1.
Wall Street
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Wall Street is an eight-block-long street running roughly northwest to southeast from Broadway to South Street, at the East River, in the Financial District of Lower Manhattan in New York City. Over time, the term has become a metonym for the markets of the United States as a whole. Several other major exchanges have or had headquarters in the Wall Street area, including the New York Mercantile Exchange, the New York Board of Trade, there are varying accounts about how the Dutch-named de Walstraat got its name. A conflicting explanation is that Wall Street was named after Walloons— the Dutch name for a Walloon is Waal, among the first settlers that embarked on the ship Nieu Nederlandt in 1624 were 30 Walloon families. The Dutch word wal can be translated as rampart, however, even some English maps show the name as Waal Straat, and not as Wal Straat. But soon after that, the Dutch governor, Kieft, sent his men out there one night, few of them escaped, but they spread the story of what had been done, and this did much to antagonize all the remaining tribes against all the white settlers. Shortly after, Nieuw Amsterdam erected a palisade for defense against its now enraged red neighbors. The space between the walls is now called Wall Street, and its spirit is still that of a bulwark against the people. In the 1640s basic picket and plank fences denoted plots and residences in the colony, in 1685, surveyors laid out Wall Street along the lines of the original stockade. In these early days, local merchants and traders would gather at disparate spots to buy and sell shares and bonds, Wall Street was also the marketplace where owners could hire out their slaves by the day or week. The rampart was removed in 1699, the slave market operated from 1711 to 1762 at the corner of Wall and Pearl Streets. It was a structure with a roof and open sides, although walls may have been added over the years. The city directly benefited from the sale of slaves by implementing taxes on every person who was bought, in the late 18th century there was a buttonwood tree at the foot of Wall Street under which traders and speculators would gather to trade securities. The benefit was being in proximity to each other, in 1792, traders formalized their association with the Buttonwood Agreement which was the origin of the New York Stock Exchange. The idea of the agreement was to make the more structured and without the manipulative auctions. Persons signing the agreement agreed to each other a standard commission rate, persons not signing could still participate. In 1789 Wall Street was the scene of the United States first presidential inauguration when George Washington took the oath of office on the balcony of Federal Hall on April 30,1789 and this was also the location of the passing of the Bill Of Rights. Alexander Hamilton, who was the first Treasury secretary and architect of the early United States financial system, is buried in the cemetery of Trinity Church, in the first few decades, both residences and businesses occupied the area, but increasingly business predominated
Wall Street
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Street sign
Wall Street
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The
New York Stock Exchange on Wall Street, the world's largest
stock exchange per total
market capitalization of its listed companies.
Wall Street
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The original city map called the
Castello Plan from 1660, showing the wall on the right side
Wall Street
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Depiction of the wall of New Amsterdam on a tile in the
Wall Street subway station, serving the
4 5 trains
2.
Charles August Lindbergh
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This article is about the politician from Minnesota. For his son, the aviator, see Charles Lindbergh, Charles August Lindbergh was a United States Congressman from Minnesotas 6th congressional district from 1907 to 1917. He opposed American entry into World War I as well as the 1913 Federal Reserve Act, Lindbergh is best known as the father of famous aviator Charles Lindbergh. Lindbergh was born Carl Månsson, in Stockholm, Sweden, to Lovisa Carlén, the 19-year-old mistress of Ola Månsson, a peasant member of the Riksdag of the Estates, Lovisa became Louisa and young Carl became Charles August Lindbergh. They settled in Melrose, Minnesota, and had six more children, August worked as a farmer and a blacksmith for 26 years before marrying Louisa in 1885, he had become a widower in 1864 with the death of his first wife in Sweden. Charles August Lindbergh studied law at the University of Michigan Law School, graduating in 1883, in 1887, Lindbergh married Mary LaFond, with whom he had two daughters, Lillian and Eva. In 1901, Charles married Evangeline Lodge Land and they separated in 1918, their only child being the famous aviator Charles Lindbergh, who also became an antiwar leader. Lindbergh served as prosecuting attorney for Morrison County, Minnesota in 1891-1893 and he was elected to the U. S. House of Representatives in 1906 as a Republican, serving in the 60th, 61st, 62nd, 63rd, and 64th congresses. In 1916 he unsuccessfully campaigned for a seat in the United States Senate, at the time of his death, Lindbergh was a candidate for governor on the Minnesota Farmer-Labor Party ticket, and would have been the first Minnesota governor from the party if he had been elected. In 1913 he published Banking, Currency, and the Money Trust, by 1917, third year of the Great War, Lindberghs son was age 16, which meant some possibility of conscription. He wrote a polite, anti-war polemic entitled Why is Your Country at War, hot off the press, a copy was rushed to President Woodrow Wilson. After examination, Wilson ordered the confiscation of all possible copies, agents carrying out this order found pallets of the lead plates for printing, which were melted in a refiners fire. This insult to the Lindbergh family is one basis for the opposition of his son to U. S. participation in World War II. Eustace Mullins documents that plates of this book were confiscated and destroyed, Charles August Lindbergh died in 1924 in Crookston, Minnesota of brain cancer. He has a plaque in the columbarium at Lakewood Cemetery in Minneapolis. According to his wishes, son Charles scattered his ashes over the place near Sauk River where the first Lindbergh home once stood and this establishes the most gigantic trust on earth. Also quoted as, This Act establishes the most gigantic trust on Earth, when the President signs this bill, the invisible government by the Monetary Power will be legalized, the people may not know it immediately but the day of reckoning is only a few years removed. The worst legislative crime of the ages is perpetrated by this banking bill, a radical is one who speaks the truth
Charles August Lindbergh
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Charles August Lindbergh
Charles August Lindbergh
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Lindbergh with his son
Charles c. 1910
3.
