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96-413: John Pierpont Morgan Jr. (September 7, 1867 – March 13, 1943) was an American banker, and finance executive. He inherited the family fortune and took over the business interests including J.P. Morgan & Co. after his father J. P. Morgan died in 1913. After graduating from St. Paul's School and Harvard College , Morgan trained as a finance executive working for his father and grandfather. He became

192-407: A sociologist who is a St. Paul's alumnus, students are socialized to function as privileged holders of power and status in an open society. Privilege in meritocracy is acquired through talent, hard work, and a wide variety of cultural and social experiences. Economic inequality and social inequality are explained by the lack of talent, hard work, and limited cultural and social experience of

288-533: A 1% commission on $ 3 billion ($ 30 million). He was also a banking broker for financing to foreign governments both during and after the war. John Pierpont Morgan Jr, nicknamed Jack, was born on September 7, 1867, in Irvington, New York , to J. P. Morgan and Frances Louisa Tracy. He graduated from St. Paul's School , and later in 1886 from Harvard College , where he was a member of the Delphic Club, formerly known as

384-597: A 1% commission on all purchases. Morgan organized a syndicate of about 2200 banks and floated a loan of $ 500,000,000 to the Allies . The British sold off their holdings of American securities and by late 1916 were dependent on unsecured loans for further purchases. At the beginning of World War I, US Treasury Secretary William McAdoo and others in the Wilson administration were very suspicious of J. P. Morgan & Co.'s enthusiastic role as British agent for purchasing and banking. When

480-726: A banking financier, a lending leader, and a director of several companies. He supported New York's Society for the Lying-In Hospital , the Red Cross , the Episcopal Church , and endowed the creation of a rare book and manuscript collection at the Morgan Library . Morgan brokered a deal that positioned his company as the sole munitions and supplies purchaser during World War I for the British and French governments, bringing his company

576-512: A campaign by parents and alumni that criticized his management of school finances and investments. As alleged, Anderson had severely cut back on school expenses while simultaneously being quite liberal with his own compensation and perks. The state attorney general investigated the issue, resulting in a settlement agreement and an Internal Revenue Service audit. The "Senior Salute", an alleged tradition in which seniors would proposition younger classmates for sexual encounters before graduation,

672-539: A central bank could manage a nation's economy without the gold standard in his book A Tract on Monetary Reform (1923). To quote one authority: It was Strong more than anyone else who invented the modern central banker. When we watch ... [central bankers of today] describe how they are seeking to strike the right balance between economic growth and price stability, it is the ghost of Benjamin Strong who hovers above him. It all sounds quite prosaically obvious now, but in 1922 it

768-641: A luxury cruise ship operating between Long Beach, California and Acapulco, Mexico. On November 12, 1949 the yacht struck a rock near the beach in Acapulco and, although all passengers and crew were rescued, was deemed a total loss. Morgan was a member of the Jekyll Island Club (a.k.a. "The Millionaires' Club") on Jekyll Island, Georgia , as had been his father J. P. Morgan Sr. St. Paul%27s School (New Hampshire) Established in 1856 to educate boys from upper-class families, St. Paul's later became one of

864-491: A means of managing the quantity of money in the U.S. economy and thus affecting interest rates. This was particularly important at the time because gold had flooded into the United States during and after World War I. Thus, its gold-backed currency was well-protected, but prices had been pushed up substantially by the currency expansion due to the gold standard -imposed expansion of currency. In 1922, Strong unofficially scrapped

960-415: A prominent role in the 1995 film Die Hard with a Vengeance , starring Bruce Willis , Jeremy Irons and Samuel L. Jackson . The Federal Reserve Bank is the setting for a major heist of the gold by Jeremy Irons' character, Simon Gruber. The vault is penetrated under the pretense of construction work and the gold bullion transported via dump trucks to a location outside the city. The New York Fed publishes

1056-544: A report in 2009, released by the Financial Crisis Inquiry Commission in 2011, saying "that a number of people he interviewed at the reserve bank believe that supervisors paid excessive deference to banks and, as a result, they were less aggressive in finding issues or in following up on them in a forceful way". In 2012, Carmen Segarra , then an examiner for the bank, told her superiors that Goldman Sachs had no policy governing conflicts of interest. She

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1152-461: A series of educational comic books about its activities. Included are such titles as Once upon a Dime , The Story of Money , Too Much, Too Little , A Penny Saved ... , and The Story of Foreign Trade and Exchange . During the final season of the TV series The Strain , the protagonists use the abandoned Federal Reserve to hide their stolen nuclear warhead until they can determine how to use it against

