Bernard Baruch: The Adventures of a Wall Street Legend

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Bernard Baruch: The Adventures of a Wall Street Legend Page 46

by James Grant


  stock options of 100, 149

  “surprise party in print” for 391

  titles of 4, 108, 181, 296, 330, 336, 352, 356, 358

  trading commissions of 27, 32, 83, 95, 96, 109

  trustworthiness of 29

  unethical practices of 88–89

  vanity of 1, 5, 202–203, 324, 371–372

  weight loss of 169, 398

  Baruch, Bernard Mannes, Jr. (son) 114, 116, 401

  Baruch, Bernhard (grandfather) 4

  Baruch Brothers 118, 131, 170

  Baruch College (New York) 16

  Baruch family

  as close-knit 72

  boardinghouse rooms of 10–11

  Camden home of 6

  Baruch, Hartwig (brother) 72, 88, 100, 111

  as aspiring actor 31, 37

  Baruch defended by 131–132

  birth of 5

  brokerage firm of 118

  childhood of 7–9, 11–12

  Baruch, Herman (brother) 2–3, 7, 11, 85, 158, 294, 328

  at H. Hentz & Company 268

  birth of 5

  brokerage firm of 118

  diplomatic posts of 363, 384

  Baruch, Herman (uncle) 24

  Baruch, Isabelle Wolfe

  overcoats and 10, 204

  servants and 14, 169, 202, 210, 217, 238, 378

  Baruch, Isabelle Wolfe (mother 16, 32, 68, 72, 82, 87, 112, 397

  Baruch’s career choice and 21–24, 26

  Baruch’s marriage and 36–37, 61

  Beruch’s defense of her name 19

  birth of 4–5

  Camden gun incident and 9–10

  club memberships of 6, 14

  marriage of 4

  overcoats purchased by 10–11

  religious appetites of 7–8

  servants and 3, 14

  views on sex and the family 14–15

  Baruch, Renée (daughter) 116, 217

  Baruch Report 353

  Baruch, Sailing (brother) 7, 11, 62–63, 86, 88, 103–104

  Baruch, Sailing W., & Company 267

  Baruch, Simon (father) 4, 6, 10, 16, 21, 28, 61, 87–88, 94, 112, 234

  as experimental farmer 7

  Baruch’s gambling and 22

  Baruch’s investment advice to 31–32

  Baruch’s sharing of wealth with 72–73

  career accomplishments of 12–14

  death of 397

  early medical career of 2–3

  European trips of 24, 85–86

  illness of 224

  immigration question and 180

  Ku Klux Klan and 8–9

  marriage of 5

  meeting with future wife 3

  retirement trust of 72

  severity of 6

  Baruch, Theresa Gruen (grandmother) 3–4, 85

  Baruch the Scribe 4

  baths, public 12–13

  Baum, Mannes 2, 4–5

  Beatty, A. Chester 92

  Beecher, Henry Ward 14, 325

  Bellamy, Frederick 160

  Belmont, August 53, 119, 125

  Belmont Park 119, 335

  Beneš, Eduard 204

  Bennet, William S. 166

  Berlin, Irving 280

  Bethlehem Steel Corporation 283

  Bethmann-Hollweg, Theobald von 165, 173

  Big Hill (sulphur site) 146–150, 153, 156

  Bingham, Robert W. 93, 107, 145, 235

  Black, John 118, 156

  blacks

  in Baruch’s childhood 6, 8

  in Hobcaw 115

  in New York City 10, 41

  Ku Klux Klan and 255

  slavery 8

  Black Thursday 213, 280, 282–283

  Blake, Katherine Devereux 12

  Bloom, Blanch 157

  Blue Eagle from Egg to Earth, The (Hugh Johnson) 315

  Blyth & Company 278

  Bolling, R. Wilmer 166

  bonds, bond market 53, 55, 63, 109, 160, 288, 293, 297, 316, 325, 356

