Sublime

Stephens was the president of the railroad, which was a wholly American-owned stock company with its main office in the old Tontine Building on Wall Street. The capitalization was a million dollars.

Morgan made his specialty the refinancing, reorganization, and rationalization of America’s badly overextended and overcapitalized railroads; his “clients” included some of the largest, such as the Erie, the New York Central, and the Pennsylvania.