Federal Reserve Act
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The Act was signed into law by President Woodrow Wilson. The Federal Reserve Act created a system of private and public entities, there were to be at least eight and no more than twelve private regional Federal Reserve banks. Twelve were established, and each had various branches, a board of directors, the Federal Reserve Board, consisting of seven members, was created as the governing body of the Fed. Each member is appointed by the President of the U. S, in 1935, the Board was renamed and restructured. Also created as part of the Federal Reserve System was a 12-member Federal Advisory Committee and a single new United States currency, the Federal Reserve Note. The Federal Reserve Act created a currency and a monetary system that could respond effectively to the stresses in the banking system. With the passing of the Federal Reserve Act, Congress required that all nationally chartered banks become members of the Federal Reserve System, since 1980, all depository institutions have been required to set aside reserves with the Federal Reserve. Such institutions are entitled to certain Federal Reserve services, central banking has made various institutional appearances throughout the history of the United States. These institutions started with the First and Second banks of the United States, the American financial system was deeply fragmented after the American Revolutionary War. The government was burdened with large debts, and the new republic needed a strong financial institution to give the country a resilient financial footing. Alexander Hamilton and Thomas Jefferson had opposing views regarding whether or not the US could benefit from a European-style national financial institution, Hamilton was in favor of building a strong centralized political and economic institution to solve the country’s financial problem. He argued that a bank could bring order to the US monetary system, manage the government’s revenues and payments. On the other hand, Jefferson was deeply suspicious of a bank because, he argued. The First Bank of the United States was established in 1791 chartered for a period of twenty years, the US government was the largest shareholder of the bank. Despite its shareholder status, the government was not permitted to participate in management of the bank, the bank accepted deposits, issued bank notes, and provided short-term loans to the government. It also functioned as a clearinghouse for government debt, the bank could also regulate state-charted banks to prevent overproduction of banknotes. The bank was successful in financing the government and stimulating the economy. In spite of its successes, hostility against the bank did not fade, in 1811, the first bank of the United States failed to be renewed by one vote in both the House and the Senate
Federal Reserve Act
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Federal Reserve
Federal Reserve Act
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Federal Reserve Act
4.
Clayton Antitrust Act
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That regime started with the Sherman Antitrust Act of 1890, the first Federal law outlawing practices considered harmful to consumers. The Clayton Act specified particular prohibited conduct, the three-level enforcement scheme, the exemptions, like the Sherman Act, much of the substance of the Clayton Act has been developed and animated by the U. S. courts, particularly the Supreme Court. Since the Sherman Antitrust Act of 1890, courts in the United States had interpreted the law on cartels as applying against trade unions and this had created an impossible situation for workers, who needed to organize so as to rebalance the equal bargaining power against their employers. At the end of the Taft administration, and the start of the Woodrow Wilson administration, a Commission on Industrial Relations was established. During its proceedings, and in anticipation of its first report on the 23 October 1914, the Clayton Act passed by a vote of 277 to 54 on June 5,1914. The Clayton Act made both substantive and procedural modifications to federal antitrust law, substantively, the act seeks to capture anticompetitive practices in their incipiency by prohibiting particular types of conduct, not deemed in the best interest of a competitive market. There are 4 sections of the bill that proposed changes in the antitrust laws by way of supplementing the Sherman Antitrust Act of 1890. Unilateral price discrimination is clearly outside the reach of Section 1 of the Sherman Act, exclusive dealing, tying, and mergers are all agreements, and theoretically, within the reach of Section 1 of the Sherman Act. Likewise, mergers that create monopolies would be actionable under Sherman Act Section 2, Section 7 of the Clayton Act allows greater regulation of mergers than just Sherman Act Section 2, since it does not require a merger-to-monopoly before there is a violation. Another important factor to consider is the amendment passed in Congress on Section 7 of the Clayton Act in 1950 and this original position of the US government on mergers and acquisitions was strengthened by the Celler-Kefauver amendments of 1950, so as to cover asset as well as stock acquisitions. Because the act singles out exclusive dealing and tying arrangements, one may assume they would be subject to heightened scrutiny and that remains true for tying, under the authority of Jefferson Parish Hospital District No.2 v. Hyde. However, when exclusive dealings are challenged under Clayton-3, they are treated under the rule of reason, under the rule of reason, the conduct is only illegal, and the plaintiff can only prevail, upon proving to the court that the defendants are doing substantial economic harm. An important difference between the Clayton Act and its predecessor, the Sherman Act, is that the Clayton Act contained safe harbors for union activities, therefore, boycotts, peaceful strikes, peaceful picketing, and collective bargaining are not regulated by this statute. Injunctions could be used to settle labor disputes only when property damage was threatened, the Supreme Court ruled in the 1922 case Federal Baseball Club v. National League that Major League Baseball was not interstate commerce and thus was not subject to federal antitrust law. Procedurally, the Act empowers private parties injured by violations of the Act to sue for damages under Section 4. The Supreme Court has expressly ruled that the injunctive relief clause in Section 16 includes the power to force defendants to divest assets. Boudin, Organized Labor and the Clayton Act, Part I, Virginia Law Review, boudin, Organized Labor and the Clayton Act, Part II, Virginia Law Review, vol. In JSTOR Brief History of the Federal Trade Commission Clayton Antitrust Act, why Did The Clayton Act Pass
Clayton Antitrust Act
5.
