-1898-10-28">{{Cite news |date=October 28, 1898 |title=Commodore Morgan's Gift; Presents Three Lots to the N.Y. Yacht Club for a New Home |language=en-US |work=The New York Times |url=https://www.nytimes.com/1898/10/28/archives/commodore-morgans-gift-presents-three-lots-to-the-ny-yacht-club-for.html |access-date=October 26, 2022 |issn=0362-4331 |archive-date=October 26, 2022 |archive-url=https://web.archive.org/web/20221026160734/https://www.nytimes.com/1898/10/28/archives/commodore-morgans-gift-presents-three-lots-to-the-ny-yacht-club-for.html |url-status=live }}</ref> if the NYYC raised its annual membership dues from $25 to $50 and the new clubhouse occupied the entire site.<ref name="nyt-1898-10-28"/> The NYYC's board accepted his offer, and Morgan bought the lots the next day for $148,000 and donated to the club.<ref name="nyt-1898-10-29">{{Cite news |date=October 29, 1898 |title=New Yacht Club House; Commodore Morgan Buys a 75-Foot Frontage in Forty-fourth Street for a Site. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1898/10/29/archives/new-yacht-club-house-commodore-morgan-buys-a-75foot-frontage-in-for.html |access-date=October 26, 2022 |issn=0362-4331 |archive-date=October 26, 2022 |archive-url=https://web.archive.org/web/20221026160735/https://www.nytimes.com/1898/10/29/archives/new-yacht-club-house-commodore-morgan-buys-a-75foot-frontage-in-for.html |url-status=live }}</ref><ref name="p498954045">{{Cite news |date=October 29, 1898 |title=Com Morgan Pays $148,000.: Loses No Time in Making Good His Offer to Provide Site for New Clubhouse for New York Yacht Club |page=5 |work=Boston Daily Globe |id={{proQuest|498954045}}}}</ref>

NYYC members hosted an informal housewarming party on January 29, 1901, giving Morgan a trophy in gratitude of his purchase of the site.<ref name="p1013633831">{{cite news |date=January 30, 1901 |title=N.Y.Y.C. Honors J.P. Morgan: Silver Loving Cup Presented to the Club's Ex-commodore |page=7 |work=The New York Times |issn=0362-4331 |id={{ProQuest|1013633831}}}}</ref><ref name="p173095798">{{cite news |date=January 30, 1901 |title=Harriman Gets Chicago Lines.: Terminal Transfer Company's Stock Reported in Control of Eastern Man. Details of the Deal. Charity Ball for Benefit of Nursery and Childs' Hospital a Success. General New York News. |page=5 |work=Chicago Tribune |id={{ProQuest|173095798}}}}</ref>

An avid yachtsman, Morgan owned several large yachts, the first being the ''Corsair'', built by [[William Cramp & Sons]] for Charles J. Osborn (1837–1885) and launched on May 26, 1880. Osborn was [[Jay Gould]]'s private banker. Morgan bought the yacht in 1882.<ref name="Spirit of the Times 29 May 1880">{{cite news |title=Yacht Corsair |url=http://www.philadelphiaspeaks.com/threads/iron-steam-yacht-corsair-i-cramp-sons-shipyard-1880-1898-renamed-kanapha.43870/ |access-date=July 18, 2018 |publisher=Spirit of the Times |date=May 29, 1880 |archive-url=https://web.archive.org/web/20180718234557/http://www.philadelphiaspeaks.com/threads/iron-steam-yacht-corsair-i-cramp-sons-shipyard-1880-1898-renamed-kanapha.43870/ |archive-date=July 18, 2018 |url-status=dead }}</ref> The well-known quote, "If you have to ask the price, you can't afford it" is commonly attributed to Morgan in response to a question about the cost of maintaining a yacht, although the story is unconfirmed.<ref>{{cite book |title=Business Education World, Vol. 42| year=1961| publisher=Gregg Publishing Company|page=32| url=https://books.google.com/books?id=5hYVAAAAIAAJ&q=%22if+you+have+to+ask+how+much+it+costs+to+run%22}}</ref>