The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance

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The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance Page 111

by Ron Chernow


  Price Waterhouse, 651, 686

  Princes Gate, 79, 96–97, 171, 263–64, 440, 475

  Princeton University, 116, 343, 512, 513, 514, 515, 580, 581, 582

  Procter and Gamble, 520

  Program trading, computerized, 702

  Progressive party, 130, 147, 148, 149, 181, 419

  Prohibition, 300

  Prosser, Seward, 315, 364

  Proxmire, William, 717–18

  Proxy fights, 509–10, 577; see also Hostile takeovers

  Publishing industry, 151–52, 220

  Pujo, Arsène, 150, 470

  Pujo Committee, 137, 149–56, 158, 177, 363, 364, 368, 698

  Pulitzer, Joseph, 87

  Pure Oil, 417

  Pu Yi, 343

  Q

  Qantas Airlines, 518

  Qatar, 615

  R

  Radio Corporation of America (RCA) 308, 352

  Railroads, 53–58, 325, 507–11, 637

  arbitration between, 53–58

  blackmail lines, 53–55

  boom years, 29–32

  cartels of, 57–58, 67–69, 94

  collapse of, 35–38, 43, 58

  monopoly of, 94

  morganization of, 67–69

  New Haven crisis, 174–81

  Northern Pacific corner, 88–94

  overbuilding of, 56, 58, 67

  relationship banking and, 32, 66–69, 412–17

  sale of Vanderbilt’s stock in, 42–45

  Van Sweringen brothers and, 309–10, 324–25, 348

  Wheeler hearings and, 412–16

  Young’s revolt and, 416–17

  Rainey, Henry, 282

  Rainsford, Reverend William S., 52, 63

  Ramsdell, Clifford H., 509

  Ramsey, Joseph H., 31–32

  Raskob, John J., 302–303, 351, 371, 372

  Reading, Lord, 198–99

  Reagan, Ronald, 690, 700

  Reciprocal Trade Agreements Act, 403

  Reconstruction Finance Corporation (RFC), 348

  Red Cross, 203, 217, 234, 347

  Reed, Lansing, 385

  Reeves, Christopher R., 654, 672, 674–80, 682, 687–88, 689

  Regan, Donald T., 659, 713

  Reichsbank, 250, 327, 392–99, 433, 439

  Reid, Ogden Mills, 447, 449

  Reiland, Karl, 212

  Relationship banking, 258, 336–37, 341, 366, 513, 698

  described, 32, 285

  end of, 495, 538, 625–27, 632, 663, 691

  Money Trust and, 152, 153

  railroad industry and, 67–69, 176–77, 180, 412–17

  Wheeler hearings and, 412–17

  Rennell, Lord, see Rodd, Francis

  Republican party, 77, 82, 107, 190, 209, 370, 497

  power of Wall Street and, 225–29, 243

  trustbusting and, 147–48

  Willkie’s nomination and, 447–49

  Revelstoke, Lord, 25, 81, 103–104, 310–11

  Revlon Incorporated, 691, 692

  Reynolds, Jackson, 383

  Reynolds Metal, 523, 524

  Rhineland, 399–400

  Rhodes, William, 645, 646, 647

  Rhondda, Lord, 190

  Richmond-Watson, Tony, 680, 682

  Riggs, Elisha, 4

  Riklis, Meshulam, 688

  Ringling Brothers, 367, 369

  Risk, Sir Thomas, 681–82

  Rist, Charles, 451

  Rist, Leonard, 451–54, 458

  RJR Nabisco, 711–12

  Roberts, George H., 54–55

  Robinson, James D., III, 705

  Rockefeller, David, 531, 619, 620–21

  Rockefeller, John D., 56, 68, 78, 83, 90, 104, 319

  Rockefeller, John D., Jr., 348, 362, 440

  Rockefeller, Nelson, 619

  Rockefeller, William, 88, 91, 121

  Rockefeller Foundation, 673

  Rodd, Francis, 398, 431, 435, 456, 460, 521

  Rogers, Henry, 112

  Rogers, Will, 294, 347, 368

  Rohatyn, Felix, 583–84, 620

  Ronson, Gerald, 682

  Roosa, Robert V., 537