Samuel Untermyer
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Samuel Untermyer was a prominent American lawyer and civic leader. He is also remembered for bequeathing his Yonkers, New York estate, now known as Untermyer Park, Samuel Untermyer was born in Lynchburg, Virginia but after the death of his father the rest of the family moved to New York City. He was educated at the College of the City of New York, Untermyer was promptly admitted to the bar, and started practice with his half-brother Randolph Guggenheimer in New York city. A younger brother, Maurice Untermyer, was admitted, and then in 1895 Louis Marshall joined and the name was changed to Guggenheimer, Untermyer & Marshall. After admission to the bar, he gained fame as a lawyer. Untermyer became an advocate of stock market regulations, government ownership of railroads. He was also a prominent Zionist leader and the first attorney to earn a million dollars on a single case and he is also remembered for donating his home to the people of Yonkers, New York. The property is now known as Untermyer Park, Untermyer frequently attended the Democratic National Convention as a delegate. As an active Zionist, Untermyer was also an advocate for the Zionist liberation movement, and was President of the Keren Hayesod. Clay Pierce he prevented the Standard Oil Co. after its dissolution in 1910, in the same year he effected the merger of the Utah Copper Co. with the Boston Consolidated and the Nevada Consolidated Co. s involving more than $100,000,000. In 1903 he undertook the first judicial exposure of high finance in connection with the failure of the U. S, shipbuilding Co. organized only a year before as a consolidation of the larger shipbuilding companies in America including that subsequently known as the Bethlehem Steel Co. As a result of the sensational exposures connected with that company, after this he conducted a number of similar exposures. In 1911 he delivered an address entitled, Is There a Money Trust, which led the following year to an investigation by the Committee on Banking and Currency of the U. S. House of Representatives headed by Arsène Pujo. Untermyer was counsel to the Committee and famously cross-examined J. P. Morgan and this so-called Pujo Money Trust Investigation resulted in the passage of remedial legislation, including the establishment of the Federal Reserve System. Untermyer for years agitated before Congress and state legislatures such measures as the regulation of stock exchanges. He for many years conducted agitations and wrote magazine articles dealing with reforms in the criminal laws, the regulation of trusts and combinations and other economic subjects. He was counsel for many reorganization committees, including those of the Seaboard Air Line, the Rock Island railway, the Central Fuel Oil Co. and the Southern Iron and Steel Co. He took a part in preparing the Federal Reserve Bank law, the Clayton bill, the Federal Trade Commission bill
Samuel Untermyer
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Samuel Untermyer, 1932
Samuel Untermyer
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The gravesite of Samuel Untermeyer in
Woodlawn Cemetery
Samuel Untermyer
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Part of
Untermyer Park, the former estate of Samuel Untermyer
Samuel Untermyer
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Interior of Samuel Untermyer's tomb at Woodlawn Cemetery, Bronx NY
6.
Hubert D. Stephens
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Hubert Durrett Stephens was an American politician who served as a Democratic United States Senator from Mississippi from 1923 until 1935. Stephens was born in New Albany, Mississippi and he graduated from the University of Mississippi law school and soon began to practice law in New Albany. Stephens served in the U. S. House of Representatives from 1911 to 1921, in his term he did not run for re-election. In 1934, he was defeated by Theodore Bilbo in the primary, Stephens was the director of the Reconstruction Finance Corporation from 1935 to 1936. After that, he practiced law in Washington, D. C. before retiring to his Mississippi farm in 1941, hubert D. Stephens, Mississippis Quiet Man in the Senate, 1923-1935. Biographical Directory of the United States Congress
Hubert D. Stephens
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Hubert D. Stephens
7.
