by Ron Chernow
1. Courtesy of the Archives of the Pierpont Morgan Library, New York. Reprinted with the permission of Joanna T. Steichen
2, 3, 4, 5, 6, 7, 11, 28. The Pierpont Morgan Library
8, 9, 10, 12, 13, 14, 15, 16, 17, 18, 19, 25, 31, 32, 37, 38, 56. Library of Congress
20, 21. Brown Brothers
22, 23, 40. Walter Lippmann Papers, Manuscripts and Archives, Yale University Library
24, 41, 42, 43. Lindbergh Picture Collection, Manuscripts and Archives, Yale University Library
26, 27. Department of Manuscripts and University Archives, Cornell University Library
29. Courtesy of Paul G. Pennoyer, Jr., one of the grandsons of Mrs. Morgan 30, 36, 39, 44, 46, 50, 51, 53, 54, 55, 57, 58, 59, 60, 62, 63, 64, 66, 67, 68, 69, 76, 77. AP/Wide World
33. Thomas Lamont Collection, Baker Library, Harvard Business School
34. The Museum of the City of New York
35. New York Stock Exchange Archives
45. Courtesy of Edward Pulling
47, 48, 49. Courtesy of the Hon. Laura Phillips (née Grenfell)
52, 73, 75. Courtesy of Morgan Grenfell
61. New York News, Inc.
65. New York Times Pictures
70. Larry C. Morris/New York Times Pictures
71. Jill LeVine
72. Rolph Gobits
74. Financial Times
78. Courtesy of Gerald R. Ford Library
79, 80. Courtesy of J. P. Morgan & Co.
81. David Anderson
INDEX
A
Abu Dhabi, 613–14
Accepting Houses Committee, 520
Acheson, Dean, 426, 427, 605
Adams, Charles Francis, 56, 168
Adams, Evangeline, 51
Adams, Henry, 30
Aetna Fire Insurance Company, 18
Alaska, 147–48
Albany and Susquehanna Railroad, 30–32
Alcoa, 523, 525
Aldenham Village, 97, 264
Aldrich, Nelson W., 128, 129, 130, 144, 182, 217
Aldrich, Winthrop W., 362, 375
Aldrich-Vreeland Currency Act, 129, 130
Alexander, Sir Harold, 521
Alexander, Henry Clay, 510, 511, 527–37, 541, 542, 555, 559–60
described, 527, 528
merger of J. P. Morgan and, 531–35
return to overseas banking and, 544, 548
Alexandra, Queen, 87
Ali, Anwar, 606–607, 608
Ali, Pasha, 607
Alireza, Ali, 608
Alireza, Hisham, 608
Alireza, Khalid, 617
Alleghany Corporation, 309–10, 314, 324–25, 369, 502, 507, 707
preferred list of friends and, 369–72
Wheeler hearings and, 413–16
Allen, Frederick Lewis, 128
Allen, Julian, 451
America First, 461
American Bankers Association, 383, 419, 518
American depositary receipts (ADRs), 304, 552
American Express, 531, 551, 588, 705–706
American Friends of France, 247, 443
American International Group, 702
American Jewish Congress, 609
American Museum of Natural History, 322
American Smelting and Refining, 190, 561
American Telephone and Telegraph (AT&T), 153, 180, 317, 390, 469, 595, 661–62, 695
pre-crash 1920s and, 304–305, 308
American Tobacco, 549, 570–73, 595, 671, 687
American Tobacco Trust, 130
American Viscose Company, 462–63
America’s Cup, 80
Amherst College, 287, 290, 559
Amory, D. Heathcoat, 525
Anaconda, 534, 598
Anderson, Arthur, 372
Anderson, Harold, 605–606, 607
Anglo-American alliance, 98–105, 139, 256, 430–31, 529, 530
Anglo-French loan and, 198–202
Austrian loan repayment and, 432–35
Export Department and, 187–92
German loan repayment and, 396–99, 432
Lippmann on, 430
Morgan Grenfell and, 270–71, 273–74, 331–34, 385, 396–99, 431–35, 520, 653–54
sale of American Viscose and, 462–63
tensions in, 99, 133, 190–91, 198–202, 396–99, 432–35, 439, 464–65
World War II and, 459–68
Anglo-American Corporation, 350
Anti-Catholicism, 214–15, 259, 379
Anti-Semitism, 76, 177, 245, 258, 379, 414, 461, 489, 552