  commissions in 32, 91, 156

  copper in 91–93, 105–106, 145, 232, 284, 294

  gold-clause 322

  in railroads 49–52, 133–137, 139–143, 147, 150, 251, 295

  in sulphur 152, 154–156

  Liberty 180, 186, 232, 331

  long-term vs. short-term maturity in 51–52

  risk of default in 51

  sale of to governments 217

  state 236

  Bonnet, Georges 318, 347

  Borah, William E. 4, 227

  Boston News Bureau 101, 123, 128

  Bostwick, A. C. 111

  boxing 25

  Boyle, Mary 157, 196, 210, 258, 275, 288

  death of 394

  Braden Copper Mines Company 105

  Bradley, Fred W. 108

  Bradley, Philip 300

  Brazil 297

  Brearley School (New York) 116

  Broad Street (New York) 46, 57, 87, 94, 283

  Brookings Institution 313, 340

  Brookings, Robert S. 189, 203, 314

  Brooklyn Manhattan Transit Company 294, 317, 337

  Brooklyn Rapid Transit Company (BRT) 40, 59, 70

  Brooklyn Union Gas Company 27

  Broun, Heywood 115, 325

  Browne, Spencer 145, 147

  Bryan, Charles W. 257

  Bryanmound (sulphur site) 145, 147–148, 150

  Bryan, William Jennings 39, 125, 257

  bucket shops 31, 44

  bull market

  McKinley 47

  bull markets 44, 62, 73, 99, 161, 261, 264, 266, 269, 279, 293, 392

  collapse of 164

  Flower and 69–70

  Harriman 74, 101

  in government 186

  McKinley 26, 42, 179

  “Buna” rubber program 352

  Burger, William H. 57

  Burrill, Middleton Schoolbred 28–29, 103, 127–129, 293

  Busch, Adele 331

  “Businessman’s Commission” 162

  Butler, George 65

  Butler, Nicholas Murray 281

  Butler, William 64–65

  Byrd, Harry 387

  Byrnes, James F. 208, 330, 331, 337, 350, 364, 391, 398

  and appointment of Baruch to head War Production Board 357–361

  atomic policy and 368–369, 373, 376, 381, 401

  C

  Cadogan, Sir Alexander 369

  call options, rights granted by 79

  Camden, SC

  Baruch birthplace in 36

  Baruch’s childhood in 2–12

  dueling in 10

  Campbell, Thomas 6, 350

  Canadian Pacific Railroad 97

  Cantine, Captain 3–4

  capital 11, 34, 48, 55, 89, 93, 102, 107, 108, 109, 126, 136, 141, 143, 145, 149, 155–157, 182, 202, 232, 234, 272, 277, 359, 370

  venture 88, 254

  Walker on 18

  capitalism 99, 180, 364, 370

  Baruch as opponent of 161, 330

  Carnegie Steel Company 135

  Carteret, John, Lord 112–113

  Cash, Boggan 10

  Catholics, Ku Klux Klan vs. 256

  Catledge, Turner 357

  Cecil, Robert 218

  cellular therapy 399

  Census, US 13, 54

  Central Trust 170

  Chadbourne, Thomas L. 256, 260, 269, 294

  Chamberlain, George E. 193–194

  Chambers, Whittaker 375

  Charles II, King of England 112

  Charlotte, Columbia & Augusta Railroad 8, 133

  Chicago, Burlington & Quincy Railroad 73

  Chicago Daily News 312

  Chicago & Northwest Railroad 51

  Chicago Tribune 231

  Chile

  as source of nitrates 187, 193

  copper in 105, 107, 172

  Chile Copper Company 107

  China 108, 210, 348, 399

  Chisolm, W. B. 108

  Christian Endeavor Societies 43

 
Chronicle Magazine 180, 419

  Chrysler, Walter P. 269

  Chuquicamata mine 107

  Churchill, Winston 207, 274, 275, 281, 284, 286–288, 301, 324, 337, 360, 365, 395