1248-404: A week, courses were shortened to be terms (rather than years) long, mandatory (non-Sunday) chapel attendance was reduced to four times a week, and the school's grading system was changed to ease student competition. Oates also expanded the arts program. An excellent fundraiser, Oates doubled the size of the school's endowment with an ambitious $ 30 million fundraising campaign, which left SPS

1344-607: A year before the Great Depression , he might have been able to maintain stability in the international financial system. A public competition for the design of the building was held and the architectural firm of York and Sawyer submitted the winning design. The bank moved to the new Federal Reserve Bank of New York Building in 1924. Since the founding of the Federal Reserve system, the Reserve Bank of New York has been

1440-538: Is currently building a 16,000-square-foot admissions center, scheduled to open in early 2025. There are 19 dorms: nine boys', nine girls', and one all-gender. Each houses between 20 and 40 students, and every dorm has members of all four forms. The architecture of the dormitories varies from the Collegiate Gothic style of the "Quad" dorms (built in 1927) to the spare, modern style of the Kittredge building (built in

1536-557: Is now used for ceremonial events. Overlooking the Lower School Pond, the Ohrstrom Library was remodeled in 2016 and is now home to 75,000 print books and almost half a million e-books in its digital archive. According to the alumni magazine, this "put[s] the school archives on par with some of the country’s major universities." Lindsay Center, the science and math building, contains a greenhouse and an observatory. The school

1632-808: Is one of the 12 Federal Reserve Banks of the United States . It is responsible for the Second District of the Federal Reserve System , which encompasses the State of New York , the 12 northern counties of New Jersey , Fairfield County in Connecticut , Puerto Rico , and the U.S. Virgin Islands . Located at 33 Liberty Street in Lower Manhattan , it is the largest (by assets), the most active (by volume), and

1728-508: Is the largest known and confirmed gold store in the world, and holds approximately 7,000 tonnes (7,700 short tons ) of gold bullion, more than Fort Knox does. The gold does not belong to the bank, which transferred all of its domestic gold reserves to the Treasury under the Gold Reserve Act of 1934 . Nearly 98% of it belongs to the central banks of foreign governments. The rest belongs to

1824-728: The Boston Globe published an article implicating a former SPS teacher in sexual misconduct during his time at a different school, SPS issued a public invitation to its alumni to report incidents of sexual misconduct during their time on campus. It also retained the law firm of former Massachusetts Attorney General Scott Harshbarger to conduct an investigation. Harshbarger's team issued an initial report in May 2017. It also published follow-up reports in September 2017 and August 2018 outlining additional allegations of sexual misconduct that SPS received after

1920-600: The Delta Phi . His siblings included Louisa Pierpont Morgan (1866–1946), who married Herbert L. Satterlee (1863–1947), Juliet Pierpont Morgan (1870–1952) who married William Pierson Hamilton (1869–1950), and Anne Tracy Morgan (1873–1952), a philanthropist. His paternal grandparents were Junius Spencer Morgan (1813–1890) and Juliet Pierpont (1816–1884), the daughter of John Pierpont . The younger Morgan resembled his father in his dislike for publicity and continued his father's philanthropic policy. In 1905, his father acquired

2016-509: The New York Yacht Club from 1919 to 1921. In 1930, he built the turbo electric driven yacht Corsair IV at Bath Iron Works in Maine. Corsair IV , launched April 10, 1930, was one of the most opulent yachts of its day and the largest built in the United States with an overall length of 343 feet (104.5 m), 42 feet (12.8 m) beam and 2,142  GRT . Legend at the shipyard credits

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2112-938: The Princess Elizabeth Challenge Cup at the Henley Royal Regatta in 1980, 1994, and 2004. The girls' crew team won the Peabody Cup at the Henley Women's Regatta in 1996, 1998, 2001, and 2019. St. Paul's is a member of the Lakes Region League , an athletic conference of prep schools in New Hampshire and Vermont. It was previously a member of the Boston-centered Independent School League , but withdrew in 2017 due to league bylaws surrounding merit scholarships. In addition,

2208-693: The U.S. Senate's Pecora hearings of 1932, which "created a tidal wave of anger against Wall Street". He was a director in numerous corporations, including the U.S. Steel Corp., the Pullman Co. , the Aetna Insurance Co. , and the Northern Pacific Railway Co. He died of a stroke on March 13, 1943, in Boca Grande, Florida . In 1890, Morgan married Jane Norton Grew (1868–1925), daughter of Boston banker and mill owner Henry Sturgis Grew. She

2304-543: The 1913 Federal Reserve Act because many Americans were antagonistic to centralized control. When the United States entered World War I , Strong was a major force behind the campaigns to fund the war effort via bonds owned primarily by U.S. citizens. This enabled the United States to avoid many of the post-war financial problems of the European belligerents. Strong gradually recognized the importance of open market operation , or purchases and sales of government securities , as

