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Masters of Capital: A Chronicle of Wall Street, The

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The Masters of Capital: A Chronicle of Wall Street by John Moody is one of the many important pieces of literature written on the history of capitalists and financiers of the classical business world. Its chapters highlights the small group of mighty financiers -- the men who had been chiefly responsible for the building up of the great concentrated system of banking power, corporate control, community of interests, and interlocking relationships, all of which are culminated in this terrific smash. Headliners such as J.P. Morgan -- Henry C. Frick -- EDWARD H. HARRIMAN-- Andrew Carnegie and the Rockefellers are grandstanded throughout the book. These were also men later on -- whose powers the United States would tap to save financial America.

This book talks about a time when experience was gained by building up and welding together the parts of the vast modern industrial and banking machine, which all, through federal anti-trust actions would later on be "unscrambled". It also discusses the numerous financial market panics between the periods of 1870-1895. Financial impresario J. P. Morgan built his career out of solving other people's problems.

The formation of monopolies in steel iron, coke, railroads, banks and oil began during this period, and thus, which created massive empires. They were all in the hands of the Rockefellers and Carnegie, Harriman, Frick and a small few. J P Morgan was the architect of the agglomeration of the United States Steel Corporation, one of America's greatest mergers of all time. Through his accumulation of incalculable wealth, Rockefeller proved to all in his industry and many others that cash is king.

It would be later on being through the World War that the United States would demonstrate the strength of the nation. Hence, spearheaded by the help of Wall St and Bernard Baruch, then appointed head of the War Industries board, America would facilitate nearly all of the needs of Britain and France and Charles M. Schwab, this American manufacturer with the German name, became one of the strongest industrial allies of the British Government.

Thus, Wall Street emerged from the war with greatly enhanced prestige. Without the financial support, which it placed at the Government's disposal, without the mammoth industrial organization that America had developed since 1865, the United States would have counted for little in the struggle.

Overall, a good read.