New York Stock Exchange
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The New York Stock Exchange, is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the worlds largest stock exchange by market capitalization of its companies at US$19.3 trillion as of June 2016. The average daily trading value was approximately US$169 billion in 2013, the NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007, the main building and the 11 Wall Street building were designated National Historic Landmarks in 1978. The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists, previously, it was part of NYSE Euronext, which was formed by the NYSEs 2007 merger with Euronext. NYSE and Euronext now operate as divisions of Intercontinental Exchange, the NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in 2004 was sued by its former CEO for breach of contract and defamation. The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement, previously securities exchange had been intermediated by the auctioneers who also conducted more mundane auctions of commodities such as wheat and tobacco. In 1817 the stockbrokers of New York operating under the Buttonwood Agreement instituted new reforms, after sending a delegation to Philadelphia to observe the organization of their board of brokers, restrictions on manipulative trading were adopted as well as formal organs of governance. Several locations were used between 1817 and 1865, when the present location was adopted, the invention of the electrical telegraph consolidated markets, and New Yorks market rose to dominance over Philadelphia after weathering some market panics better than other alternatives. The Civil War greatly stimulated speculative securities trading in New York, by 1869 membership had to be capped, and has been sporadically increased since. The latter half of the century saw rapid growth in securities trading. Securities trade in the nineteenth and early twentieth centuries was prone to panics. The Stock Exchange Luncheon Club was situated on the floor from 1898 until its closure in 2006. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building. The NYSE announced its plans to merge with Archipelago on April 21,2005, NYSEs governing board voted to merge with rival Archipelago on December 6,2005, and became a for-profit, public company. It began trading under the name NYSE Group on March 8,2006, Wall Street is the leading US money center for international financial activities and the foremost US location for the conduct of wholesale financial services. It comprises a matrix of wholesale financial sectors, financial markets, financial institutions, the principal sectors are securities industry, commercial banking, asset management, and insurance. Prior to the acquisition of NYSE Euronext by the ICE in 2013, Marsh Carter was the Chairman of the NYSE, presently, the chairman is Jeffrey Sprecher
New York Stock Exchange
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The New York Stock Exchange in 2012.
New York Stock Exchange
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New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
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The Stock Exchange at 10–12 Broad Street, in 1882
8.
Panic of 1907
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Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks, primary causes of the run included a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors, exacerbated by unregulated side bets at bucket shops. The panic was triggered by the attempt in October 1907 to corner the market on stock of the United Copper Company. The collapse of the Knickerbocker spread fear throughout the citys trusts as regional banks withdrew reserves from New York City banks, Panic extended across the nation as vast numbers of people withdrew deposits from their regional banks. This highlighted the impotence of the nations Independent Treasury system, which managed the money supply. By November, the contagion had largely ended, only to be replaced by a further crisis. This was due to the borrowing of a large brokerage firm that used the stock of Tennessee Coal, Iron. Collapse of TC&Is stock price was averted by a takeover by Morgans U. S. Steel Corporation—a move approved by anti-monopolist president Theodore Roosevelt. Each autumn money flowed out of the city as harvests were purchased and—in an effort to attract money back—interest rates were raised, foreign investors then sent their money to New York to take advantage of the higher rates. From the January 1906 Dow Jones Industrial Average high of 103, the April 1906 earthquake that devastated San Francisco contributed to the market instability, prompting an even greater flood of money from New York to San Francisco to aid reconstruction. From their peak in January, stock prices declined 18% by July 1906, by late September, stocks had recovered about half of their losses. The Hepburn Act, which gave the Interstate Commerce Commission the power to set railroad rates. This depreciated the value of railroad securities, between September 1906 and March 1907, the stock market slid, losing 7. 7% of its capitalization. Between March 9 and 26, stocks fell a further 9. 8%, the economy remained volatile through the summer. In the first nine months of 1907, stocks were lower by 24. 4%, on July 27, The Commercial & Financial Chronicle noted that the market keeps unstable. No sooner are these signs of new life in evidence than something like a suggestion of a new outflow of gold to Paris sends a tremble all through the list, and the gain in values and hope is gone. Several bank runs occurred outside the US in 1907, in Egypt in April and May, in Japan in May and June, in Hamburg and Chile in early October. The fall season was always a time for the banking system—combined with the roiled stock market
Panic of 1907
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The curb outside the
New York Stock Exchange where panic began.
Panic of 1907
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Wall Street during the bank panic in October 1907.
Panic of 1907
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Headquarters of the
Knickerbocker Trust Company
Panic of 1907
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J.P. Morgan, the dominant banker in New York City.
9.
