A Classification of American Wealth
History and genealogy of the wealthy families of America - Sponsors

 Part 1 : Colonial and Mercantile America  Part 2 : America in the Gilded Age
 Part 3 : America in the Twentieth Century  Encyclopedia of American Wealth

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  Part II-Chapter 10 : Bankers of the Gilded Age  >  Kuhn, Loeb & Co  :               Previous   1 - 2 - 3 - 4 - 5 - 6 - 7
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   Battle of the Giants - Schiff and Harriman vs Morgan-Hill

Page entitled : Battle of the giants in American railroading

Content of this page is about :
How Jacob Schiff and E. H. Harriman secretly bought a majority of Northern Pacific stocks and how James Jerome Hill launched retaliation

Extract :
Kuhn, Loeb & Company thus started to buy Northern Pacific. Secrecy was essential, as the Morgan-Hill faction already controlled much of the Northern Pacific shares and thus could easily avert the risk by buying just a fraction of what the Schiff-Harriman group needed. They thus engaged a dozen of trustworthy brokers and spread the rumor that Northern Pacific stock was rising, because of the positive impact the Chicago, Burlington & Quincy purchase would have on its future. The explanation was logical and  ...


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