An Unlikely Trust

December 18, 2017
A hostile commander-in-chief and a titan of American finance make a far-reaching peace in this colorful study of government-business relations in the Progressive Era. Helferich (Theodore Roosevelt and the Assassin) revisits the early-20th-century ferment of American capitalism, when the rise of giant corporate trusts that monopolized whole industries sparked explosive growth, populist outrage, and labor unrest. He explores these tensions in the figures of President Theodore Roosevelt, the boisterous Republican reformer who attacked trusts, and J.P. Morgan, the financier who built such trusts as the leviathan U.S. Steel in order (he claimed) to prevent ruinous competition and stabilize the economy. Despite their rhetorical antagonism, Helferich argues, the two tacitly cooperated on economic issues, settling a catastrophic coal-mining strike, snuffing out the Panic of 1907, and forging a modern regulatory system that let Morgan’s trusts flourish benignly. The onetime trust-buster Roosevelt eventually came under fire from political opponents who saw him as a Morgan puppet. Roosevelt delivers the thunder here, but the canny and understated Morgan becomes a fascinating protagonist as he conjures up money and strong-arms bankers to save Wall Street from destruction. Helferich’s narrative has a lucid, light touch on the period’s economics and foregrounds the human element in white-knuckle crises and negotiations. Photos.

January 1, 2018

This illuminating work about the partnership between President Theodore Roosevelt and John Pierpont Morgan Sr. is long overdue. Roosevelt, often referred to as the "trust-buster," was an astute politician, who was known for reforms and the implementation of regulations, especially antitrust legislation. Morgan, an important financier and banker of his era, was considered a preeminent figure in the evolution of modern corporations. Because Morgan was involved in many company consolidations, he was often referred to as the "trust-builder." The unlikely association between trust-buster and trust-builder yields author Helferich's (Theodore Roosevelt and the Assassin) well-crafted title. Their alliances during the Coal Strike of 1902, the financial Panic of 1907, the creation of the Federal Reserve System, and the building of the Panama Canal are detailed. Based on extensive research, this book fills a niche in the understanding of the complex relationship between Roosevelt and Morgan, especially in their common commitment to protecting the United States. VERDICT Recommended for all who have an interest in business history or Roosevelt.--Caroline Geck, Somerset, NJ

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