Bernard Baruch: The Adventures of a Wall Street Legend

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Bernard Baruch: The Adventures of a Wall Street Legend Page 48

by James Grant


  bankruptcies of 32, 140

  Baruch’s childhood interest in 8

  Baruch’s investments in 86, 133–144, 172, 295

  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 in
vestments 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

  Leagu
e 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

 

 

 


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