Word: morgans
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Dates: during 1940-1949
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...from the vantage point of history, Frederick Lewis Allen '12 has been able to make an impartial study of one of the great figures of that time. He takes J. Pierpont Morgan, whose name at the turn of the century was the symbol for economic power, and shows his character and motives. Allen asks, "What kind of man was he, who more than any other was responsible for the growth of huge, monopolistic business enterprise...
...book presents the life of the great financier, perennial representative at Episcopal conventions, and large-scale art collector, concentrating on one of the incidents which best illuminate the man's character and personality. He goes into detailed accounts of Morgan's financial maneuvers only to show how Morgan's role as a great organizer and leader of Wall Street was influenced by his character and how the milestones in the country's financial history brought out his character. The introduction to this theme at the beginning of the book is the same as the ending--a bit of dialogue from...
...said Morgan; "the first thing is character...
...giving examples of the strong personality which dominated any discussion, Allen takes his readers behind the scenes of financial manipulations, to the closed door sessions in Morgan's library or on board his great yacht Corsair. Here, are some famous deals--among others the formation of U. S. Steel and the attempts to meet the 1907 panic among others--guided by the powerful hand of Pierpont Morgan. Through this description of Morgan's character in action, the reader discovers the nature of the financial world of the times, its temper and its spirit...
While focusing on Morgan's character, the book clearly reveals the motives that led the financier on his dazzling career. Certainly it was hard to believe with the muckrakers that men of wealth were guided only by an insane desire to accumulate millions. Instead, Allen shows the financial giant with a supreme desire for order. The cut-throat competition of rampant industrialism which he saw after the Civil War was to him wasteful and harmful to the economy. His theory was justified in the 1890's when the vast confusion of railroad systems brought most of them to bankruptcy. Here...