2400-867: The 2021-22 school year, SPS reported total assets of $ 953.8 million, net assets of $ 854.6 million, investment holdings of $ 724.4 million, and cash holdings of $ 14.9 million. SPS also reported $ 64.7 million in program service expenses and $ 10.9 million in grants (primarily student financial aid ). St. Paul's has historically been one of the wealthiest boarding schools in the United States. In 1978, Time magazine reported that St. Paul's had an endowment per student of $ 92,555 ($ 440,524 in February 2024 dollars), nearly two-thirds more than second-placed Groton . A 2009 study found that Exeter ($ 987,000) had passed St. Paul's ($ 827,000), and Andover ($ 722,000) and Hotchkiss ($ 716,000) were not far behind. However, in January 2019 St. Paul's

2496-493: The 2021-22 school year, St. Paul's reported that 62.4% of its students were white, 15.1% were Asian, 7.9% were black, 7.7% were Hispanic, 0.2% were Native American/Alaska Native, and 6.6% were multiracial. The survey did not permit the school to identify one student in multiple categories. At the end of the 2021-22 school year, SPS announced that 47% of its 158 incoming students were non-Caucasian and 19% came from abroad. George Shattuck supported outdoors education, and St. Paul's

2592-697: The Foreign Finance Corporation, which was organized to engage in the investment of funds chiefly in foreign enterprises. By the 1920s, Morgan Guaranty had become one of the world's most important banking institutions, as a leading lender to Germany and Europe. During the Great Depression he took heavy financial losses. The assets of the House of Morgan fell 40% from $ 704 million to $ 425 million. American banking came under heavy attack. Morgan personified banking, and drew attacks from politicians, especially in

2688-673: The Guaranty Trust bank as part of his efforts to consolidate banking in New York City. After his father died in 1913, the bank became John's base. Morgan played a prominent part in financing World War I . Following its outbreak, he made the first loan of $ 12,000,000 to Russia . In 1915, a loan of $ 500,000,000 was made to France and Britain following negotiations by the Anglo-French Financial Commission . The firm's involvement with British and French interests fueled charges

2784-563: The Hargate Building, was renovated in 2017 to become the new Friedman Community Center. A replacement arts building was opened in 2017. However, the school has endured a series of controversies in the 21st century, primarily concerning sexual misconduct. The modern-day St. Paul's serves a diverse body of students from all backgrounds while still educating students drawn from the highest levels of American society and international elites. According to sociologist Shamus Khan (an alumnus),

2880-508: The Master. While the gold supply is acknowledged, more focus is given to the silver, which is melted down to create weapons to use against the vampires. In the TV series The Endgame , the Federal Reserve is one of the banks targeted by Elena Federova's Snow White criminal organization. However, it is revealed that this apparent robbery is merely a means of exposing the fact that the gold has already been stolen and replaced with painted clay bars by

2976-653: The New Hampshire Attorney General, with assistance from Concord police and the New Hampshire State Police , started a criminal investigation into the school to determine whether administrators engaged in conduct that endangered the welfare of students. In 2018, the state AG reached a settlement agreement, which allowed the school to avoid criminal prosecution and required it to pay for an external compliance monitor. Federal Reserve Bank of New York The Federal Reserve Bank of New York

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3072-524: The Reserve Bank of New York distributes coins and currency, participates in the Fedwire system that transfers payments and securities between domestic banks, and conducts economic research. The bank is the exclusive fiscal agent of the U.S. Treasury . In this role, it conducts all primary auctions of marketable Treasury securities, as well as government buybacks when authorized. It carries out exchange rate policy by swapping dollars with foreign currencies under

3168-582: The Spring Term, St. Paul's holds a school-wide public speaking contest called the Hugh Camp Cup. The finalists' speeches are delivered before the entire school, and the student body votes on a winner, whose name is engraved on the prize. Alumnus John Kerry achieved this distinction during his sixth form year. St. Paul's students once had a close relationship with jam bands like the Grateful Dead . Some of

3264-549: The St. Paul's campus for five and a half weeks and are immersed in their subject of choice. Recent offerings have included astronomy and Shakespeare. In addition to the course load, students choose a daily extracurricular activity or sport to participate in four afternoons per week. The program had a 37% admission rate in 2010. In 2014, 267 students from 78 high schools participated in the Advanced Studies Program. In 2016, after

3360-564: The Treasury , the bearer of the Treasury's General Account, and the custodian of the world's largest gold storage reserve . Aside from these distinct functions, the New York Fed also performs the same responsibilities and tasks as the other Reserve Banks do, such as supervision and research. Given its central role within the Federal Reserve System, the New York Fed and its president are therefore considered first among equals among