  City College (New York) 33, 118, 160, 401

  Baruch as trustee of 124, 126

  description of 16–17

  Civil War, US 2, 5, 11

  Clark, Bennett 382

  Clemenceau, Georges 240

  Cleveland, Grover 53, 124

  Clews, Henry 70

  Coal Administration 183, 196

  Coblentz, E. D. 397

  Coca-Cola 288

  Cochran, Thomas 267

  coffee market 98

  Coffin, Howard E. 163

  Cohen, Deborah Marks (great-grandmother) 5

  Cohen, Fischel (great-uncle) 124

  Cohen, Hartwig (great-grandfather) 5

  College Journal 19, 21

  Colorado 24, 55, 86, 127, 226

  Colorado & Southern Railroad 86

  Columbian Exposition (1893) 39

  Columbia University 12, 281, 382

  Columbia University College of Physicians and Surgeons 12

  Combination Mines 99

  Commercial & Financial Chronicle 27, 142

  Committee on Atomic Energy 371

  Committee on Public Information 180

  commodities 52, 300, 320

  Baruch’s ignorance of 97

  in defense effort 181, 185, 192, 215

  Communism 250. See also Soviet Union

  Compton, Karl T. 352

  Conant, James B. 352

  Congressional Medal of Honor 19, 382

  Congress, US 52, 129, 130, 167, 188, 212, 224, 226, 306, 309, 351, 354, 387, 392

  agriculture and 122, 234–236

  conduct of war investigated by 190

  New Deal and 308, 316, 322

  Consolidated Gas 244, 264, 294

  Consolidated Stock Exchange 29–30

  Content, Harry 36, 59, 71, 81–82, 89, 127, 164

  Continental Rubber Company 104

  Continental Tobacco Company 66

  Coolidge, Calvin 237, 240, 258, 264, 266, 311

  copper 48, 55, 83–84, 91, 145, 163, 200, 232, 280, 281, 345–346, 395

  attempt at monopolizing 80

  effects of Panic of 1907 on 101–102

  in Chile 105, 107, 172

  Jackling’s idea for mining of 92–93

  Corcoran, Edward 183

  Corcoran, Thomas G. 343

  Cosden, Joshua 243–244

  cotton 6–8, 97, 159, 200, 235, 283, 296

  Coughlin, Charles E. 329, 333

  Council of National Defense 163, 166, 181

  Cox, James M. 257, 258, 318

  credit 32, 35, 141, 152, 185, 235, 270–271, 276, 290, 298–300, 306–307

  Crocker, William 98

  Crozier, William 188–189, 193

  Cuba Cane Sugar 172

  Cummings, Homer 316

  Cunliffe, Lord 223

  Curb Exchange 42, 54, 66, 108, 285

  currency 298

  disorganization of 56–57

  mining issues in 54, 91–92, 99, 108

  New York Stock Exchange and 91–92

  cursing, fines for 44

  “Curtis, A.” 166, 168–169, 170

  Cyprus Mines Corporation 157, 345

  D

  Daniels, Josephus 163, 188, 194–195, 204, 261, 320

  Daughters of the Confederacy 6, 14, 395

  Davis, Henry C. 85

  Davis, John W. 254, 257, 259

  Davis, Norman H. 211

  Davison, Henry P. 155

  Dawes, Charles G. 186

  Dean, Patrick 401

  Dearborn Independent 232

  Defense Coordination Board 336

  Defense Production Act (1950) 387

  deFrece, Abram B. 26

  Delano, Frederic A. 137

  Democratic National Committee 126, 194, 210, 250

  Democratic National Convention

  1912 125

  1924 254

  Democratic Senatorial Campaign Fund 260

  Democrats, Democratic Party 53, 206, 211, 250, 259, 261, 321, 384

  in election of 1912 125–127

  in election of 1924 237, 252–253, 257

  in election of 1932 199, 303–304, 309

  depression 49–50, 237, 290, 364

  Keynes on 18

  of 1893-1896 39, 47, 52

  Depression, Great 326–328

  Baruch’s reactions to 287–301

  Crash of 1929 and 282–286

  Hugh Johnson’s views on 292–293

  Desvernine, Raoul E. 348

  Dewey, Thomas E. 384, 391

  de Witt, Charlie 81

  Dillon, Clarence 199

  Dillon, Read & Company 241

  discount rate 271, 273

  Dix, Morgan 46

  Dodge Brothers Company 241

  Dodge, Cleveland H. 126

  Dodge, John 206

  Dodsworth (Lewis) 325

  Doheny, Edward L. 252–254

  dollar, the

  devaluation of 109, 276, 309–310, 321–323

  gold and 52, 109

  Dolphin (slave vessel) 5

  Donaldson, John Henry 113

  Donaldson, Robert James 113

  Donaldson, Sidney T. 113

  Dow, Charles H. 283

  Dow Jones Industrial Average 48, 59, 120, 161, 164, 266, 273, 279, 392

  Dow Jones Rail index 89

  Drake, John A. 40–41

  Dubuque & Sioux City Railroad 74

  Duke, James B. 64–65, 67

  Dulles, John Foster 222, 223, 228

  Dunne, Finley Peter 130

  Du Pont Company 189

