Diplomats -- United States -- Biography; Morgenthau, Henry, 1856-1946; United States -- Foreign relations -- 20th century
At first I was but a silent observer amongst a lot of gladiators. Here
was a set of dominators watching a newcomer who also had dared to try to
reach the top, and had the good sense to court their coöperation. To
most of them real estate was a closed book. They had looked upon it as
what might be called a frozen commodity, while they had dealt in liquid
assets. They were anxious to see whether this novice could capitalize
real estate equities. Stories of the successes that I had had in real
estate had been told and exaggerated until, even to these big
money-makers, they seemed attractive. Each one prided himself that his
joining the other eminent leaders in this enterprise increased its
chances of success. The fact that the stock was selling at double its
issue price within three months showed that the public was ready to
discount the possibilities. They bought me on my past performances. To
them I was just a new machine which must demonstrate its capacity. I
simply had to make good, or be displaced.
My position as president of this company involved me in a series of
financial encounters with the biggest men in Wall Street, encounters
that are worth describing because they illustrate the methods by which
the great fortunes of the greatest period of expansion in American
finance were made. I have not heard of any man who had intimate business
relations with the financial giants of that period, who has described,
from his own experience, the intrigues and passions, the personalities
and methods, of those men who dominated the financial structure of
America. My experiences with them were not connected with their biggest
deals, but they were thoroughly representative of all their
operations--and, as such, I feel they are of historical interest and
especially so as they are exceptional revelations of a type of
exceptional men whose business activities have influenced the great
development of American Commerce. I might almost entitle this chapter:
“How Big Financial Deals Are Made.” It is a very human story--full, I
mean, of human nature, with its foibles of ambition, jealousy, hatred,
pride, and cunning.
Public-domain text, read in full here on John Shaqi.
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