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

by Ron Chernow

  2. NYT, May 17, 1978.

  3. FO, February 17, 1986.

  4. Ibid.

  5. Ibid.

  6. WSJ, June 8, 1989.

  7. II, November 1987.

  8. FO, February 17, 1986.

  9. NYT, July 3, 1984.

  10. BA, August 3, 1987.

  11. Ibid.

  12. NYT, May 18, 1989.

  13. II, November 1987.

  14. Ibid.

  15. Mayer, Markets, p. 60.

  16. TI, November 2, 1987.

  17. WSJ, November 20, 1987.

  18. Ibid., October 7, 1988.

  19. Ibid., October 26, 1987

  20. NYT, September 28, 1988.

  21. Ibid., May 1, 1988.

  22. WSJ, February 2, 1989.

  23. Ibid., March 22, 1988.

  24. Robert V. Lindsay, interview with author.

  25. Lewis T. Preston, interview with author.

  26. FO, April 28, 1986.

  27. Robert G. Engel, interview with author.

  28. NYT, January 23, 1979.

  29. WSJ, March 6, 1989.

  30. NYT, February 7, 1988.

  31. Robert G. Engel, interview with author.

  32. WSJ, January 7, 1988.

  33. Ibid.

  34. Lewis T. Preston, interview with author.

  CHAPTER THIRTY-SIX: SKYSCRAPER

  1. NYDN, September 8, 1988.

  2. NYT, October 27, 1988.

  3. Lewis T. Preston, interview with author.

  4. A..NYT, April 15, 1984.

  5. Patrick and Tachi, Japan and the United States Today, p. 146.

  6. NYT, September 15, 1988.

  7. Robert G. Engel, interview with author.

  8. E, December 5, 1987.

  9. II, February 1982.

  10. Lewis T. Preston, interview with author.

  BIBLIOGRAPHY

  BOOKS AND ARTICLES

  Adams, Frederick B.; Jr. An Introduction to the Pierpont Morgan Library. New York: Pierpont Morgan Library, 1964.

  Adler, Cyrus. Jacob H. Schiff: His Life and Letters. Vol. 1. Freeport, N.Y.: Books for Libraries Press, 1928.

  Alinsky, Saul. John L. Lewis. New York: G. P. Putnam’s Sons, 1949.

  Allen, Frederick Lewis. The Great Pierpont Morgan. 1949. Reprint. New York: Harper &. Row, Perennial Library, 1965.

  ———. The Lords of Creation. New York and London: Harper & Brothers, 1935.

  Andrews, Wayne. Mr. Morgan and His Architect. New York: Pierpont Morgan Library, 1957.

  Attali, Jacques. A Man of Influence: Sir Siegmund Warburg, 1902–82. Translated by Barbara Ellis. London: Weidenfeld & Nicolson, 1986.

  Auletta, Ken. Greed and Glory on Wall Street: The Fall of the House of Lehman. New York: Random House, 1986.

  Barron, Clarence W. They Told Barron: Conversations and Revelations of an American Pepys in Wall Street. Edited by Arthur Pound and Samuel Taylor Moore. New York and London: Harper & Brothers, 1930.

  Baruch, Bernard M. Baruch: My Own Story. New York: Henry Holt, 1957.

  Beebe, Lucius. The Big Spenders. Garden City, N.Y.: Doubleday, 1966.

  Beschloss, Michael R. Kennedy & Roosevelt: The Uneasy Alliance. New York: W. W. Norton, 1980.

  ———. May-Day: Eisenhower, Khrushchev, and the U-2 Affair. New York: Harper & Row, 1986.

  Bilby, Kenneth. David Sarnoff and the Rise of the Communications Industry. New York: Harper & Row, 1986.

  Birmingham, Stephen. “Our Crowd”: The Great Jewish Families of New York. New York, Evanston, and London: Harper & Row, 1967.

  Black, David. The King of Fifth Avenue. New York: Dial Press, 1981.

  Borkin, Joseph. Robert R. Young: The Populist of Wall Street. New York, Evanston, and London: Harper & Row. 1947.

  Bower, Tom. Maxwell: The Outsider. London: Aurum Press, 1988.

  Boyle, Andrew. Montagu Norman. London: Cassell, 1967.

  Bramsen, Bo, and Kathleen Wain. The Hambros, 1779–1979. London: Michael Joseph, 1979.

  Brooks, John. Once in Golconda: A True Drama of Wall Street, 1920–1938. 1969. Reprint. New York: E. P. Dutton, Truman Talley Books, 1985.