Paul Warburg
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Paul Moritz Warburg was a Jewish German-born American banker, and an early advocate of the U. S. Federal Reserve System. Warburg was born in Hamburg, Germany, to the Warburg family and his parents were Moritz and Charlotte Esther Warburg. After graduating from the Realgymnasium in Hamburg in 1886, he entered the employ of Simon Hauer and he similarly worked for Samuel Montague & Company, bankers, in London in 1889–90, the Banque Russe pour le Commerce Etranger in Paris in 1890–91. In 1891, Warburg entered the office of the banking firm of M. M. Warburg & Co. which had been founded in 1798 by his great-grandfather. He interrupted work there to undertake a tour during the winter of 1891–92. Warburg was admitted to a partnership in the firm in 1895. On October 1,1895, Warburg was married in New York City to Nina J. Loeb, daughter of Solomon Loeb, founder of the New York investment firm of Kuhn, Loeb & Co. The Warburgs were the parents of a son, James Paul Warburg, Warburg remained a partner in the family firm in Hamburg, but he became a naturalized American citizen in 1911. He was a member of Temple Emanu-El in New York City, Warburg was elected a director of Wells Fargo & Company in February 1910. He resigned in September 1914 following his appointment to the Federal Reserve Board, Warburg became known as a persuasive advocate of central banking in America. Many of his contemporaries regarded him as the driving force behind the establishment of Americas central bank. This shy and sensitive man, Kellock continued, imposed his idea on a nation of a million people. Upon arriving in New York in 1902, Warburg drafted a critique of the American banking system, self-conscious of his imperfect English and his status as a newcomer, he left his paper to sit in his desk for four years. He overcame his reticence in 1906 after attending a party hosted by Professor Edwin Seligman of Columbia University. Seligman, an advocate of banking, was impressed with Warburgs extensive knowledge of the financial system. Shortly thereafter, the New York Times published Warburgs Defects and Needs of our Banking System, at the same time, he appeared at conferences hosted by Columbia University, the American Economic Society, and the Academy of Political Science. By 1908, Warburg had gained recognition that Nelson Aldrich. The National Monetary Commission, which Aldrich chaired, subsequently interviewed Warburg on multiple occasions, in 1910, Aldrich invited Warburg to attend a secret meeting with other influential bankers on Jekyll Island in Georgia, where the draft of a bill to establish a central bank was worked out
Paul Warburg
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Paul Warburg
Paul Warburg
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Paul Moritz Warburg, Addresses and essays, 1930
10.
Jacob H. Schiff
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Jacob Henry Schiff was an Jewish-American banker, businessman, and philanthropist. Among many other things, he helped finance the expansion of American railroads, born in Frankfurt, Germany, Schiff migrated to the United States after the American Civil War and joined the firm Kuhn, Loeb & Co. He also became a director of many important corporations, including the National City Bank of New York, Equitable Life Assurance Society, Wells Fargo & Company, in many of his interests he was associated with E. H. Harriman. Schiff was born in 1847 in Frankfurt am Main, Germany, to Moses and Clara Schiff and his father, Moses Schiff, was a broker for the Rothschilds. Schiff was educated in the schools of Frankfurt and was first employed in the banking, after the American Civil War had ended in April,1865, Schiff came to the United States, arriving in New York City on August 6. He was licensed as a broker on November 21,1866 and he became a naturalized citizen of the United States in September 1870. Upon the dissolution of Budge, Schiff & Company in 1872, in 1873 he became manager of the Hamburg branch of the London & Hanseatic Bank. He returned to Frankfurt, however, upon the death of his father later that year, in 1874 Abraham Kuhn of the banking firm of Kuhn, Loeb & Company invited him to return to New York and enter the firm. On May 6,1875, he married Therese Loeb, daughter of Solomon Loeb, the couple were the parents of a son, Mortimer L. Schiff and a daughter, Frieda. In 1885 Schiff became head of Kuhn, Loeb & Company, less fortunate was his share in the reorganization in 1902 of the Metropolitan Street Railway of New York. He became associated with E. H. Harriman in notable contests with James J. Hill and he was elected a director of Wells Fargo in September 1914 to succeed his brother-in-law, Paul Warburg, who had resigned to accept appointment to the original Federal Reserve Board. What was perhaps Schiffs most famous action was during the Russo-Japanese War. Schiff met Takahashi Korekiyo, deputy governor of the Bank of Japan and he subsequently extended loans to the Empire of Japan in the amount of $200 million, through Kuhn, Loeb & Co. These loans were the first major flotation of Japanese bonds on Wall Street and it is quite likely Schiff also saw this loan as a means of answering, on behalf of the Jewish people, the anti-Semitic actions of the Russian Empire, specifically the then-recent Kishinev pogrom. This loan attracted worldwide attention, and had major consequences, Japan won the war, thanks in large part to the purchase of munitions made possible by Schiffs loan. In 1905, Japan awarded Schiff the Order of the Sacred Treasure, and in 1907, the Order of the Rising Sun, Gold and Silver Star, Schiff was the first foreigner to receive the Order in person from Emperor Meiji in the Imperial Palace. Schiff also had an audience with King Edward VII of the United Kingdom in 1904. In addition to his famous loan to Japan, Schiff financed loans to other nations
Jacob H. Schiff
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Portrait of Jacob Schiff, by Aime Dupont
11.
