Bernard Baruch
Page 48
financial reporting of 54
in World War I 179
mergers of 32, 39–40, 49–50
mismanagement of 52
stock market and 47, 69, 74
Raskob, John J. 269, 311
Reading & Atchison Railroad 51
recession of 1920–1921 267
Reconstruction era 9
Reconstruction Finance Corporation (RFC) 115, 296, 304, 316
Redfield, William C. 194
Reedsville homestead project 327
Reid, Daniel G. 40–41, 156
Reparations Commission 211, 223, 225, 229
Replogle, Leonard 243–244
Representative Government Fund 250
Republicans 4, 8, 53, 104, 124, 166, 170, 195, 206, 212, 225, 226, 232, 234, 252, 255, 260, 264, 305, 334, 347, 386
Rhodesian Congo Border 280, 284
Rickard, T. A. 109
Ritchie, Albert C. 198–199, 239–240, 249, 252, 304
Roberts, John 113
Robinson, Dr. 3
Robinson, Henry M. 213
Robinson, Joseph T. 239
Rockefeller, John D., Jr. 104
Rockefeller, William 81
Rogers, Henry H. 55, 81
Roosevelt Administration (1933-1945) 298
Hundred Days of 313, 319
surrender of gold during 301, 308, 310
Roosevelt, Eleanor 330, 333, 342, 391
Roosevelt, Franklin D. 25, 99, 118, 127, 199, 210, 219, 237, 248, 257–258, 303–331
Baruch’s correspondence with 200, 347, 352, 358
Beruch’s White House dinner with 344
“bombshell” of 320–321
death of 365
gold ownership and 298, 301, 308–311, 313
gold standard and 316, 318–324
in World War II 349–360, 384–385
visit to Hobcaw 240
war preparedness and 336–341
Roosevelt, Theodore 124, 194
Roper, Daniel 261
Rose, Billy 199, 388, 391, 401
Rosenman, Samuel 352, 356, 363, 365
Rosenwald, Julius 163
Rothstein, Arnold 243
Rougemont, Rene de 238
Ruark, Robert 394
rubber 103–105, 382
shortages in World War II 351–354, 362
Rubber Goods Manufacturing Company 103–104
Rusk, Dean 399–400
Russian Revolution 220
Rust, William R. 94–96, 127
Ryan, Allan A. 108
Ryan, John D. 163, 284
Ryan, Mrs. Thomas F. 260
Ryan, Thomas Fortune 65, 89, 103
S
Sage, Russell 69
Salazar, Antonio de Oliveira 363
Sapiro, Aaron 235
Saratoga, NY
Bernard Baruch Stakes at 394
horse racing in 238–239, 244
spas in 14
Saturday Evening Post 321–322
Schall, Thomas D. 329
Schiff, Dorothy 116
Schiff, Jacob H. 62, 126
Schwab, Charles M. 40–41, 210, 269, 284–285, 285
Schwartz, Anna 271
Schwartz, Charles 241
Schwartz, Morton L. 241
Schwarz, Jordan 338
Schwed, Fred, Jr. 266
Scotland, Baruch’s castle in 116, 238–239, 258, 276–277, 279
Scott, Frank 188
Sears, Roebuck & Company 56, 163, 294, 370
Securities and Exchange Commission 42, 56, 58, 90
Securities Exchange Act (1934) 107
Selby Smelting & Lead Company 94
Senate, US 35, 193, 201, 252–253, 255, 260, 309, 328, 334, 371, 382
Banking and Currency Committee 387, 392
Finance Committee 307, 321
Foreign Relations Committee 225–226
munitions industry investigation 330–331
Pecora Committee 311
treaty ratification and 225–228
Shannon, William M. 9–10
Sharp (dog) 7, 10
Sherman Act (1890) 48, 314
Short Sales and Manipulation of Securities 123
short selling
Baruch and 66, 77, 96, 103, 170, 175, 288
call options as insurance for 79
lack of oversight of 58
Sielcken, Herman 80–81, 97