  du Pont, Pierre S. 189

  Durham Tobacco Company 65

  E

  Early, Stephen 338, 341

  East Lynne 31, 37

  Eastman, George 298

  Eberstadt, Ferdinand 357, 359, 371, 376, 401

  Economic Consequences of the Peace, The (Keynes) 227

  Economy Act (1933) 308

  Edey, Fred 30

  Edey, Fred, & Company 170

  Edward Mandell House 126

  Einstein, Alfred C. 147–157, 162

  election of 1896 39

  election of 1912 43, 129–130, 159, 251

  election of 1916 160

  election of 1920 229, 232, 251, 258

  election of 1924 245, 251, 254–255, 257, 303, 385

  election of 1928 264–265

  election of 1932 199, 275–276, 303–304, 306, 309

  election of 1944 25

  Eliot, Charles W. 160

  Epstein, Harold 400

  Epstein, Virginia Wolfe (cousin) 14

  “Equality for Agriculture” (Peek and Johnson) 237

  Erie Railroad 74

  Esquire 116

  Essary, J. Fred 177

  Extraordinary Popular Delusions and the Madness of Crowds (Mackay) 101, 301

  F

  Fall, Albert B. 252

  Federal Bureau of Investigation (FBI) 381, 395, 397

  Federal Reserve Bank of New York 176, 270, 273

  Federal Reserve Board 171, 184, 251, 271, 295

  Federal Reserve System 42, 161

  inflation and 51, 271

  paper money issued by 298

  Federation of Jewish Societies 274

  Feis, Herbert 318–319

  feminism 14

  Field, Carter 326

  Field, Jake 26, 87, 192

  Fisher, Irving 280

  Fish, Hamilton 347

  Fitzsimmons, Bob 25, 183

  Fleischmann, Raoul 311, 351

  Flemming, Robert 140

  Flower & Company 70

  Flower, Roswell Pettibone 69–70

  Ford, Henry 232, 249, 325

  Ford Motor Company 267, 304

  Fortune 288, 321

  Fourteen Points 211, 214, 377

  France 4, 80, 200,
205, 230, 240, 278, 318, 384, 391

  anarchist bombing in 46

  in peace negotiations 209–211, 222

  in World War II 336

  Frankfurter, Felix 359

  Freeport Sulphur Company 148

  free trade 214, 218, 272

  Frick, Henry Clay 40–41, 50, 101

  Friday the Thirteenth (Lawson) 60

  Friedman, Milton 271

  Fulbright, J. William 392–393

  Fuller, Melville B. 130

  G

  Galbraith, John Kenneth 392–393

  Gallagher, Buell 401

  gambling

  Baruch and 22–23, 399

  Morgan’s views on 156

  Stock Exchange and 43, 58

  Garner, John N. 310–311

  Garrett, Garet 122, 239–240, 246

  Gary, Elbert Henry (Judge) 206, 224, 264

  Gates, John W. 40, 78

  Gaynor, William 124, 125

  General Electric Company 47, 93

  General Motors 267, 271, 294, 304

  George Washington, SS 209, 223–224

  Gerard, James 126

  Germany 2, 4, 126, 193, 297, 339, 345, 346, 362

  Baruch’s views on 214–215, 234, 364

  Nazism in 134, 223, 248, 344–345, 350

  reparations question and 211, 221–229, 272–273, 368

  Glass, Carter 209, 226, 309, 315, 321, 331

  Godfrey, Hollis 163

  Goelet, Robert 140

  gold 24, 37, 46, 54, 73, 94, 113, 123, 184, 193, 210, 290, 374, 393

  Baruch’s purchasing of 109, 297–301, 313

  clauses 322–323

  England and 293–295

  mining of 109, 265, 300

  surrendering of 308–311

  Goldfield Consolidated Mines 98

  Goldman Sachs Trading Corporation 270, 285

  gold standard 52–53, 73, 124, 271, 297, 316, 318–324

  Gompers, Samuel 163, 195

  Gore, Albert 360

  Gould, George 135

  Gould, Jay 60, 135

  Grace, Eugene 269

  Granberry, W. H. 45

  Grayson, Cary T. 119, 213, 219–220, 224, 288

  as horse breeder 238–240

  death of 334

  Great Britain

  gold standard and 271, 297, 318

  in peace negotiations 207

  in World War II 336

  Great Northern Railroad 74

  Greene Consolidated 91

  Gregory, Thomas W. 115

  Gresham’s Law 52

  Grew, Joseph C. 212, 217

  Gridiron Dinner (1941) 340

  Griffen, Annie. See Baruch, Annie Griffen (wife)

  Griffen, Benjamin (father-in-law) 33, 118

  Griffen, Mrs. Benjamin (mother-in-law) 34

  Gromyko, Andrei 378–379, 382

  Groves, Leslie 372

  Gruenther, Alfred M. 388

  Gruen, Theresa. See Baruch, Theresa Gruen

  guayule bushes, rubber extracted from 105

  Guggenheim, Ben 93

  Guggenheim, Daniel 22, 95, 103–104, 200

  Guggenheim family 92–93

  Guggenheim, Meyer 93

  Guggenheim, Simon 264, 269

  Guggenheim, Solomon 96

  Gulf States Steel 264

  H

 

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