The Masters of Capital: A Chronicle of Wall Street

By John Moody | Go to book overview

CHAPTER II
MORGAN AND THE RAILROADS

THE work of Drexel, Morgan and Company in the refunding operations of the government debt, after the failure of Jay Cooke and Company, added greatly to American prestige abroad. For more than forty years the United States had been a burial ground for British capital. State bonds, Confederate bonds, railroad bonds, had proved to be disastrous investments. But now one single monumental success had restored faith in American securities. In all, about $750,000,000 of bonds were refunded, of which the Morgans handled a large part, and this achievement reopened America to British investors. In 1877 the financial magnates of America gathered in New York at a dinner to give thanks to Junius S. Morgan for "upholding unsullied the honor of America in the tabernacle of the old world," as Samuel J. Tilden, the toastmaster, expressed the sentiment of the hour.

-19-

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The Masters of Capital: A Chronicle of Wall Street
Table of contents

Table of contents

  • Title Page v
  • Contents vii
  • Illustrations ix
  • Chapter I - The Rise of the House of Morgan 1
  • Chapter II - Morgan and the Railroads 19
  • Chapter III - The Ironmasters 35
  • Chapter IV - Standard Oil and Wall Street 52
  • Chapter V - The Steel Trust Merger 70
  • Chapter VI - Harriman and Hill 89
  • Chapter VII - The Apex of "High Finance" 109
  • Chapter VIII - The Panic of 1907 and After 134
  • Chapter IX - Wall Street and the World War 155
  • Appendix 181
  • Bibliographical Note 221
  • Index 225
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