Silica Gel Corporation 277
silver
gold standard vs. 39, 52–53, 125, 318, 324
mining of 24, 113, 316
Silver, Gray 236
Sinclair, Harry F. 244
Singer, Saul 308
Skeedaddle (boat) 111
Smith, Alfred E. 14, 256
Smith, Loyal 40
Smuts, Jan 223, 227
Sobel, Robert 57
socialism 14, 180, 313, 390
Social Register 92, 118
Sokolsky, George 326, 340–341
South Africa 223, 399
South Carolina 108, 112, 114, 168, 235, 239, 275, 287, 382, 385, 398. See also Hobcaw, barony of; Camden, SC
Baruch birthplace in 36
childhood in 2–12, 133
Civil War in 2, 5, 11
New York City compared to 10–11
Reconstruction era in 8–9
South Carolina Food Research Commission 275
South Carolina Infantry 2
South Carolina Medical College 2
Southern California Edison 288
Soviet Union 248–250
atomic policy and 370, 375–382
Baruch’s views on 391
in World War II 364
Spain 26, 61, 207, 336
Spanish-American War 53
spas, Baruch as patron of 14, 118
speculation 31, 34, 77, 251, 296
Baruch’s role in 121, 124, 267–268
Baruch’s training in 24
Baruch’s views on 122, 234, 261, 289
Keene’s views on 28
Spellman, Francis J. 395, 401
Spitzer, Hugo 149–150, 154, 162
Spooner, John C. 168–169
Stalin, Joseph 336, 370, 379, 381
Standard Brands 273, 284, 311
Standard Oil Company 103, 353
State Department, US 165, 212, 217, 221, 318–319
Stettinius, Edward 195
Stevenson, Adlai 391, 400–401
Stock Exchange. See New York Stock Exchange
Stock Exchange Clearing House 42
stock market 44, 64, 66, 115, 119, 133, 139, 156, 176, 233, 272, 276, 283, 293, 301, 324, 361. See also specific companies, industries and markets
at the turn of the century 40–41
Baruch and 121–122, 230, 265
bear side of 69, 78, 186, 266, 267, 283
bull side of. See bull markets
Flower and 69–70
insider trading in 55–56, 128, 317
in the mid-1950s 392
in World War I 165
possibilities for error in 73
railroads and 47
Swope and 243, 269
stock prices 43, 58, 61, 81, 170, 272, 280, 301
manipulation of 58–59, 64, 122, 124, 129–131
prohibition of gambling on 43, 58, 171
stock trading 18, 60, 307
Baruch’s first success in 35–36
Baruch’s slow start in 30–31
on margin 32–33, 54, 86, 97, 170, 266, 268, 276
Stone, Harlan 352
“stop loss” orders 35
Stresser, Ernest 401
strikes 39, 99, 100, 370
Sturgis, Frank K. 91
sugar 7, 35, 56, 97, 127, 129, 131, 277
Sullivan, Mark 7, 183, 240, 246
sulphur 145–150. See also specific mining companies
Baruch’s investments in 133, 147, 152, 155–157, 312
Frasch process of 145–146
mining 133, 148, 150
Sulzer, William (
Plain Bill) 130–131
Summers, Leland 197, 207–208
Supply, Priorities and Allocation Board (SPAB) 339, 349
Supply, Priorities and Allocation Board, US (SPAB) 339
Supreme Court, US 42, 323, 328, 350, 352, 359
Supreme Economic Council 212, 215
Swope, Gerard 270
Swope, Herbert Bayard 206, 218–219, 326, 328–329, 338, 342, 344, 354
and his story of the elephant 144, 303
as speculator 244–246, 269–270, 273–274, 279–281, 284–285
at Hobcaw 240
atomic policy and 371, 374, 376, 378–380, 383, 386–391, 395, 398
at the forthcoming World Monetary and Economic Conference in London 317–320
