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The quick answer is that I don't like it.Who knows what is happening on Wall Street?Everyone is uneasy about the stock market, the tenuous dollar, and the large bankruptcies.Experts would welcome an objective historical perspective.Ron Chernow, who once directed financial policy studies at the Twentieth Century Fund, has created "The House of Morgan".

Book Review Search ArticleTHE HOUSE OF MORGAN An American Banking Dynasty and the Rise of Modern Finance. By Ron Chernow . Illustrated. 812 pp. New York: A Morgan Entrekin Book/ Atlantic Monthly Press. $29.95. Who knows what's really happening on Wall Street? The huge buyouts, the big bankruptcies, the gyrating stock market, the tenuous dollar have everyone uneasy. Even experts would welcome a calm, objective historical perspective. With ''The House of Morgan,'' Ron Chernow , who once directed financial policy studies at the Twentieth Century Fund, provides just that, and much more. Using the firm started by Junius Spencer Morgan - the firm that in the 1930's split into the commercial bank of Morgan Guaranty Trust, the investment bank of Morgan Stanley and the British merchant bank of Morgan Grenfell - Mr. Chernow takes us on an extraordinary journey spanning generations and continents. It is a saga of incredible cunning, as when J. P. Morgan Sr., the founder's son, learned to control American companies around the turn of the century by creating and dominating groups of their bondholders, or when, eight decades later, the three Morgan firms all learned to play the tough, slash-and-burn takeover game better than anyone else. It is a story of noble triumphs, as when the Morgan partners led the effort to tap European money to build the American railroads, or when they mounted successful campaigns to keep Britain and Japan on the gold standard before World War II. It is also a tale of greed and deception, as when the house bought unused rifles from the United States Government during the Civil War and promptly sold them back to the Army at six times the original price, or when, in the days before strong Federal regulation caught up with them, Morgan partners sold stock to friends at below-market prices before those securities were issued to the public. What was it that made the Morgan name the most powerful in 20th-century finance, surpassing even that of the Rothschilds? Partly, it was circumstance. The business was started in London in the 1830's, trading American bonds in Europe to finance expanding industry in the United States. England gave the House of Morgan a European elegance, instilled it with a tradition of old-fashioned service and provided it with entree to the European upper classes that, for the next half century, were the world's big lenders. As the representative of those with money, the bank gained leverage over the American borrowers who desperately needed capital to grow - the railroads, the steel companies, the manufacturers of heavy equipment. It was a short step from there to gaining control over a vast industrial empire. In addition, the Morgans had the talent and the style to earn the respect of the rest of the financial community, which looked to them and their partners to lead whenever the sthttps://archive.nytimes.com/www.nytimes.com/books/99/04/25/specials/chernow-morgan.html

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