3456-481: The Treasury's direction. The Treasury receives all direct federal revenue and borrowed funds, and pays nearly all federal expenses, through its General Account at the Reserve Bank of New York. The bank's underground gold bullion depository lies 80 feet (24 m) below street level and 50 feet (15 m) below sea level, resting on Manhattan bedrock. By 1927, the vault contained 10% of the world's official gold reserves . The vault (designed by Frederick S. Holmes )

3552-517: The United States and international organizations such as the IMF . The bank stores the gold at no charge, but charges for handling whenever it is moved. The bank publishes a monthly recession probability prediction derived from the yield curve and based on the work by Esteban Rodriguez Jr . Their models show that, when the difference between short-term interest rates (using three-month T-bills ) and long-term interest rates (using ten-year Treasury notes) at

3648-582: The United States entered the war, this gave way to close collaboration, in the course of which Morgan received financial concessions. From 1914 to 1919, he was a member of the advisory council for the Federal Reserve Bank of New York . On July 3, 1915, an assassin, Eric Muenter , entered Morgan's Long Island mansion and shot him twice. This was ostensibly to bring about an embargo on arms, and in protest of his profiteering from war. Morgan, however, quickly recovered from his wounds. After World War I and

3744-465: The Versailles Treaty, Morgan Guaranty managed Germany's reparation payments . After the war, Morgan made several trips to Europe to investigate and report on financial conditions there. In 1919 he was for a time chairman of the international committee, composed of American, British and French bankers, for the protection of the holders of Mexican securities. In November 1919, he was made a director of

3840-515: The aggressive acquisition and expansion of the collections of illuminated manuscripts , authors' original manuscripts, incunabula , prints, and drawings, early printed Bibles, and many examples of fine bookbinding . Today the library is a complex of buildings which serve as a museum and scholarly research center. Morgan donated many valuable works to the Metropolitan Museum of Art . A yachtsman, like his father, Morgan served as commodore of

3936-674: The athletic directors of St. Paul's and the other members of the Eight Schools Association comprise the Eight Schools Athletic Council, which organizes sports events and tournaments among ESA schools. St. Paul's conducts its Humanities classes using the Harkness method , which encourages discussion between students and the teacher, and between students. According to Shamus Khan , author of Privilege: The Making of an Adolescent Elite at St. Paul's School (2010) and

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4032-492: The bank was accused of political corruption by being a "captured agency", i.e. , subject to regulatory capture , of the banks which it supervises. The following people serve on the board of directors as of April 2022 . Terms expire on December 31 of their final year on the board. (Deputy Chair) (Chair) In the first Godfather movie, the "meeting of the Dons" scene uses the Federal Reserve building exterior, even though

4128-466: The bank was conspiring to maneuver the United States into supporting the Allies in order to rescue its loans. By 1915, when it became apparent the war was not going to end quickly, the company decided to forge formal relationships with France. Those dealings became strained over the course of the war as a result of poor personal relations with French emissaries, relationships that were heightened in importance by

4224-441: The board appointed David Hicks (r. 1992-96) as rector and ordered him to improve the school's academic reputation, as "[n]obody had gone to Harvard in five years, except for legacies." Hicks introduced an interdisciplinary humanities curriculum which the school still employs today. Although the faculty eventually forced him to resign, the school rebounded academically. In 2001, SPS ranked fifth among boarding schools and fifteenth in

4320-557: The campus stretches over 2,000 acres, the overwhelming majority of which is undeveloped wildland and woodland. The campus itself includes four ponds and the upper third of the Turkey River . In 2018, Architectural Digest named St. Paul's the most beautiful private high school campus in New Hampshire. The centerpiece of the campus is the Chapel of St. Peter and St. Paul (informally the "New Chapel"), constructed between 1886 and 1888. It

4416-509: The city must deliver it to the train car within one hour or the hijackers will start killing passengers at the rate of one per minute until it is delivered. The money for the ransom, to be provided in bundles of used $ 50 and $ 100 bills, is frantically assembled by workers at the Federal Reserve Bank of New York while a police cruiser waits at the front entrance for it to be assembled for delivery. The Federal Reserve Bank of New York plays

4512-475: The culture of the school. The annual Inter-House Inter-Club Race, known among students as the "Dorm Run," but now officially named the "Charles B. Morgan Run", takes place late in Fall Term, usually in early to mid-November. Students are invited to earn points for their dorm and club by running in a 2-mile (3.2 km) cross country race. The current student record is 9:48, set in 2006 by Peter Harrison '07. In