Baruch’s correspondence with 244–245, 270, 274, 305, 317, 361–362, 386, 389
death of 398
description of 243
early career of 242
friendship with Baruch 199, 224
grandson of 333
in election of 1924 246, 254–255, 303
in presentation of Baruch’s bust 383
Nye Committee investigation and 331
on Baruch 324–325
Pecora Committee and 312
salary vs. standard of living of 242–244
Truman and 376, 378, 380, 386
Swope, Margaret 274
T
Tacoma Smelting Company 94
Taft, William Howard 124, 136, 226
Talcott, James 32
Tammany Hall 13, 160
Tardieu, André 240
Tatum, Charles A. 22, 24
taxes 41, 142, 179, 340, 392
equalization 237
income 42, 115, 179, 249, 326, 344
in the Great Depression 299
World War I and 184, 186–187, 211
Taylor, Talbot 76, 80
Tennessee Coal & Iron 32, 48
Terminal Company 134–139, 141, 147, 150
Texas 160, 169, 394
sulphur mining in 133, 145–146. See also Texas Gulf Sulphur Company
Texas Gulf Sulphur Company 146–147, 153–155, 157, 162, 180, 266, 303
Thayer, Charles W. 380
The Economic Consequences of the Peace 227
Thomas Amendment 309, 316
Thompson-Starrett Company 190–191
Thompson, William Boyce 107, 156
Time 294, 326
Timmerman, George Bell, Jr. 398
tobacco 68–69
company mergers 64–66
co-op 235
Torreon rubber factory 104–105
Travers, James 118–119
Treasury, US 35, 102, 117, 126, 160, 171, 184, 187, 209, 212, 221, 226–227, 251, 271, 298, 306, 311, 319, 323, 330, 345, 355, 367
bonds 52–53, 156–157, 322
inflation and 51–52, 184, 187
trolley lines 40, 70, 295
Truman, Harry S. 260, 365, 370, 372, 376, 378, 380
Baruch’s breach with 383–386
opinion of Baruch 367
trusts 72, 282, 295, 396
public feeling against 47–48
rise of 47
tobacco industry 64–65, 67–68
Tsiang, Lu 210
Tumulty, Joseph P. 166–168, 195, 258
Tuohy, James M. 217
Turf and Field Club 119
Turner, Barreda 89, 410
Turner, Frank G. 89–90
“Two Penetrating Bayonet Wounds of the Chest” (Simon Baruch) 2
U
Underwood, Oscar W. 255–256
Union Leaguers 8
Union Pacific Railroad (UP) 74
Union Sulphur Company 156
Union Tobacco Company 64
United Cigar Stores 72
United Copper Company 102
United Shoe Machinery 48
United States Daily 240
United States Flour & Milling Trust 48
United States Grain Growers 235
United States (Baedeker) 43
United States Leather Company 54
Untermyer, Samuel 95, 127, 136
uranium 368, 373–374, 380
Uses of Water in Modern Medicine, The (Simon Baruch) 12
US Pneumatic Horsecollar 57
US Rubber 48, 104
US Steel Corporation 164, 205, 298
Utah Copper Company 93
V
Vanderbilt, Cornelius 45
Vanderbilt, William H. 39
Van Horne, Dr. Richard 36
Van Horne, Griffen & Company 34
Versailles Peace Conference (1919) 208, 275, 303
Versailles, Treaty of (1919) 224, 365
W
Wabash Pittsburgh Terminal Railway Company 134
Wabash Railroad 134, 137, 141
Wadsworth, James W. 260
wages, Baruch’s views on 313–314, 336, 387
Wagner, Robert F. 260, 391, 401
Walker, Francis A. 18
Wallace, Henry A. 365, 380
Wallace, James N. 139
Wall, Enos 93
Wall Street
as man’s world 41
description of 41–45
public suspicion of 59
