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The First Tycoon: The Epic Life of Cornelius Vanderbilt (Pulitzer Prize Winner)
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When Clark died after a short illness in the spring of 1873, his brokers liquidated his UP holdings, causing a sharp price drop. Gould’s broker snapped it up, and Gould unexpectedly found himself in a control position. It was only at that point, he said, that he learned that the road had serious problems, including $5 million in unsecured call debt
... See moreCharles R. Morris • The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy
North of Mackay lay the principality of Childs Frick, son of Henry Clay Frick, baron of coal and coke, who had gained his legendary wealth during the Panic of 1873 by purchasing for a pittance the land of desperate farmers without telling them that it contained coal, the raw material of the coke essential to steelmaking, then by crushing other riva
... See moreRobert A. Caro • The Power Broker
Their creed was summed up in two quotes: Commodore Vanderbilt’s “Law? What do I care for law? Hain’t I got the power?” and J. P. Morgan’s “I owe the public nothing.”
Robert A. Caro • The Power Broker