  Roosevelt, Franklin Delano (FDR), 50, 207, 245, 260, 426, 503, 512, 605, 638

  background of, 354

  banking crisis and, 357

  Glass-Steagall Act and, 374–75

  gold standard and, 357–59

  Hoover and, 353–54

  Jack and, 106, 357, 380, 411–12, 461–62, 467–68

  New Deal and, see New Deal

  Schacht and, 394–95

  World War II and, 440–49, 454–55, 461–64, 467–68

  Roosevelt, Theodore, 82, 86, 87, 96, 141, 170, 419

  Jack and, 93–94

  Pierpont and, 93–94, 105–12, 127–28, 131, 175

  Straight and, 134, 135, 137

  Taft and, 148–49

  Root, Elihu, 82, 107

  Rosen, Walter T., 425

  Rosenbach, Frank, 533

  Rosière, Jacques de la, 644

  Rotberg, Eugene, 501, 587

  Rothschild, Baron Henri, 114

  Rothschild, Jacob, 574, 677, 682

  Rothschild, James de, 5

  Rothschild, Lionel, 25

  Rothschild, Baron Louis von, 433

  Rothschild, N. M., 519, 680, 684

  Rothschild, House of, 3, 5, 13, 36, 90, 99, 236, 304, 328, 472, 637

  gold standard and, 75–76

  government loans of, 25, 26, 40

  insignia of, 19–20

  intelligence information of, 21

  miscalculating America’s importance, 40

  Roux, Olivier, 682, 684

  Rowe, George Whitney, 492

  Rowe and Pitman, 272, 615, 671, 675

  Rubio, Pascal Ortiz, 299

  Rublee, George, 297

  Rule 415 (shelf registration), 661–62, 663, 668, 675, 691, 698, 716

  Russell, Lillian, 115

  Russia, see Soviet Union

  Russo-Japanese War, 195, 235, 338, 339

  Ryan, Thomas Fortune, 149, 152

  S

  Sachs, Walter E., 352

  Sackville-West, Lady Victoria, 87, 115

  Sadat, Anwar, 610, 616–17, 618

  Sage, Russell, 43

  Saint George’s Church, 51, 52, 159, 160, 169, 211–12

  Saint John’s of Lattingtown cemetery, 259–60, 409

  Saint Just, Lord, see Grenfell, Edward C. (Teddy)

  Saint Paul’s School, 61

  Salomon Brothers, 502, 584, 585, 594, 601, 624, 625, 626, 662, 663, 700, 701, 702

  Samuel, Sir Herbert, 333

  Sarnoff, David, 311, 478

  Satterlee, Herbert L., 31, 34, 79, 125, 212

  Saturday Review of Literature, 278

  Saud, King, 606

  Saudi Arabia, 543, 604–10

  Saudi Arabian Bechtel Company, 606

  Saudi Arabian Monetary Agency (SAMA), 606, 607, 608, 609

  Saudi International Bank, 608–609

  Saunders, Ernest (né Schleyer), 679–84, 686, 688

  Saunders, Thomas A., III, 627, 661, 662–63, 695, 697

  Saxon, James J., 537

  Schacht, Dr. Hjalmar Horace Greeley, 69, 250, 327, 339, 477–79

  described, 393

  downfall of, 398–99, 439

  Norman and, 393–94, 398, 434, 478

  Nuremberg trials and, 393, 478–79

  Sarnoff and, 311, 478

  Young Plan and, 310–12, 392–99, 478

  Schenley Industries, 683, 688

  Schieffelin, William Jay, 109, 369

  Schiff, Jacob, 131, 149, 156, 177, 235

  Northern Pacific corner and, 88–92

  World War I and, 195–97, 199

  Schiff, Mortimer, 289

  Schley, Grant B., 128

  Schlumberger, 561

  Schoales, Dudley, 518

  Scholtz, Frederick H., 586

  Schreyer, William, 700

  Schröder, House of, 236, 524


  Schuschnigg, Kurt von, 478

  Schwab, Charles M., 83–86, 114, 191, 200

  Schwab and Company, Friedrich, 548, 549

  Schwarz, Frederick A. O., 413

  Seagram’s, 632

  Sears, Roebuck, 89, 595

  Securities Act of 1933, 376, 378

  Securities and Exchange Commission (SEC), 379, 390, 421, 471, 514, 548, 563, 602, 629, 661