4608-400: The day, that schools should not be repressive and that adolescents should be free to experiment and try out different identities." He conciliated the students by offering them the opportunity to participate in disciplinary decisions. He also accepted several of the demands that the students had made in 1968. In the following years, seated meals were reduced from three times a day to four times

4704-474: The early 1970s). In the 2023-24 school year, St. Paul's charged students $ 65,410 plus fees, of which financial aid covered, on average, $ 57,000. St. Paul's offers need-based financial aid , and commits to meet 100% of demonstrated financial need for every admitted student. The school states that families with annual household incomes of $ 125,000 or below "generally qualify for full tuition support." Thirty-eight percent of SPS students are on financial aid, and

4800-404: The end of a Federal Reserve tightening cycle is negative or less than 93 basis points positive, a rise in unemployment usually occurs. The Federal Reserve Bank of New York Buffalo Branch was the bank's only branch. It was formally disbanded on October 31, 2008. In 2009, the bank commissioned a probe into its own practices. David Beim, finance professor at Columbia Business School submitted

4896-408: The estates of prominent Bostonians." Although it shut down in 1834, it left a strong impression on Shattuck, who believed that in the isolation of a boarding school, attentive teachers could better foster "physical and moral culture" in their students. Roughly 70 percent of Round Hill families eventually sent children to St. Paul's. The school started with just three students, but grew quickly. By

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4992-614: The first boys' boarding schools to admit girls and is now home to a diverse student body from all backgrounds. It is one of the only remaining boarding-only high schools in the United States. With a financial endowment of $ 759.3 million as of June 2024, St. Paul's is one of the wealthiest boarding schools in New England on a per capita basis. Students with annual household incomes of $ 125,000 or below "generally qualify for full tuition support." Thirty-eight percent of students are on financial aid. In 1856, Boston physician George Cheyne Shattuck,

5088-488: The future dean of Harvard Medical School , converted his summer home in Millville, New Hampshire (a satellite town of Concord) into a boarding school for boys. Inspired by the educational theories of Johann Heinrich Pestalozzi , who believed that classroom learning should be balanced with the "direct experience of the senses," Shattuck wanted his two sons educated in the austere, bucolic countryside. He hoped that eventually,

5184-422: The gold standard and instead began aggressively pursuing open market operations as a means of stabilizing domestic prices and thus internal economic stability. Thus, he began the Federal Reserve's practice of buying and selling government securities as monetary policy. John Maynard Keynes , a prominent British economist who had previously not questioned the gold standard, used Strong's activities as an example of how

5280-530: The interior of another New York building (the Penn Central railway boardroom) was also used for filming. In the 1984 film Once Upon a Time in America Max suggests a New York Federal Reserve Bank heist, which Noodles and Carol deem a suicide mission. In the 1974 film The Taking of Pelham One Two Three hijackers take over a subway train car and demand $ 1 million for release of the car and 19 passengers, and

5376-420: The kind of well-schooled, upper-class young men that schools like St. Paul's produced in large quantities. In 1934, 95% of St. Paul's graduates matriculated at Harvard, Yale, or Princeton. In addition, in 1940 (shortly after Drury's death), 77 students applied to Harvard from the " St. Grottlesex " schools (of which St. Paul's was the largest member), and only one was rejected. Drury also sought to democratize

5472-471: The late 1920s. This worried him, but he also felt he had no choice because the low interest rates were helping Europeans (particularly the United Kingdom) in their effort to return to the gold standard. Economic historian Charles P. Kindleberger states that Strong was one of the few U.S. policymakers interested in the troubled financial affairs of Europe in the 1920s, and that had he not died in 1928, just

5568-409: The late 1950s the school allowed John Kerry '62 to attend Mass off campus as long as he also attended the school's Episcopal Sunday chapel services later that day; and by the end of the 1960s, Catholics were no longer required to attend Protestant services on campus. SPS' first black faculty member ( John T. Walker ) and student arrived in 1957 and 1959, respectively. Warren's last major achievement

5664-422: The leader of the Federal Reserve's largest and most powerful district bank, Strong became a dominant force in U.S. monetary and banking affairs. One biographer has termed him the "de facto leader of the entire Federal Reserve System". This was not only because of Strong's abilities, but also because the central board's powers were ambiguous and, for the most part, limited to supervisory and regulatory functions under

5760-401: The less privileged. Thus high status is earned, not based on entitlement. According to Khan, "Today what is distinct among the elite is not their exclusivity but their ease within and broad acceptance of a more open world." Hierarchy is embedded in the rituals and traditions of the school from the first day. According to Khan, the student advances up the ladder of the hierarchy embedded in

5856-537: The mid-1860s, it was already filled to capacity, leading an SPS parent to establish St. Mark's School . Enrollment reached 204 students by 1878 and 345 students by 1895. Although the school (founded by Bostonians) was initially not associated with the New York upper class, SPS gradually extended its reach to New York and the Philadelphia Main Line . By 1894, there were only six students from Boston. In 1923,