Bank of the United States and, 326–27
of Ford, 216, 615
German, 393, 394, 432, 433, 439, 453
of Jack, 150, 196–99, 214–17, 394
at Morgan Grenfell, 615
of Pierpont, 47–48, 74, 89–90, 103–104
in Russia, 195, 196
Antitrust sentiment, 105–12, 130–31, 133, 147–56
exploitation of Alaska and, 147–48
New Haven Railroad and, 174–81
Pujo Committee and, 137, 149–56
Tennessee Coal and Iron and, 127–28
Anti-Zionism, 489, 617
Antoniu, Adrian, 632, 691, 713
Apple Computer, 627
Arab Bank, 615
Arabian-American Oil Company (Aramco), 533, 605, 606
Arab League, 615
Arabs, 604–18, 637
boycott of Israel, 609–10, 615, 617, 618, 706
Morgan Grenfell and, 612–18
Morgan Guaranty and, 604–10, 614
Morgan Stanley and, 610–12, 622
Argentina, 71, 225, 487, 637, 638, 641–42, 646, 647, 649
Argyll, 680–81, 682, 683
Arizona-Colorado Land and Cattle, 610–11
Arkin, Stanley, 651
Armstrong, William, 110
Asquith, Herbert H., 187, 197, 206
Assay Office, U.S., 212, 214
Associated Electric Industries, 519, 526
Associated Press, 334, 336
Astor, Brooke, 655
Astor, John Jacob, 41
Astor, Lady Nancy, 207, 261, 361, 407, 419, 427, 438, 443, 459, 479
described, 435–37
Astor, Lord Waldorf, 261, 436
Astor Trust Company, 143
Ataka and Company, 557–58
Atlantic Monthly, 444, 622
Attlee, Clement, 476
Australia, 517, 518, 552, 593, 613, 625, 669, 673
Austria, 246–7, 308, 328, 396, 489, 568, 638
debt repayment by, 432–35, 486
Austrian Anschluss, 399, 432, 437
Austrian National Bank, 328, 432–33
Axten, john, 473
Azzolini, Vincenzo, 403, 455
B
Babcock and Wilcox, 629
Bache, 510, 623, 643
Bacon, Robert, 74–75, 83, 91, 95, 135, 142, 422
described, 87–88, 94
Roosevelt and, 105–106, 107
Bacot, J. Carter, 703
Baird, Chuck, 598, 600, 601
Baird, David, 298
Baker, George F., 124, 126, 129, 143, 151, 178, 371, 530
Baker, Newton, 188
Baker, Ray Stannard, 85, 187
Baker Plan, 647
Bakhmeteff, Boris, 189
Balance of payments, 544, 545, 690
Baldwin, Robert H. B., 512, 582–88, 597, 598, 599, 602, 626, 668
changes at Morgan Stanley instigated by, 583, 585, 588, 592–93, 594, 622–23, 663
described, 582–83, 663
on ethical standards of Morgan Stanley, 628, 630, 631, 634
Rule 415 and, 661, 663
Baldwin, Stanley, 228, 265, 276, 277, 330, 333, 402
appeasement of Germany, 437, 438–39, 444
Ballets Russes, 271–72
Ballin, Albert, 101–102
Ballinger, Richard, 148
Banca d’Italia, 277, 280, 282, 402, 403, 549
&nb
sp; Banker-government collaboration, 24–28, 131–38, 153, 205–206, 210, 216–17, 225–29, 461–68
Bankers, fall from grace of, 352, 355–57, 366, 369–84, 412–29
Bankers Trust, 123, 143, 152–53, 182, 364, 387, 527, 568, 644, 659, 696, 715, 716
Bank failures, 66, 326–27, 353, 357, 604, 656–60
European, 327–29
Glass-Steagall Act and, 375–76
Bank for International Settlements (BIS), 311–12, 325, 434, 521
Bankhaus Herstatt, 604
Bank holidays, 353, 357
Banking Act of 1933, see Glass-Steagall Act
Banking Act of 1935, 383, 384
Banking reform, 129–30; see also Glass-Steagall Act
Bank Leu, 683, 684
Bank mergers, 152–54, 275, 496, 530, 532–36, 675, 703
Bank of America, 534, 551, 604, 609, 659
Bank of England, 11, 12, 71, 72, 104, 182, 385, 397, 476, 485, 489, 521, 525, 567, 569, 589, 613, 653–54, 671, 672, 675, 689
Catto as Governor of, 476–77, 519, 520
debt repayment and, 433–35
Euromarkets and, 548
gold standard and, 273–77, 329–34
Guinness scandal and, 676, 683, 686–87, 688
Norman and, 244–52, 273–77, 476