  insider trading and, 562, 565, 567, 685–86, 713

  Rule U-50, 417

  Securities and Investment Board, 688

  Securities Exchange Act (1934), 379

  Securities Industry Association, 663

  Seelig, Roger, 676–79, 681, 682–84, 686, 687, 688

  Seligman, Henry, 154

  Seligman, Joseph, 30, 34, 36, 90

  Seligman, Theodore, 47–48

  Selznick, David O., 423

  Senate Banking and Currency

  Committee, 352–53, 359–60, 374, 620, 717–18; see also Pecora hearings

  Sharp, Dale, 534

  Shawcross, Lord Hartley William, 578

  Shearson Lehman, 663, 701, 711

  Shearson Lehman Hutton, 702

  Sheffield, James R., 293

  Shelf registration, see Rule 415

  Shell Oil, 500, 520, 521, 523, 631

  Sherman Antitrust Act, 106, 128, 130

  Sherman Silver Purchase Act of 1890, 72

  Sherry, Louis, 121, 169

  Shinn, Dick, 620

  Shinn, George, 602

  Shipley, Brown, 524

  Shipping trust, 100–103, 145–47

  Short selling, 351–53, 415

  Shultz, George, 642

  Shuman Agnew and Company, 622

  Siemens Brothers, 100, 590

  Simon, Sir John, 399

  Simon, William, 620, 624

  Simpkin, Thomas W., 211–12

  Simpson, Thacher, and Barnum, 289, 290

  Sinclair Oil, 241

  Singer Company, 548, 624

  Sing Sing prison, 428–29

  Skadden, Arps, Slate, Meagher and Flom, 599–600, 629, 707

  Sloan, Alfred P., Jr., 224, 415, 562

  Smalley, George, 17, 27–28

  Smith, Adam, 700

  Smith, Alfred, 309

  Smith, Bernard E. “Sell ’Em Ben,” 351

  Smith, Lancelot, 272

  Smith, Randal Hugh Vivian (Rufus) (second Lord Bicester), 431, 520–21, 569

  Smith, Lady Sybil, 98, 104, 105, 460

  described, 246, 272–73

  Smith, Sydney, 5–6

  Smith, Vivian Hugh (Lord Bicester), 98, 104, 105, 146, 246, 354, 520, 521, 525

  described, 272–73, 431

  World War II and, 438, 460, 461

  Smith and Company, Edward B., 418

  Smith, Barney, 418, 470, 502, 504, 551, 601, 629

  Smith College, 261, 290, 446

  Smithkline Beckman, 709

  Smuts, Jan, 207, 278

  Snowden, Philip, 251, 329, 330

  Snyder, John, 491

  Solomon, Anthony M., 645, 656

  Sonoda, Saburo, 342

  Sony, 552, 557

  Southern Pacific Railroad, 88

  South Manchuria Railway, 338–41

  Soviet State Bank, 589

  Soviet Union, 183–84, 195, 196, 199, 210, 437, 490, 545, 589, 613, 614, 673, 715

  Marshall Plan and, 488

  UN delegation, 474

  Spanish-American War, 80

  Spanish Civil War, 402–403, 407

  Speer, Albert, 394, 399, 478

  Spencer, Samuel, 69

  Spens, Lord, 682, 684

  Speyer & Co., 74

  Spirit of St. Louis, The, 291, 292

  Sprague, Irvine, 659, 660

  Springer, Axel, 612

  Spring-Rice, Sir Cecil Arthur, 187, 192, 201

  Sproul, Alan, 491

  Stamford, Julian, 670

  Standard Brands, 309, 369, 370

  Standard Oil of California (Socal), 605, 668

  Standard Oil of Indiana, 500

  Standard Oil of New Jersey, 241, 258, 500, 549, 581, 605

  Standard Oil of Ohio, 595, 622

  Standard Oil trust, 90, 130, 154

  Stanfill, Dennis, 633–34

  Stanfill, Francesca, 633–34

  Stanley, Harold, 417–18, 448, 470–71, 501

  Club of Seventeen case, 502, 504, 506

  competitive bidding and, 416, 417

  described, 388–89, 505

  Morgan

  Stanley and, 385–90, 463

  Stanley, Louise, 421, 463

  Stannard, E. Tappan, 495

  Stars and Stripes Forever pool, 352–53

  State Department, U.S., 406, 440, 610, 642, 646

  foreign loans and, 131–37, 216–17, 226, 238–40, 249, 297, 299, 434

  World War I and, 186, 197

  World War II and, 457, 459

  Statesbury, Edward T., 65

  Steagall, Henry, 362

  Stedeford, Sir Ivan, 524

  Steele, Charles, 70, 103, 335, 386, 469

  Steel trust, 81–86, 99–100

  Steffens, Lincoln, 65, 141, 149

  Steichen, Edward, 86

  Stenbeck, Jan, 611–12

  Stephens, Claude, 563, 564

  Sterling Drug, 707–709

  Stetson, Francis Lynde, 73, 74–75, 150

  Stettinius, Edward R., Jr., 441, 511

  Stettinius, Edward R., Sr., 259–60

  Export Department and, 188–91, 197, 202

  insider trading and, 306–307

  Stevens, Sir John, 569, 589, 590, 592, 613, 672

  Arab clients and, 613–14

  death of, 614, 615, 687

  Stewart, Bernard, 472

