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A Merchant Bank at War: The House of Morgan 1914–18

In: Money and Power

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  • Kathleen Burk

Abstract

Possession of either money or power always attracts interest; possession of the two together produces an undeniable allure. Possession of the two, combined with a reluctance to reveal very much about either the sources or use of the said money or power, can make the possessors the object of numerous bad books. This hascertainly been the case with merchant banks, the origins of which have, until recently, remained rather obscure. Light has now broken through the mist as far as the field in general is concerned,1 but the activities of individual merchant banks have, on the whole, been deemed unfit for the eyes of outsiders. This is beginning to change as we11,2 but dependable information on individual merchant banks remains difficult to find. This has been unfortunate because of the importance of these banks: their activities encouraged the growth of foreign trade, the development of underdeveloped countries (including the United States), and industrial growth in the domestic economy. Merchant banks also facilitated the fighting of wars, and it is with this activity, and in particular with the most important Anglo—American merchant bank, the House of Morgan, that this chapter is concerned.

Suggested Citation

  • Kathleen Burk, 1988. "A Merchant Bank at War: The House of Morgan 1914–18," Palgrave Macmillan Books, in: P. L. Cottrell & D. E. Moggridge (ed.), Money and Power, chapter 6, pages 155-172, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07173-9_6
    DOI: 10.1007/978-1-349-07173-9_6
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