Takeover Panel and, 571, 572
World War I and, 196, 197, 200, 202
Bank of Japan, 233, 337, 437
Bank of Manhattan, 496, 530
Bank of New York, 701, 703
Bank of Tokyo, 552, 644
Bank of the United States, 326–27
Banque Commerciale pour l’Europe du Nord, 545
Banque de France, 274, 310, 329, 450, 451
Banque de l’lndochine, 615
Barclays Bank, 674, 695
Baring, House of, 3, 5, 6, 11, 19, 36, 57, 81, 99, 210, 304, 521, 607, 637
government financing and, 25, 26, 71, 225, 236, 238
merger talks with Pierpont, 103–104
Barkley, Alben W., 366
Barnes, Harry Elmer, 448–49
Barney, Charles T., 123
Barnum, P. T., 143
Baronial Age, 3, 23–28, 43, 55, 85, 108, 131, 160, 180, 303, 698
Barrie, Sir James, 97, 265
Barrington, Ken, 570–71
Barron, Clarence W., 66, 142, 248
Barron’s, 587, 696
Bartow, Frank D., 331, 426
Baruch, Bernard, 65, 149, 202, 207, 305, 320, 351, 358, 371
Bates, Joshua, 6
Beame, Abraham, 619, 620
Beard, Anson, 662
Bear raiders, 351–53, 354
Bear Stearns, 702
Beaverbrook Lord, 290
Beebe, Morgan and Company, J. M., 9, 19
Bechtel, Stephen, Sr., 543, 544
Bechtel Company, 606, 610
Beecher, Henry Ward, 18
Behn, Sosthenes, 308, 371
Belgium, 705
Bell and Sons, Arthur, 680
Belmont, August, Jr., 74, 75, 149
Belmont, August, Sr., 5, 39, 40
Belridge Oil, 631, 632
Bendall, David, 589–90, 592, 613
Bendix Corporation, 500
Benét, Stephen Vincent, 278
Bennett, John, 626
Berenson, Bernard, 117, 141, 173, 280
Berkovitch, Boris S., 656
Berle, Adolf A., 419, 420
Bernard, Lewis W., 581, 595, 596, 624, 634, 663, 695
Bethlehem Steel, 417, 534
World War I and, 189, 190, 200
Bicester, Lord, see Smith, Vivian Hugh
Big Bang deregulation, 673–76, 684, 685, 688, 714, 715
Biggs, Barton, 587, 700
Bishop, Jerry E., 564, 565
Bismarck, Otto von, 26, 27
Black, Eugene, 518, 552–53
Black, William, 512, 518, 623
Blackett, Basil, 187, 198, 246
Black Monday, 664, 699, 700–702, 717
Black Thursday, 303, 313, 315–17, 355–56
Block Community Organization, 347
Blood Brotherhood, 342–43
Blough, Roger M., 536–37
Blum, Léon, 478
Blumenthal, Charles, 215, 216, 248
Blunden, George, 687
Blyth, Charles, 390–91
Boer War, 98, 99, 195
Boesky, Ivan, 683, 684, 685, 686, 712–13
Bolivia, 354
Bolshevism, 210, 211, 225, 292, 338
Bonsal, Dudley J., 565–66
Boocock, Howard and Adele, 218
Booth, Willis, 282–83
Borglum, Gutzon, 347
Boston and Maine Railroad, 175–76
Brackenridge, A. Bruce, 533, 637, 641
Brady, Diamond Jim, 115
Brain trust, 358, 418–19
Brandeis, Louis D., III, 149, 258, 503, 663, 698
New Deal and, 378–79, 418, 420
New Haven Railroad and, 137–38, 176–81, 412
Brazil, 459, 637–51, 716
Brazilian-American Chamber of Commerce, 641, 642
Brennan, Donald P., 669
Bretton Woods, New Hampshire, 486, 489
Brewster, Kingman, 461
Britain, 327, 504, 529–30, 592, 640, 701
aid to, after World War II, 487, 519, 551, 638
Bank of, see Bank of England
Battle of, 459–61
denationalization of steel industry in, 519
Falkland Islands war, 641
gold standard in, 273–77, 313, 315, 329–36, 475
Lend-Lease and, 461–64
loss of world banker status, 518–19
as second-class power, 489
Special Operations Executive, 589; see also Anglo-American alliance
British Aluminium, 523–25
British-American Tobacco, 705
British General Electric, 519
British Petroleum, 595, 622, 701
Broderick, Joseph A., 326, 327
Brooks, Harvey and Company, 589
Browder, Earl, 467
Brown Brothers, 57, 245
Brown Brothers Harriman, 385, 536, 537, 691