  ———. The Seven Fat Years. New York: Harper & Row, 1954.

  ———. The Takeover Game. New York: E. P. Dutton, Truman Talley Books, 1987.

  Bryant, J. S. The Life of the Late George Peabody. Westminster: 1914.

  Burk, Kathleen. “The House of Morgan in Financial Diplomacy—1920–1930.” In The Struggle for Supremacy: Anglo-American Relations in the 1920s, edited by B. J. McKercher. London: Macmillan, 1987.

  ———. Britain, America and the Sinews of War, 1914–1918. London: G. Allen & Unwin, 1985.

  Burner, David. Herbert Hoover: A Public Life. New York: Alfred Knopf, 1979.

  Carnegie, Andrew. The Autobiography of Andrew Carnegie. Boston: Houghton Mifflin, 1920.

  Carosso, Vincent P. Investment Banking in America: A History. Cambridge, Mass., and London: Harvard University Press, 1970.

  ———. The Morgans: Private International Bankers, 1854–1913. Cambridge, Mass., and London: Harvard University Press, 1987.

  Carter, Samuel, III. Cyrus Field. New York: G. P. Putnam’s Sons, 1968.

  Case, Josephine Young, and Everett Needham Case. Owen Young and American Enterprise. Boston: David R. Godine, 1982.

  Cashman, Sean Dennis. America in the Gilded Age. New York: New York University Press, 1984.

  Catto, Thomas Sivewright. A Personal Memoir and a Biographical Note. Edinburgh: T. & A. Constable, 1962. Privately printed.

  Cecil, Lamar. Albert Ballin. Princeton, N.J.: Princeton University Press, 1967.

  Chandler, Lester V. Benjamin Strong: Central Banker. Washington, D.C.: Brookings Institution, 1958.

  Chapple, William Dismore. George Peabody: An Address. Salem, Mass.: Pea-body Museum of Salem, 1933.

  Cherny, Robert W. A Righteous Cause: The Life of William Jennings Bryan. Boston and Toronto: Little, Brown, 1985.

  Ciano, Galeazzo. The Ciano Diaries. Garden City, NY.: Doubleday, 1946.

  Clarke, Stephen V. O. Central Bank Cooperation—1924–31. New York: Federal Reserve Bank of New York, 1967.

  Clay, Sir Henry. Lord Norman. London: Macmillan, 1957.

  Clews, Henry. Twenty-Eight Years in Wall Street. New York: J. S. Ogilvie, 1887.

  Cochran, Bert. Harry Truman and the Crisis Presidency. New York: Funk & Wagnalls, 1973.

  Colby, Gerald. DuPont Dynasty. 1974. Reprint. Secaucus, N.J.: Lyle Stuart, 1984.

  Cole, Wayne S. Charles A. Lindbergh and the Battle against American Intervention in World War II. New York: Harcourt Brace Jovanovich, 1974.

  ———. Roosevelt and the Isolationists, 1932–45. Lincoln and London: University of Nebraska Press, 1983.

  Cowles, Virginia. The Astors: The Story of a Transatlantic Family. London: Weidenfeld & Nicolson, 1979.

  Corey, Lewis. The House of Morgan: A Social Biography of the Masters of Money. New York: G. Howard Watt, 1930.

  Cray, Ed. Chrome Colossus: General Motors and Its Times. New York: McGraw-Hill, 1980.

  Croly, Herbert. Willard Straight. New York: Macmillan, 1924.

  Cruikshank, Jeffrey L. A Delicate Experiment. Boston: Harvard Business School Press, 1987.

  Dalton, Hugh. The Second World War Diary of Hugh Dalton, 1940–45. Edited by Ben Pimlott. London: Jonathan Cape, 1986.

  Daniel, Clifton. Chronicle of the 20th Century. Mount Kisco, NY.: Chronicle Publications, 1987.

  Davie, Michael. Titanic: The Death and Life of a Legend. New York: Alfred A. Knopf, 1987.

  Davis, Kenneth S. The Hero: Charles A. Lindbergh and the American Dream. Garden City, N.Y.: Doubleday, 1959.

  Davis, L. J. Bad Money. 1982. Reprint. New York and Scarborough, Ontario: New American Library, A Mentor Book, 1983.

  Diggins, John P. Mussolini and Fascism: The View from America. Princeton: Princeton University Press, 1972.

  Donovan, Robert J. Tumultuous Years: The Presidency of Harry S. Truman 1949–53. New York
: W. W. Norton, 1982.