Felix M. Warburg
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Felix Moritz Warburg was a German-born American banker. He was a member of the Warburg banking family of Hamburg and he was a grandson of Moses Marcus Warburg, one of the founders of the bank, M. M. Warburg. Warburg actively raised funds in the United States on behalf of European Jews who faced hunger following World War I, as early as 1919, he was quoted in the New York Times discussing the dire situation of Jewish war sufferers. Warburg served as the founder and first president of the American Friends of the Hebrew University, Warburg and the Joint Distribution Committee were also instrumental in the 1930s after the global Great Depression following the crash of the New York stock exchange in 1929. John L. Spivak claimed General Smedley Butler had named him before Congress as part of the Business Plot and he married Frieda Schiff, daughter of Jacob Henry Schiff and Therese Loeb Schiff, on 19 March 1895, in New York. He died on 20 September 1937 in New York City and he was buried in Salem Fields Cemetery in Brooklyn, New York City. As a result of his activities, a new Jewish village established in Mandate Palestine in 1939. He was a trustee of the Jewish Theological Seminary in New York, the Felix M. Warburg House, in New Yorks Upper East side was donated by his widow and today houses the Jewish Museum. Felix M. Warburg at Find a Grave
Felix M. Warburg
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Warburg circa 1920
Felix M. Warburg
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Warburg mansion in New York, today the
Jewish Museum
12.
William Rockefeller
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William Avery Rockefeller, Jr. was an American businessman and financier. He was a co-founder of Standard Oil along with his older brother John Davison Rockefeller and he was also a prominent member of the Rockefeller family. William Jr. was born in Richford, New York and he was the middle son of con artist William Avery Rockefeller Sr. and Eliza Davison. In addition to elder brother John, William Jr. s siblings were Lucy, Mary and he also had two elder half-sisters, Clorinda and Cornelia, through his fathers affairs with mistress and housekeeper Nancy Brown. In 1853 his family moved to Strongsville, Ohio, as a young pupil in public school, he was inspired and motivated by his teacher-mentor, Rufus Osgood Mason, whom Rockefeller later named A Rockefeller Patron. In 1865, he entered the oil business by starting a refinery in Ohio, in 1867, his older brother Johns partnership of Rockefeller & Andrews absorbed this refinery. In 1870, that company became Standard Oil, Rockefeller was very adept in business matters. He served as the companys New York representative until 1911 when Standard Oil of New Jersey was split up by the United States Supreme Court. He also had interests in mining and processing, railways, and public utilities. In the late 1890s, Rockefeller joined fellow Standard Oil principal Henry H. Rogers in forming the Amalgamated Copper Mining Company, Rockefeller, along with Henry Rogers, devised a scheme which earned them a profit of $36 million. First, they purchased Anaconda Properties from Marcus Daly for $39 million, with the understanding that the check was to be deposited in the bank and remain there for a definite time. Rogers and Rockefeller then set up an organization, known as the Amalgamated Copper Mining Company, with their own clerks as dummy directors. They had Amalgamated Copper Company buy Anaconda from them for $75 million in capital stock, then, they borrowed $39 million from the bank using Amalgamated Copper as collateral. They paid back Daly for Anaconda and sold $75 million worth of stock in Amalgamated Copper to the public and they paid back the banks $39 million and had a profit of $36 million in cash. With help from banker John Dennis Ryan, Amalgamated acquired two competitors, and soon controlled all the mines of Butte, Montana. By the late 1920s it had become Anaconda Copper Company and was the fourth-largest company in the world, Rockefeller married Almira Geraldine Goodsell on May 25,1864 in Fairfield, Connecticut. There were many connections among this and other elite families and her sister Esther Judson Goodsell was married to Oliver Burr Jennings, who became one of the original stockholders of Standard Oil. Together, William and Almira had, Lewis Edward Rockefeller Emma Rockefeller and he had caught a cold during a car trip he took with brother John and nephew John, Jr. to visit his childhood home in Richford, New York
William Rockefeller
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William Avery Rockefeller, Jr.
William Rockefeller
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Rockefeller's Indian Mound Cottage on
Jekyll Island.
William Rockefeller
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The mausoleum of William Rockefeller in Sleepy Hollow Cemetery
13.
Benjamin Strong, Jr.
