By Susie J. Pak
Gentlemen Bankers investigates the social and financial circles of 1 of America’s most famed and influential financiers to discover how the Morgan family’s strength and status stemmed from its targeted place inside of a community of neighborhood and foreign relationships.
on the flip of the 20 th century, deepest banking was once a private company during which company relationships have been an announcement of id and recognition. In an period while ethnic and spiritual changes have been said and anti-Semitism was once ordinary, Anglo-American and German-Jewish elite bankers lived of their respective cordoned groups, seldom interacting with each other open air the enterprise realm. satirically, the tacit contract to keep up separate social spheres made it more uncomplicated to cooperate in simply monetary concerns on Wall road. yet as Susie Pak demonstrates, the Morgans’ extraordinary dating with the German-Jewish funding financial institution Kuhn, Loeb & Co., their most powerful competitor and likewise a big collaborator, used to be entangled in ways in which went a long way past the pursuit of mutual profitability.
Delving into the files of many Morgan companions and legacies, Gentlemen Bankers attracts on never-before released letters and testimony to inform a heavily centred tale of ways fiscal and political pursuits intersected with own rivalries and friendships one of the Wall highway aristocracy throughout the first half the 20 th century.
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Extra info for Gentlemen Bankers: The World of J. P. Morgan
119 In 1913 after the first articles were published, Morgan partner Thomas W. 120 A protégé of Morgan senior partner Henry P. Davison, Lamont started at Bankers Trust and moved to First National Bank when Davison became a Morgan partner. Â€Morgan & Co. 121 A native-Â� born son of a Methodist minister of Scotch-Â�Irish extraction, Lamont was raised in the Hudson Valley of New York and educated at Philips Exeter Academy and Harvard University. Having written for the Harvard Crimson, Lamont began his career in journalism and never lost his interest in the power of mass communication.
Though he did not completely agree with the Morgans with regard to voting trusts or holding companies (he did not like them), offering participations to individuals in syndicates (Kuhn, Loeb did rarely), or holding corporation deposits (Kuhn, Loeb did not do so), Schiff’s emphasis on individual freedom and character was entirely consistent with the Morgans. “We do not make brains,” he G e n t l e m e n B a n k i n g B e f o r e 1914 35 said. ”97 Jack Morgan cabled his father, “Jacob H. Schiff on stand yesterday; made admirable witness.
For his part, once he took the stand, Morgan was unfailingly polite and frank when it came to giving testimony. Fundamentally, he acted like someÂ� Â�one in charge, and he was not afraid to name names or be held accountable unlike many of the other witnesses. 85 Though he could not remember every detail or transaction, he did not act as though he was deliberately evasive and thus, he was not treated as a hostile witness. It is difficult to say if Untermyer reciprocated Morgan’s attitude because Morgan was who he was or because Morgan behaved in a manner unlike other witnesses.
Gentlemen Bankers: The World of J. P. Morgan by Susie J. Pak