  Egan, Edward W., Constance B. Hintz, and L. F. Wise, eds. Kings, Rulers and Statesmen. New York: Sterling, 1976.

  Emerson, Stephen. The House of Saud. New York: Franklin Watts, 1985.

  Fairbank, John King. The Great Chinese Revolution—1800–1985. 1986. Reprint. New York: Harper & Row, Perennial Library, 1987.

  Fallon, Ivan, and James Srodes. Takeovers. London: Hamish Hamilton, 1987.

  Fay, Stephen. Portrait of an Old Lady: Turmoil at the Bank of England. New York: Viking Penguin, 1987.

  Ferretti, Fred. The Year the Big Apple Went Bust. New York: G. P. Putnam’s Sons, 1976.

  Ferris, Paul. The Master Bankers. 1984. Reprint. New York and Scarborough, Ontario: New American Library, A Plume Book, 1984.

  Fogarty, Charles F. The Story of Texasgulf. New York: Newcomen Society in North America, 1976.

  Forbes, John Douglas. J. P. Morgan, Jr., 1867–1943. Charlottesville: University Press of Virginia, 1981.

  ———. Stettinius, Sr.: Portrait of a Morgan Partner. Charlottesville: University Press of Virginia, 1974.

  Ford, Gerald. A Time to Heal. New York: Harper & Row and Reader’s Digest, 1979.

  Freedman, Max, ed. Roosevelt and Frankfurter: Their Correspondence, 1928–1945. Boston: Little, Brown, 1967.

  Friedman, Milton, and Rose Friedman. Free to Choose: A Personal Statement. New York: Harcourt Brace Jovanovich, 1980.

  Galbraith, John Kenneth. The Great Crash. Boston: Houghton Mifflin, 1972.

  Gardner, Richard N. Sterling Dollar Diplomacy in Current Perspective. NewYork: Columbia University Press, 1980.

  Garraty, John A. Right-Hand Man: The Life of George W. Perkins. New York: Harper & Brothers, 1957.

  Gifford, T. J. Letters from America, 1939–41. Edinburgh: T. & A. Constable, 1969.

  Glad, Paul W. McKinley, Bryan, and the People. Philadelphia and New York: J. P. Lippincott, 1964.

  Gleisser, Marcus. The World of Cyrus Eaton. New York: A. S. Barnes, 1965.

  Gordon, John Steele. The Scarlet Woman of Wall Street. New York: Weidenfeld & Nicolson, 1988.

  Greider, William. Secrets of the Temple: How the Federal Reserve Runs the Country. New York and London: Simon & Schuster, 1987.

  Guaranty Trust Company of New York. Employee Handbook. New York: Guaranty Trust, n.d. Morgan Guaranty Trust Library, New York. Haines, Joe. Maxwell. Boston: Houghton Mifflin, 1988.

  Halberstam, David. The Reckoning. New York: William Morrow, 1986.

  Hale, David H. Britain and Japan as the Financial Bogeymen of U.S. Politics, or Comparison between the Presidential Elections of 1896 and 1988. Chicago: Kemper Financial Services, 1987.

  Hamilton, Adrian. The Financial Revolution. New York: The Free Press, 1986.

  Harbaugh, William H. Lawyer’s Lawyer: The Life of John W. Davis. New York: Oxford University Press, 1973.

  Hendrick, Burton J. The Life of Andrew Carnegie. 2 vols. Garden City, N.Y.: Doubleday, Doran, 1932.

  Herndon, Booton. Ford. New York: Weybright & Talley, 1969.

  Hidy, Muriel. George Peabody: Merchant and Financier, 1829–1854. New York: Arno Press, 1978.

  Hidy, Ralph W. The House of Baring in American Trade and Finance. Cambridge, Mass.: Harvard University Press, 1949.

  Hinton, Longstreet, John M. Meyer, Jr., and Thomas Rodd. Some Comments about the Morgan Bank. 1979. Reprint. New York: Morgan Guaranty Trust, 1985.

  Hocking, Anthony. Oppenheimer and Son. Johannesburg: McGraw-Hill, 1973.

  Hoffman, Paul. The Deal Makers: Inside the World of Investment Banking. Garden City, N.Y.: Doubleday, 1984.

  Hoopes, Roy. The Steel Crisis. New York: John Day, 1963.

  Hoover, Herbert. The Memoirs of Herbert Hoover. Vol. 2, The Cabinet and the Presidency, 1920–1933. New York: Macmillan, 1952.

  Hovey, Carl. The Life Story of J. Pierpont Morgan. New York: Sturgis & Walton, 1912.