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5952-594: The most influential of the Reserve Banks. The Federal Reserve Bank of New York is uniquely responsible for implementing monetary policy on behalf of the Federal Open Market Committee and acts as the market agent of the entire Federal Reserve System (as it houses the Open Market Trading Desk and manages System Open Market Account ). It is also the sole fiscal agent of the U.S. Department of

6048-477: The nation in a study of which schools sent the most students to Harvard, Yale, and Princeton. The succeeding rectors ushered in a relative period of calm, and the trustees and rectors have continued to modernize the campus. The new Ohrstrom Library, designed by Robert A. M. Stern and Carroll Cline, opened in 1991. A 95,000-square-foot athletic center opened in 2004. The Lindsay Center for Mathematics and Science opened in fall 2011. The former visual arts center,

6144-527: The other regional Reserve banks. Its current president is John C. Williams . The Federal Reserve Bank of New York opened for business on November 16, 1914, under the leadership of Benjamin Strong Jr. , who had previously been president of the Bankers Trust company. He led the bank until his death in 1928. Strong became the executive officer (then called the "governor"—today, the term would be "president"). As

6240-550: The phrase "If you have to ask, you can't afford it" to Morgan, when asked what the yacht cost. However, this quote is most often attributed to his father in connection with the yacht Corsair , launched in 1891. Morgan sold the Corsair IV to the British Admiralty in 1940 for one dollar to assist with Britain's war effort. After the war the Corsair IV was sold to Pacific Cruise Lines and, on September 29, 1947, began service as

6336-600: The place where monetary policy in the United States is implemented, although policy is decided in Washington, D.C. by the Federal Open Market Committee (FOMC). It is the only Reserve Bank with a permanent seat on the committee, and its president is traditionally selected as the committee's vice chairman. Operating in the financial capital of the U.S., the bank conducts open market operations —the buying and selling of outstanding Treasury securities and agency securities —through its trading desk . Like other regional Reserve Banks,

6432-606: The publication of the May 2017 report. The initial report was limited to the period between 1948 and 1988, and the follow-up reports addressed allegations of misconduct through 2009. All together, the three reports substantiated allegations of misconduct against twenty former SPS employees (including future politician Gerry Studds ), which included assaults , harassment , and rape . The investigators concluded that allegations against fifteen other SPS employees were unsubstantiated, and lacked sufficient information to reach an conclusion with respect to thirteen other SPS employees. Per

6528-435: The school educated 199 students from New York and 26 from Massachusetts. The Coits' immediate successor, Henry Ferguson (r. 1906-11), left after just five years. In 1910, Samuel Drury (r. 1911-38) assumed control of the school. He presided over what the school historian called its " Augustan age." Drury stayed at St. Paul's for twenty-seven years. Along the way, he declined the rectorship of Manhattan's Trinity Church —at

6624-621: The school through World War II before leaving to become the Bishop of Massachusetts . He was succeeded by Henry Kittredge (r. 1947-54), the first SPS rector who was not an Episcopal minister. Although Kittredge questioned colleges' increasing reliance on standardized tests in college admissions, he was generally able to sustain SPS' enviable college placement record. In 1953, SPS sent 78% of its students to Harvard, Yale, or Princeton, second among New England boarding schools. Under Matthew Warren (r. 1954-70),

6720-419: The school underwent significant changes. Tuition was increased to $ 1,800; applications increased significantly despite rising tuition, aided by an improving economy; and the campus was substantially renovated. As competition for spots at SPS increased, Warren conciliated the alumni, many of whom wanted to send their own sons to SPS. He announced that under his watch, SPS would not "use scholarship funds to entice

6816-504: The school would "educate the sons of [other] wealthy inhabitants of large cities." For the first fifty years of St. Paul's history, it was run by two brothers, Henry Augustus Coit (r. 1856-95) and Joseph Howland Coit (r. 1895-1906). An Anglophile , Henry Coit endeavored to make St. Paul's an American equivalent of an English public school , importing Anglicisms such as " forms ," " removes ," " evensong ," and " matins ." The school's religious services were Anglo-Catholic , and enrollment

6912-603: The school's financial aid budget is roughly $ 10 million. Although most financial aid at St. Paul's is administered strictly on the basis of financial need, the school offers a limited number of regional scholarships for students from Alabama, California, New Jersey, New Mexico, Montana, Pennsylvania, South Carolina, Tennessee, Texas, and Wyoming, as well as Mexico. As of June 30, 2024, St. Paul's disclosed in its 2023-24 Annual Report that its financial endowment stands at $ 759.3 million, equivalent to approximately $ 1.4 million per student. In its Internal Revenue Service filings for

