I was going to say he looks like someone from another century, then noticed he is (was). Looks formidable.
The photo was taken in 1903. The painter Fedor Encke hired Steichen to take Mr. Morgan's photo. He wanted to have it as a reference for a painting he was trying to finish of Morgan. From all accounts, the posing for the photo was no nonsense. Mr. Morgan sat for three minutes while Steichen took only two photos. I like his intense look and how his image merges into the background.