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