Brugger, James, 491, 494, 527
Brunei, sultan of, 673
Brüning, Heinrich, 328, 329
Bryan, William Jennings, 78, 82, 129, 149, 181, 255, 381
gold standard and 72, 76, 77, 191, 358
isolationism of, 137, 186, 230, 401
Buchanan, James, 7, 12
Burleigh, Harry T., 160, 472
Burlington Industries, 695–98, 699
Burlington Northern Railroad, 67–68
Burnham, I. W. “Tubby,” 470
Burns, Arthur, 539, 544, 555, 609
Burns, Walter Hayes, 26, 40, 95
Burns, Walter Spencer Morgan, 95
Burr, Donald C., 666, 667
Bush, George, 647
C
Cadbury Schweppes, 685
Caesar, Herr, 452–53
Caetani, Prince Gelasio, 280
Caiola, Dr. Nicola, 546
Calles, Plutarco Elías, 292–96
Campbell, Sir Gerald, 431
Camp Uncas, 79–80, 194, 408, 475
Canada, 517, 552, 640
Canterbury Cathedral, 479
Cantor, Eddie, 319–20, 352
Carey, Hugh, 620
Carey, Sir Peter, 688, 689
Carli, Guido, 549
Carlisle, John G., 74, 75
Carnegie, Andrew, 15, 39–40, 56, 114, 158–59, 200
U.S. Steel trust and, 82–84, 222
Carnegie Corporation, 559
Carr, Sir William, 573–78
Carr family, 573, 574, 577
Carranza, Venustiano, 239, 240
Carrington, Peter A. R., 614
Carrington, Rupert F. J., 614
Carson, Ralph M., 505, 507
Carter, Bernard S., 359, 451
Carter, Jimmy, 617
Carter, Ledya
rd, and Milburn, 354
Case, J. I., 581–82
Casino Age, 466, 475, 486, 495, 496, 506, 523, 536, 541, 542, 567, 577, 581, 589, 626, 636, 638, 656, 661, 698
Cassel, Sir Ernest, 131
Castro, Fidel, 542, 592
Catledge, Turner, 565
Catto, Stephen, 477, 526, 569, 575, 594, 653, 654, 688
Murdoch and, 573–78
Catto, Lord Thomas S., 431, 455
as Governor of the Bank of England, 476–77, 519, 520
World War II and, 460–65
Cazenove and Company, 571, 572, 573, 671, 684
Celler, Emmanuel, 496–97
Central banks, 128–30, 181, 243–45, 383
central bank for, 312
Japan, 233–34
U.S., see Federal Reserve System
Central Intelligence Agency (CIA), 542
Century Club, 420
Certificates of deposit (CDs), 545, 592, 654, 657, 658
negotiable, 538, 539, 541
Chamberlain, Sir Austen, 404
Chamberlain, Joseph, 103
Chamberlain, Neville, 381, 397, 404, 407, 440, 459, 464
appeasement of Germany, 434, 437–39
Chase Harris Forbes, 362
Chase Manhattan, 531, 532, 534, 604, 609, 619, 659
merger forming, 496, 530
Chase Manhattan Plaza, 531
Chase National Bank, 153, 225, 304, 356, 362, 480, 488, 496, 508, 518, 527, 530
overseas branches of, 451, 551
proposed merger with J. P. Morgan, 496
Chemical Bank, 530, 609, 610, 659
Chesapeake and Ohio Railroad, 502, 506, 507
Chevrolet, Louis, 223
Chiang Kai-shek, 338
Chicago, Burlington, and Quincy (CB&Q) Railroad, 91, 94
China, 132–37, 230–32, 466, 490, 518, 638
Japanese invasion of, 337–45, 437
Chrysler, Walter, 223
Chrysler Corporation, 657
Church, Frank, 609, 638
Churchill, Winston, 190, 315, 436, 476, 480, 487, 672
British gold standard and, 275–77, 331
World War II and, 437, 438, 459, 461–63, 467
Churchill Falls Corporation, 582
Ciano, Galeazzo, 456
CIGNA Insurance, 669, 694, 699
Citibank, 90, 604, 609, 637, 638–39, 669
Brazil’s debt crisis and, 642–45
Continental Illinois rescue and, 658, 659, 660
Citicorp, 654, 655, 685
City Smiths, 104–105, 272, 460; see also Smith, Vivian Hugh (Lord Bicester)
Civil War: financing of, 13, 35, 40
profiteering during, 21–22
stand-ins during, 22
Clarke, Sir Purdon, 119
Clay, General Lucius, 478, 543, 554
Clayton Antitrust Act, 181
Cleveland, Grover, 22, 34
gold standard and, 73–78, 331
Cleveland, J. Luther, 532–34, 539