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The Valley’s venture investors were typically Boston merchant princes, men such as Israel Thorndike, S. A. Eliot, Samuel Cabot, Francis Stanton, and Harrison Gray Otis. Edmund Dwight, a Morgan cousin on his mother’s side, wasn’t in the same financial stratum as a Cabot, but gained access through his work at the law firm of Fisher Ames, the old Mass
... See moreCharles R. Morris • The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy
J. S. Morgan’s core business was short-term trade finance, “discounting bills,” as it was called. Its primary customers were American cotton or iron merchants. They typically sold their goods on credit, taking back a piece of paper, or “bill of exchange,” which could be cashed at a specific bank such as Barings at some set future date. If a merchan
... See moreCharles R. Morris • The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy
Joe Hudson
soundcloud.comHis power was real, grounded in his unique role in channeling the ballooning trove of American savings. One way or another, through control of boards, investment partnerships, or just implicit understandings that a bank’s or an insurance company’s investment committee would follow Morgan’s lead, he and his partners disposed of perhaps 40 percent of
... See moreCharles R. Morris • The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy
The problem with the Chicago, Burlington, and Quincy lay in the fact that it was so alluring that it naturally attracted other well-heeled suitors. Indeed, at this very moment it attracted the man who was about to become Jim Hill’s archrival, Edward H. Harriman, of whom it was once said that he feared neither God nor J. P. Morgan.
Michael P. Malone • James J. Hill: Empire Builder of the Northwest (The Oklahoma Western Biographies Book 12)
Gould did not take a title, but had a seat on the executive committee and had four additional board seats, which he filled with his brokers.
Charles R. Morris • The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy
(As his predecessor John Pierpont Morgan had said about a banker’s reputation at the Pujo hearings in front of the House Banking and Currency Committee in 1912, “[It] is his most valuable possession; it is the result of years of faith and honorable dealing and, while it may be quickly lost, once lost cannot be restored for a long time, if ever.”)
Duff McDonald • Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase
His singleminded approach was so successful that he was able to buy into the Harkness family business within a few years, and shortly afterward made the acquaintance of one of his Cleveland counterparts in the grain-brokerage chain, one John D. Rockefeller.