Wall Street Journal 35, 48, 55, 64, 79, 108, 129, 139, 165, 196, 283
Walter, Francis E. 391
Warburg, James P. 122, 309
Warburg, Paul M. 295
War Department, US 185, 188, 194, 200, 203–204, 221, 337, 338, 350, 363
War Finance Corporation 195, 201, 251
War Industries Association 202
War Industries Board, US (WIB) 209, 212, 218, 229, 231, 237, 243, 246–247, 250–251, 295, 309, 313–315, 318, 336–337, 349, 388
as agency to suppress inflation 184–185
Baruch as chairman of raw-materials committee 189, 192–193, 336
Baruch as head of 4, 191–201, 193–200, 203–208, 330–331, 339–340, 382
Committee on Explosives and 188–189
duties of chairman of 197–198
reunions of 293, 303, 305
unmet economic goals and 204
Warner Brothers 281, 283
War Production Board, US (WPB) 349–350, 353, 357–359, 371
Warren Pipe & Foundry 288, 326
War Resources Board, US (WRB) 338–339
Washington Evening Star 177, 252
Washington Post 354
Washington Times-Herald 344
“wash” sales 45, 57–58
Watson, Edwin (Pa) 338, 341, 348, 350
Watson, Thomas J. 385
Webb, Alexander Stewart 17, 19
Weil, Harry 72, 73
Western Union 48, 167, 369
West Point 19, 200, 337
Wetmore, Moses 65–67
wheat market 28, 60
Wheeling & Lake Erie Railroad 135–137, 141
Whipple, Sherman L. 171–176
whiskey merger 68
Whitall, Tatum & Company 24
White, S. V. 28
Whitney, Harry Payne 114
Whitney, Richard 281–282
“Whitney syndicate” 68
Whitney, William C. 68
Wiggin, Albert H. 284–285
Wilcox, W. J. 34, 294
Willard, Daniel 163, 189, 192, 196, 265, 268, 295, 307
Williams, Harrison 199
Wilson Administration 161, 187, 234
Wilson, Lois 258
Wilson, Woodrow 4, 115, 117, 129, 136, 144, 159–164, 166, 180–182, 187, 194–195, 197, 203, 232, 240, 250–252, 261, 325, 327, 334, 345, 368, 374, 391
Baruch’s correspondence with 195–196, 197–198
Baruch’s meetings with 162, 164, 195, 203
death of 230
in election of 1912 125–127, 159, 251
in election of 1916 160
League of Nations and 211, 227, 256, 374
peace efforts of 209, 211–214, 222–223, 226–228, 230
Winchell, Walter 392
Wingfield, George 100–101
Wolfe, Isabelle. See Baruch, Isabelle Wolfe
Wolfe, Sailing (grandfather) 3–5
Wolfe, Sarah Cohen (grandmother) 5
Wolfe, Virginia 14
women
as brokers and bankers 41
Baruch’s distribution of free Pullman tickets to 208, 331
Baruch’s relationship to 88, 116, 123, 214, 333, 361
Mrs. Baruch’s views on 14–15
suffrage of 14, 255
Woodin, William 311, 319, 323
Wood, Leonard 159
Wood, William R. 166
Woollcott, Alexander 279, 325
Works Progress Administration (WPA) 342
World Monetary and Economic Conference (1933) 312, 316
World War I 143, 181, 275, 338. See also Versailles, Treaty of; Versailles Peace Conference; War Industries Board, US
Armistice of 186, 191, 197, 200, 205, 207–209, 211, 214, 221–222
Baruch as advocate of preparedness in 159, 161, 163, 172
inflation during 185
reparations question after 211, 221–223, 225, 227–229, 272–273
World War II 373, 382, 387
industrial mobilization in 336, 338–339, 341
Wormser, Allie 71, 83
Y
Yawkey, Tom 275
Young, Owen D. 246, 272
Z
Ziegfeld, Florenz 244
Zionist 195, 346