7008-421: The school's financial endowment from $ 1.1 million in 1920 to $ 3.6 million in 1930, and conducted a $ 1.6 million fundraising campaign that primarily went towards student financial aid. From 1920 to 1938, the share of SPS students on scholarship nearly tripled, from roughly 6% to 17%. Starting in 1922, Drury and his successors froze tuition at $ 1,400 for 22 consecutive years. Norman Nash (r. 1939-47) guided

7104-402: The school's unparalleled financial resources allow it to cultivate "an intentional diversity that few communities share or can afford." Financial aid students admitted to SPS receive, on average, an 87% discount on frontline tuition. In 2019, Kathleen Giles became the fourteenth rector of St. Paul's. She had previously served as the head of Middlesex School from 2003 to 2019. Before that, she

7200-666: The slang peculiar to St. Paul's originated as the "Pyramid Dialect" among St. Paul's students and alumni who followed the Grateful Dead 's 1978 shows in Egypt. Phish played in the Upper Dining Hall on May 19, 1990. American electro house artist Steve Aoki performed in the school's Athletic & Fitness Center on April 9, 2015. St. Paul's School founded the summer Advanced Studies Program in 1957 to provide juniors from public and parochial New Hampshire high schools with challenging educational opportunities. The students live and study at

7296-417: The student body and curtail snobbery among the richer students. Although St. Paul's was heavily oversubscribed—in 1920 it received over 1,600 applications for just over 100 openings —Drury set aside 10 slots a year for the winners of a competitive examination, dryly explaining that "we try to admit every son of an alumnus," but also "wish to admit every boy with high marks." A capable fundraiser, Drury raised

7392-526: The terms of a settlement with the New Hampshire Attorney General (see below), SPS has retained an independent monitor to review any further reports of sexual misconduct by SPS employees. In 2019, the school removed the names of two rectors from campus buildings, explaining that they had mishandled abuse claims during their respective tenures. In July 2020, alumna Lacy Crawford wrote that she had been raped by multiple SPS students when she

7488-497: The time the nation's wealthiest congregation—and the bishopric of Pennsylvania . Drury turned SPS into one of America's most reliable feeder schools to Ivy League universities. Like other leading New England prep schools of the period, SPS was not founded as a college-preparatory school : of the first 70 graduates, only five went directly to college. However, times were changing. Ferguson had recognized that parents were increasingly interested in sending their sons to college, but

7584-402: The top 40% of the SPS class, but was no longer interested in bottom-half SPS students. The school gradually opened its doors to a broader cross-section of America. The school scrapped its Episcopalians-only rule, although not without some hiccups. In 1939, Rose Kennedy withdrew Robert F. Kennedy from the school after just one month because she believed its culture was still anti-Catholic; in

7680-508: The unexpected duration of the conflict, its costs, and the complications flowing from American neutrality. Contributing to the tensions was the favoritism displayed by Morgan officials to British interests. His personal friendship with Cecil Spring Rice ensured that from 1915 until sometime after the United States entered the war, his firm was the official purchasing agent for the British government, buying cotton, steel, chemicals and food, receiving

7776-475: The unusually able boy to our school." It was an ill-timed concession, as colleges were receiving the same flood of applications as boarding schools and took the opportunity to tighten their own standards for admission. By 1967 the proportion of SPS graduates going on to Harvard, Yale, or Princeton had nearly halved from 1953. Warren personally visited Yale president Kingman Brewster to ask him to reverse course. Brewster replied that Yale would accept students from

7872-415: The wealthiest boarding school in the United States (per capita) by a comfortable margin. By the 1980s and 1990s, the board of trustees wanted the administration to exercise a firmer hand over the school. They confronted St. Paul's emerging image (warranted or not) as a "party school"—a poll found that 80% of the students were using drugs —and sought to restore faculty discipline over the students. In 1992,

7968-618: Was "perhaps the first school in which the deed of gift accented physical development." St. Paul's has a long tradition of ice hockey . The school, and the city of Concord more broadly, were early cradles for ice hockey in America. The first squash courts in the United States were built at St. Paul's in 1884. In addition to bringing hockey to the United States, Conover introduced an early variant of squash ( squash tennis ) to SPS. The St. Paul's boys' and girls' crews have each won multiple titles in international competition. The boys' crew won

8064-424: Was a radical departure from more than two hundred years of central banking history. Strong's policy of maintaining price levels during the 1920s through open market operation and his willingness to maintain the liquidity of banks during panics have been praised by monetarists and harshly criticized by Austrian economists . With the European economic turmoil of the 1920s, Strong's influence became worldwide. He