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Benjamin Strong Jr. was an American banker. He served as Governor of the Federal Reserve Bank of New York for 14 years until his death, Strong exerted great influence over the policy and actions of the entire Federal Reserve System—and indeed over the financial policies of all of the United States and Europe. Strong was born in Fishkill, a Hudson Valley village in New York and his fathers family were primarily merchants and bankers descended from a British immigrant who had arrived in Massachusetts in 1630. Thus, Strong opted to go to work and became a clerk at a Wall Street investment, in 1900, Strong joined a trust company to work as an assistant to a corporate officer, eventually succeeding his boss. A trust company is one that administers the financial matters of legal trusts where the trust company acts on behalf of others. Trusts can be set up for reasons, including historic. For large corporations, trust companies can act for the bondholders, including accepting the corporations payments on the bonds. Trust companies can also do most commercial bank activities. At the time, many banks were forbidden by law to administer trusts. However, trust companies could do most commercial bank activities, commercial banks thus saw trust companies as luring away their customers with the attraction of being able to accomplish both the commercial and trust activities at one company. In 1904, Strong moved to Bankers Trust and it had been founded the year before by a consortium of commercial banks on the premise that it would not lure commercial bank customers away. Bankers Trust quickly grew to be the second largest U. S. trust company, despite technically having numerous stockholders, the voting power was held by three associates of J. P. Morgan. Thus, it was viewed as a Morgan company. During the Panic of 1907, Bankers Trust, including Strong, Strong became a vice-president of Bankers Trust in 1909, then president in January 1914. He was not the only one great public debate ensued after the panic about banking. Even sound banks had had problems because their depositors demanded their money, causing the banks to run low on cash, the U. S. public had been previously opposed to the establishment of a central bank. However, many leading bankers urged the U. S. Congress to create a bank that could help sound banks meet the demands of their depositors during a bank run by temporarily loaning them money. In 1908, Congress established the National Monetary Commission to evaluate alternatives for a long-term solution to the cycles of financial boom
Benjamin Strong, Jr.
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Benjamin Strong, Jr.
14.
J.P. Morgan
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John Pierpont J. P. Morgan was an American financier and banker who dominated corporate finance and industrial consolidation in late 19th and early 20th Century United States. In 1892, Morgan arranged the merger of Edison General Electric and he was instrumental in the creation of the United States Steel Corporation, International Harvester and AT&T. He directed the banking coalition that stopped the Panic of 1907 and he was the leading financier of the Progressive Era, and his dedication to efficiency and modernization helped transform American business. Morgan has been described as America’s greatest banker, Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont Morgan, Jr. His fortune was estimated at only US$80 million, prompting John D. Rockefeller to say, Morgan was born into the influential Morgan family in Hartford, Connecticut, and was raised there. He was the son of Junius Spencer Morgan and Juliet Pierpont, Pierpont, as he preferred to be known, had a varied education due in part to the plans of his father. In the fall of 1848, Pierpont transferred to the Hartford Public School and then to the Episcopal Academy in Cheshire, Connecticut, boarding with the principal. In September 1851, Morgan passed the exam for The English High School of Boston. In the spring of 1852, an illness struck which was to more common as his life progressed. Rheumatic fever left him in so much pain that he could not walk and he convalesced there for almost a year, then returned to the English High School in Boston to resume his studies. After he graduated, his father sent him to Bellerive, a school near the Swiss village of Vevey and his father then sent him to the University of Göttingen in order to improve his German. He attained a level of German within six months and also a degree in art history, then traveled back to London via Wiesbaden. Morgan went into banking in 1857 at the London branch of merchant banking firm Peabody, in 1858, he moved to New York City to join the banking house of Duncan, Sherman & Company, the American representatives of George Peabody and Company. Morgan had avoided serving during the war by paying a substitute $300 to take his place, from 1860 to 1864, as J. Pierpont Morgan & Company, he acted as agent in New York for his fathers firm, renamed J. S. Morgan & Co. upon Peabodys retirement in 1864, from 1864–72, he was a member of the firm of Dabney, Morgan, and Company. In 1871, he partnered with the Drexels of Philadelphia to form the New York firm of Drexel, at that time, Anthony J. Drexel became Pierponts mentor at the request of Junius Morgan. After the death of Anthony Drexel, the firm was rechristened J. P. Morgan & Company in 1895, retaining close ties with Drexel & Company of Philadelphia, Morgan, Harjes & Company of Paris, and J. S. By 1900, it was one of the most powerful banking houses of the world, Morgan had many partners over the years, such as George W. Perkins, but always remained firmly in charge
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Morgan's role in the economy was denounced as overpowering in this political cartoon
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J. P. Morgan
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"I Like a Little Competition"—J. P. Morgan by
Art Young. Cartoon relating to the answer Morgan gave when asked whether he disliked competition at the
Pujo Committee.
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John Pierpont Morgan
15.
