Capitals of Capital: the Rise and Fall of International Financial Centres, 1780–2009 Youssef Cassis Index More Information

Cambridge University Press 978-0-521-14404-9 - Capitals of Capital: The Rise and Fall of International Financial Centres, 1780–2009 Youssef Cassis Index More information

Index

ABECOR (Associated Banks of Europe AOL 217 Corporation) 231 Argentina 40, 128 acceptances 155 J. S. Morgan & Co.’s influence in 88 Accepting Houses Committee 86, 147 Bazirgs’ activities in 87 Adenauer, Konrad 216 Armstrong & Cie 322 Ador, Jean 307 Arthur Anderson 260 Ador, Vernes & Dassier 307 Ashurst, Morris & Crisp (lawyers) 97 AEG 114, 130 Asia 134 Africa 134, 78 import of capital 78 Agricultural Bank of Egypt 90 trade with Britain 17 Akzept-und Garantiebank 183 Asian dollar market 277, 278 Algemene Bank Nederland 346 Assets-Backed Securities (ABS), 253, 282 Allgemeine Deutsche Credit-Anstalt 311 Associated Banks of Europe Corporation alternative management funds (hedge (ABECOR) 231 funds) 251–2 Associatie Cassa 14 America, trade with Britain 17 Association financie`re de Gene`ve 129 American Acceptance Council 155 Aswan Dam 90 American banking system 53–4, 122–3 AT&T 131, 214 American Civil War 57, 60, 88 Australia, import of capital 78 American and Continental Corporation 336 Austria American Depositary Receipts 265 Belgian loan to 33 American Express Company 177, 219 British loans to 12, 20 American International Group 282 Dutch loans to 10, 12 American Stock Exchange 250 German loans to 32 American War of Independence 16 Prussian defeat 281 Amsterdam 7, 41, 279–80 Swiss loans to 35 1840–75 68 Austria-Hungary 64 decline of 11–14 German investment in 79 defensive strategies 14–15 Austrian War of Succession 16–17 post First World War 176–7 Autostrade Italiane 221 trade and finance (eighteenth/nineteenth centuries) 9–11, 19 Amsterdam Stock Exchange 12, 68 B. L. Fould & Fould-Oppenheim 307 Amsterdamsche Bank 232 Bachmann, Gottlieb 178 Andre´ & Cottier 36 Backhouse, Jonathan 312 Angell, Norman 142 Bagehot, Walter 24, 65 Anglo-Argentine Bank 162 Baghdad railway 135, 151 Anglo-Austrian Bank 309 Bahamas 228 Anglo-Egyptian Bank 166, 309 Bahrain 228 Anglo-Saxon capitalism 258–9, 269, Baker & McKenzie 259 273 Balfour Williamson & Co. 319 Antwerp 33–4 Balkans, German investment in 79

376

© in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-14404-9 - Capitals of Capital: The Rise and Fall of International Financial Centres, 1780–2009 Youssef Cassis Index More information