8160-412: Was a strong supporter of European efforts to return to the gold standard and economic stability. Strong's new monetary policies not only stabilized U.S. prices, they encouraged both U.S. and world trade by helping to stabilize European currencies and finances. However, with virtually no inflation, interest rates were low and the U.S. economy and corporate profits surged, fueling the stock market increases of

8256-558: Was coeducation: in May 1970, shortly before he stepped down, the board of trustees agreed to begin admitting girls in 1971. Nonetheless, the tail end of Warren's tenure marked the start of a turbulent period for St. Paul's. In 1968, students wrote an acerbic manifesto describing the school administration as an oppressive regime, and issued demands for change. St. Paul's rode out the storm under Warren's successor William Oates (r. 1970-82). According to Alex Shoumatoff '64, Oates applied "the prevailing educational and developmental thinking of

8352-489: Was designed by Henry Vaughan , and was one of the first American chapels to employ Perpendicular Gothic . Although Vaughan was the architect of Washington National Cathedral , an architecture critic at Princeton University called the New Chapel Vaughan's masterpiece, as Vaughan died before the cathedral was completed. SPS preserved the smaller Old Chapel, which dates back to 1858 and was the school's first building; it

8448-585: Was dismissed in May 2012 and brought a lawsuit for whistle-blower retaliation in October 2013. In April 2014 the U.S. District court in Manhattan dismissed the case, "ruling that Segarra failed to make a legally sufficient claim under the whistle-blower protections of the Federal Deposit Insurance Act ". In September 2014, Segarra's secretly recorded conversations were aired by This American Life and

8544-418: Was fifteen, and accused SPS of a cover-up. The school issued a statement that it would "honor her desire that the school acknowledge its failings, accept responsibility, and work, not just promise, to do better." Crawford later disclosed that the school had issued her a written apology and that she was pleased with its response. Rector Craig B. Anderson (r. 1997-2005) retired under pressure in May 2005 after

8640-570: Was initially limited to Episcopalians. In the 1890s, Coit also attempted to ban baseball in favor of cricket; the SPS cricket team toured New England and Canada. SPS almost immediately attracted an upper-class clientele. Shattuck had attended Round Hill School , a short-lived experimental school that was "the most famous American school of its time." Founded in 1823, Round Hill was one of Harvard College 's top feeder schools, and "offered an excellent but very expensive education" with "an elegant lifestyle," including "servants, stables, and tours of

8736-416: Was not able to implement his ideas. Although Drury shared some of Henry Coit's skepticism about higher education—he once wrote in his annual report that a quarter of every St. Paul's class should be encouraged to forego college —he significantly improved St. Paul's academic reputation. He hired better teachers, tightened academic standards, and reestablished student discipline. Universities were attracted to

8832-533: Was once again the wealthiest boarding school in New England, with an endowment per student of $ 1.19 million. In 2024, St. Paul's welcomed 141 new students and reported an admissions rate of 13%. The new students came from 24 states and 22 countries. Based on 2023 data, 71.7% of accepted students chose to enroll at SPS. In the 2023-24 school year, St. Paul's reported that 48% of its students identified as people of color and 22% were international students. The student body represented 37 states and 28 countries. In

8928-411: Was publicly revealed in 2015, when a former student, Owen Labrie, was charged with the rape of 15-year-old freshman Chessy Prout. Labrie was convicted on three counts of statutory rape, one count of endangering the welfare of a child, and one felony count of using a computer to lure a minor. The New Hampshire court system rejected Labrie's appeals and new trial requests in 2018 and 2019. Labrie

9024-551: Was released from prison in June 2019, having served eight months of his twelve-month sentence. He was also sentenced to five years of probation and was required to register as a sex offender . In 2018, SPS confidentially settled a civil suit filed by Prout's parents. Later that year, Prout published her memoir of the incident, titled I Have the Right To: A High School Survivor's Story of Sexual Assault, Justice, and Hope . In July 2017,

9120-479: Was the aunt of Henry Grew Crosby . The couple raised four children: In 1920, Morgan gave his London residence, 14 Princes Gate (near Imperial College London ), to the U.S. government for use as its embassy. In 1924, Morgan created the Pierpont Morgan Library as a public institution as a memorial to his father. Belle da Costa Greene , Morgan's personal librarian, became the first director and continued

9216-443: Was the dean of academic affairs at Groton School . Under her administration, St. Paul's bills itself as "one of the nation's only 100% boarding high schools"; nearly all of its competitors enroll some day students. The school's rural campus is familiarly known as "Millville," after a now-abandoned mill whose relic still stands in the woods near the Lower School Pond. When St. Paul's was founded, its campus covered 50 acres. Today,

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