  Howland, Hewitt H. Dwight Whitney Morrow. New York: Century, 1930.

  Hoyt, Edwin P., Jr. The House of Morgan. New York: Dodd, Mead, 1966.

  ———. The Peabody Influence. New York: Dodd, Mead, 1968.

  Hughes, Jonathan. The Vital Few: American Economic Progress and Its Protagonists. Boston: Houghton Mifflin, Riverside Press Cambridge, 1966.

  Hulderman, Bernhard. Albert Ballin. London, Cassell, 1922.

  Hyde, H. Montgomery. Lord Reading: The Life of Rufus Isaacs, First Marquess of Reading. New York: Farrar, Straus & Giroux, 1967.

  Ickes, Harold L. The Secret Diary of Harold L. Ickes: The First Thousand Days, 1933–1936. New York: Simon & Schuster, 1953.

  ———. The Secret Diary of Harold L. Ickes: The Inside Struggle, 1936–1939. New York: Simon & Schuster, 1954.

  Institutional Investor. The Way It Was: An Oral History of Finance: 1967–87. New York: William Morrow, 1988.

  Isaacson, Walter, and Evan Thomas. The Wise Men: Six Friends and the World They Made. New York: Simon & Schuster, Touchstone Books, 1986.

  Jackson, Stanley. J. P. Morgan: The Rise and Fall of a Banker. London: William Heinemann, 1983.

  Jay, N. D. Morgan & Cie. 1968. Morgan Guaranty Trust Library, New York.

  Jensen, Michael C. The Financiers. New York: Weybright & Talley, 1976.

  Johns, A. Wesley. The Man Who Shot McKinley. South Brunswick and New York: A. S. Barnes, 1970.

  Johnson, Chalmers. MITI and the Japanese Miracle: The Growth of Industrial Policy, 1925–1975. Stanford, Calif.: Stanford University Press, 1982.

  Johnson, Donald Bruce. Wendell Willkie and the Republican Party. Urbana: University of Illinois Press, 1960.

  Johnston, Moira. Takeover: The New Wall Street Warriors. New York: Arbor House, A Belvedere Book, 1986.

  Josephson, Matthew. The Money Lords: The Great Finance Capitalists, 1925–1950. New York: Weybright & Talley, 1972.

  ———. The Robber Barons: The Great American Capitalists, 1861–1901. NewYork: Harcourt, Brace, 1934.

  Kaplan, Gilbert E., and Chris Welles. The Money Managers. New York: Random House, 1969.

  Kellett, Richard. The Merchant Banking Arena. New York: St. Martin’s Press, 1967.

  Kessler, Ronald. The Richest Man in the World: The Story of Adnan Khashoggi. New York: Warner Books, 1986.

  Kettl, Donald. Leadership at the Fed. New Haven, Conn.: Yale University Press, 1986.

  Kiernan, Thomas. Citizen Murdoch. New York: Dodd, Mead, 1986.

  Kindleberger, Charles P. The World in Depression, 1929–1939. Berkeley and Los Angeles: University of California Press, 1973.

  Klein, Maury. The Life and Legend of fay Gould. Baltimore: Johns Hopkins University Press, 1986.

  Kneisel, William J. Morgan Stanley & Co., Inc: A Brief History. New York: Morgan Stanley, 1977.

  Kobler, John. Otto the Magnificent. New York: Charles Scribner’s Sons, 1988.

  Kochan, Nick, and Hugh Pym. The Guinness Affair: Anatomy of a Scandal. London: Christopher Helm, 1987.

  Kolko, Gabriel. Railroads and Regulation, 1877–1916. New York: W. W. Norton, 1965.

  Kraft, Joseph L. The Mexican Rescue. New York: Group of Twenty, n.d.

  Lamont, Corliss. Yes to Life: Memoirs of Corliss Lamont. New York: Horizon Press, 1981.

  ———, ed. The Thomas Lamonts in America. South Brunswick and New York: A. S. Barnes, 1962.

  Lamont, Thomas W. Across World Frontiers. New York: Harcourt, Brace, 1951.

  ———. Henry P. Davison: The Record of a Useful Life. New York and London: Harper & Brothers, 1933.

  Lampert, Hope. Behind Closed Doors: Wheeling and Dealing in the Banking World. New York: Atheneum, 1986.

  Lash, Joseph P. Dealers and Dreamers. New York: Doubleday, 1988.

  Leffingwell, Russell C. Memorial of Charles Steele. New York: Association of the Bar of New York, 1940.