  Stillman, James, 90–91, 124, 126, 153

  Stimson, Henry L, 339, 347, 352

  Stock-index arbitrage, 699–700, 702

  Stock market crash of 1929, 302–20, 422–23

  bankers’ rescue and, 315–18, 355–56

  Black Thursday, 303, 313, 315–17, 355–56

  bonds and, 303, 304–305

  deal making and, 307–308

  Glass-Steagall Act and, 375–76

  holding companies and, 308–10

  insider trading and, 305–307

  liquidity boom and, 302–303, 307, 313

  margin lending and, 303–304, 314–15

  pre-crash euphoria, 302–303

  reasons for, 275, 302–15

  second stage of, 317–19

  stock pools and, 307

  stocks and, 303–304, 308–10

  Tragic Tuesday, 317–19

  Stock market crash of 1987, 664, 699, 700–702, 717

  Storehouse PLC, 677–78

  Straight, Dorothy Whitney, 134–38, 140, 187, 201, 273

  Straight, Willard Dickerman, 133–38, 187, 201, 345

  Strauss, Frederick, 372

  Strauss, Richard, 114

  Stringher, Bonaldo, 280

  Strong, Benjamin, 123, 124, 127, 144, 208, 218, 228, 247, 323, 491, 690

  British gold standard and, 274–77

  described, 244

  at the Fed, 182, 211, 223, 244–45, 302, 313, 383

  Italian loan and, 277, 282

  Strong, George Templeton, 36

  Strong, Katherine Converse, 182

  Stuart, Harold, 416, 417, 502–503

  Sudameris, 459

  Sudan, 610, 618, 673

  Sudetenland, 437–38

  Suez affair, 529

  Suffragettes, 246, 272–73

  Sugiyama, Satoshi, see Phillips, John

  Sulaiman, Abdullah, 605, 606

  Sullivan and Cromwell, 502, 703

  Sumitomo Bank, 551, 558, 619, 695

  Sumner, William Graham, 288

  Sun Yat-sen, Dr., 136, 232

  Suvich, Fulvio, 402

  Sweet, Robert W., 651–52

  Swiss Bank Corporation, 547

  Switzerland, 547–48

  Sword, Willi
am, 549, 570, 572, 590, 595, 596, 599, 611–12

  Syria, 613, 614

  T

  Tabuchi, Setsuya, 552

  Taft, Robert A., 447, 448, 498

  Taft, William Howard, 130–32, 183, 203, 217

  trustbusting and, 130–31, 148–49

  Takahashi, Korekiyo, 341, 344

  Takeover Panel and Code, 571–73, 576, 577, 578, 678, 687, 689

  Guinness and, 680, 682, 683, 688

  Takeovers, see Hostile takeovers

  Takeshita, Noboru, 655

  Talleyrand, 21

  Tams, J. Frederic, 60

  Taylor, David, 657, 658

  Taylor, Francis Henry, 118

  Taylor, Myron, 371, 409, 455, 457

  Taylor, Telford, 393

  Teagle, Walter, 242, 371

  Teamsters, 588, 669

  Teamsters Central States fund, 669

  Temporary National Economic Committee, 441, 470, 502

  Tenneco, 582, 626

  Tennessee Coal and Iron Company, 126–28, 148

  Tennessee Valley Authority, 447

  Texaco, 533, 543, 549, 595, 605, 625–26, 631

  Texas Air, 667

  Texas Company, 241

  Texas Eastern, 629, 630, 631

  Texas Gulf Sulphur, 422, 562–67, 598

  Texas Instruments, 610

  Thatcher, Margaret, 519, 673, 678, 679, 685, 687–88

  Theobold, Thomas C, 660

  Third Reich, see Nazis

  Thomas, Ransom H., 124–25

  Thomas Cook and Sons, 139

  Thomson, Frank, 54–55

  Thyssen, Fritz, 384, 478

  Tilden, Samuel J., 41

  Tilney, Dr. Frederick, 219

  Time, 317, 400, 527

  Titanic, 101, 146–47, 198, 212

  Tomlinson, Alexander, 505, 553, 595

  Toomey, William D., 607

  Toshiba, 552, 557

  Towbin, L. F. Rothschild Unterberg, 682

  Tracy, Charles, 23, 73

  Traders, 584–86, 656, 662, 665, 674

  stigma attached to, 584, 586, 662

  Transactional banking, 595

  Trans Alaska Pipeline, 622

  Transatlantic cable, 12

  Trans World Airlines, 561

  Treasury Department, U.S., 227, 252, 313, 420–21, 471; see also Mellon, Andrew

  Treaty of Versailles, 207–208, 231, 399, 452

  Trippe, Betty Stettinius, 259

  Trippe, Juan, 259, 543

  Trowbridge and Livingston, 165, 235

  Truman, Bess, 415

  Truman, Harry S, 489

  economic policy, 490–91, 503

  Marshall Plan, 488

  Wheeler hearings and, 412–16

  Truman, Margaret, 414

  Truman administration, 488, 498

  Trustbusters, see Antitrust sentiment

  Trust certificates, 68, 81

  Trust companies, 121–29

  Trust Company of America, 124, 126

  Trusts, 110, 122–23

  farm equipment, 109

 

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