Louis Brandeis
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Louis Dembitz Brandeis was an American lawyer and associate justice on the Supreme Court of the United States from 1916 to 1939. He was born in Louisville, Kentucky, to Jewish immigrant parents from Bohemia and he attended Harvard Law School, graduating at the age of twenty with the highest grade average in the law schools history. Brandeis settled in Boston, where he founded a law firm and he later published a book titled Other Peoples Money And How the Bankers Use It, suggesting ways of curbing the power of large banks and money trusts. He fought against powerful corporations, monopolies, public corruption, and mass consumerism, all of which he felt were detrimental to American values and culture. He also became active in the Zionist movement, seeing it as a solution to antisemitism in Europe and Russia, when his familys finances became secure, he began devoting most of his time to public causes and was later dubbed the Peoples Lawyer. He insisted on serving on cases without pay so that he would be free to address the issues involved. The Economist magazine calls him A Robin Hood of the law, in 1916, President Woodrow Wilson nominated Brandeis to become a member of the Supreme Court. His nomination was contested, partly because, as Justice William O. Douglas wrote. He was dangerous not only because of his brilliance, his arithmetic and he was dangerous because he was incorruptible. The fears of the Establishment were greater because Brandeis was the first Jew to be named to the Court. On June 1,1916 he was confirmed by the Senate by a vote of 47 to 22, to one of the most famous. His opinions were, according to scholars, some of the greatest defenses of freedom of speech. Louis Dembitz Brandeis was born on November 13,1856, in Louisville, Kentucky and his parents, Adolph Brandeis and Frederika Dembitz, both of whom were Ashkenazi Jews, emigrated to the United States from their childhood homes in Prague, Bohemia. They emigrated as part of their families for both economic and political reasons. In addition, the Habsburg Empire had imposed taxes on Jews. Family elders sent Adolph Brandeis to America to observe and prepare for his familys possible emigration and he spent a few months in the Midwest and was impressed by the nations institutions and by the tolerance among the people he met. He wrote home to his wife, Americas progress is the triumph of the rights of man, the Brandeis family chose to settle in Louisville partly because it was a prosperous river port. His earliest childhood was shaped by the American Civil War, which forced the family to seek safety temporarily in Indiana, the Brandeis family held abolitionist beliefs that angered their Louisville neighbors
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Brandeis in c. 1916
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Photo of Louis Brandeis (c. 1900)
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Brandeis in his canoe. Circa 1916.
16.
House of Morgan
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J. P. Morgan & Co. is a commercial and investment banking institution based in the United States founded by John Pierpont Morgan and commonly known as the House of Morgan or simply Morgan. The firm is a predecessor of three of the largest banking institutions in the United States and globally, JPMorgan Chase, Morgan Stanley, and Deutsche Bank. In 2000, J. P. Morgan & Co. merged with Chase Manhattan Bank to form JPMorgan Chase & Co. one of the largest global banking institutions. Today, the J. P. Morgan brand is used to market certain JPMorgan Chase wholesale businesses, including investment banking, commercial banking and asset management. The J. P. Morgan branding was revamped in 2008 to return to its traditional appearance after several years of depicting the Chase symbol to the right of a condensed and modernized JPMorgan. Between 1959 and 1989, J. P. Morgan operated as the Morgan Guaranty Trust, the origins of the firm date back to 1854 when Junius S. Morgan joined George Peabody & Co. a London-based banking business headed by George Peabody. Junius took control of the firm, changing its name to J. S, Morgan & Co. in 1864 on Peabodys retirement. Juniuss son, J. Pierpont Morgan, first apprenticed at Duncan, Sherman and Company in the New York City, then founded his own firm with a cousin, J. Pierpont Morgan & Company, J. Pierpont Morgan & Company traded in government bonds and foreign exchange. It also acted as an agent for Peabody’s, Junius, however, considered some of Pierpont’s ventures to be highly speculative. So, Pierpont took on a senior partner and the firm was known first as Dabney, Morgan and Company, then Drexel. In these firms, Pierpont used his Peabody connection to bring British financial capital together with rapidly growing U. S. industrial firms, such as railroads, who needed financial capital. The Drexel of Drexel, Morgan & Co. was Philadelphia banker Anthony J. Drexel, on Junius’ death in 1890, Pierpont Morgan took his place at J. S. After Drexel’s death, Drexel, Morgan reorganized in 1895 and became J. P and it financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the worlds first billion-dollar corporation. In 1895, it supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million. In 1892, the company began to finance the New York, New Haven and Hartford Railroad, built in 1914,23 Wall Street was known as The Corner and The House of Morgan, and for decades the banks headquarters was the most important address in American finance. At noon, on September 16,1920, an anarchist bomb exploded in front of the bank, killing 38, shortly before the bomb went off, an unknown person placed a warning note in a mailbox at the corner of Cedar Street and Broadway. The warning read, Remember we will not tolerate any longer, free the political prisoners or it will be sure death for all of you. The Bank of England became an agent of J. P. Morgan & Co
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23 Wall Street. Former headquarters of J.P. Morgan & Co.
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J.P. Morgan & Co.
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September 16, 1920: a bomb exploded in front of the headquarters of J.P. Morgan Inc. at
23 Wall Street, injuring 400 and killing 38 people.
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J.P. Morgan & Co. logo prior to its merger with Chase Manhattan Bank in 2000