Index 377

Baltic Coffee House 17 Banking Act (Glass-Steagall Act) (1933) Baltic Exchange 83, 210 188–9, 248 Baltimore 73 banking clubs (European) 231–2 Bamberger, Ludwig 52 banking consortia 224–5 Banca Commerciale Italiana 232 Banque belge pour l’e´tranger 327 Banca di Roma 338 Banque Cassel et Cie 308 Banca Nazionale del Lavoro 346 Banque Centrale Anversoise 126 Banco Ambrosiano 346 Banque commerciale pour l’Europe du Banco Hispano Americano 104 Nord 220 Banco Suizo-Sudamericano banque d’affaires 215 (Schweizerische-Su¨damerikanische Banque d’Alsace et de Lorraine 328 Bank) 128 Banque de l’Alge´rie 213 Bank Act (1844) 45, 100 Banque de Belgique 34, 46 Bank Acts (1863 and 1864) 64 Banque de Bruxelles 69, 126 bank conduits 253, 284 Banque de Cre´dit et de De´poˆts des Pay-Bas Bank deutscher La¨nder 216–17 50 Bank for International Settlements (BIS) Banque de France 25 177, 182, 247 during 1920s 171–3 Bank fu¨r elektrische Unternehmungen during First World War 151 (Elektrobank) 130 during Second World War 197 Bank fu¨r Handel und Industrie in 1840–75 47, 50, 65 Darmstadt (Darmsta¨dter Bank) 49, 1875–1914 101, 107–8, 123 51–2, 110 and French franc 168–9 Bank fu¨r orientalische Eisenbahnen 174 founding of 26–8 Bank in Winterthur 53 and the haute banque 105 Bank of America 166, 209, 281 nationalisation of 213 Bank of Australasia 309 and universal currency 66 Bank of British North America 309 Banque française du Bre´sil 327 Bank of Egypt 309 Banque française du commerce exte´rieur 343 Bank of England 14, 24–5, 169 Banque d’Escompte Suisse 187 Court of Directors 89 Banque de De´poˆts et de Cre´dit 187 during First World War 146–8 Banque de Gene`ve 69, 187 during Second World War 196 Banque de l’IndoChine 103, 135, 219 1875–1914 83, 85, 100–1, 108 Banque de la Socie´te´ Gene´rale 189 and Eurobonds 221 Banque de l’Union Parisienne 104, 125, founding of 16 185–6 and New York crisis (1907) 123 Banque de Paris 50 in nineteenth century 43, 45, 65 Banque de Paris et des Pays-Bas (Paribas) post First World War 164–5 68 post Second World War 202 1875–1914 103–5, 126, 131, 135 post stock market crash 184–5 and the Eurobond market 230, 278 Bank of Japan 239, 271 founding of 34, 50–1 Bank of London and South America in Geneva 70, 128, 130, 219 (BOLSA) 220, 223, 334 post First World War 171 Bank of Manhattan 207 post Second World War 213, 215 Bank of Montreal 122 mergers and acquisitions 258 Bank of Netherlands (Nederlandsche and the universal currency 67 Bank) 14 Banque de Savoie 311 Bank of Prussia 51 Banque du Commerce 69 Bank of the United States 53–4 Banque Empain 126 Bank One 265 Banque Europeéne de Cre´dit a` moyen Bank vour Handel en Scheepvaart 177 terme (BEC) 232 Bankers Magazine 91, 94 Banque Française d’Acceptation 169–70, Bankers Trust 118, 124, 258 186 Bankers Trust International 223 Banque Geńe´rale 69

378 Index

Banque Geńe´rale Suisse 127 Bell, Alexander Graham 317 Banque Geńe´rale Suisse de Cre´dit Belmont, Auguste 39, 117 International Mobilier et Foncier 52 Berkshire, John 350 Banque Internationale de Bruxelles 126 Berlin Banque internationale de Petrograd 328 big banks in 110–12, 175–6 Banque Intra 344 competition with London 133–4 Banque Italo-belge 327 decline of 143–4 Banque Lambert 34, 126 during First World War 146 Banque Lie´geoise 126 during Second World War 198 Banque Nationale de Belgique 46 effects of German inflation 174–5 Banque Nationale de Cre´dit (BNC) 185 effects of stock market crash 182–3 Banque nationale de Paris (BNP) 346 export of capital 77 Banque Nationale pour le Commerce et German mark crisis 173–4 l’Industrie (BNCI) 185 limits to expansion (1875–1914) 113–14 Banque nouvelle des chemins de fer 129 in nineteenth century 7, 31, 42, 52, 59, Banque pour le commerce suisse-israe´lien 344 72 Banque russo-chinoise 327 origins and development as a financial Barclay, Tritton, Bevan & Co. 306 centre 109–10 Barclays Bank 45, 91, 165–6 overseas banks (1875–1914) 112 executive board 262 post Second World War 215–16, 279–81 Barclays Bank DCO (Dominion, Colonial rise of 108–9 and Overseas) 166, 210 social status in 137–8 Barclays Bank (France) 334 state intervention 290 Barclays BZW 352 wealth in 136 Bardac N.J & S. 323 Berlin Bo¨rse 112–13, 150 Barent Cohen, Hannah 21 Berlin City Bank (Berlin Stadtbank) 215 Barnett, Hoare & Co. 305 Berlin-Stettin 59 Baring, Alexander 22 Berliner Handels-Gesellschaft 51, 109, 130 Baring, John (second Lord Revelstoke) 87, and stock market crash 183 90 Berliner Handelsgesellschaft und Baring Brothers & Co. Frankfurter Bank 346 1780–1840 20–3, 29, 39 Bern 53 1840–75 45, 56, 63, 68 Bersarin, General Nikolaı¨ 215 1875–1914 85–8, 94, 112, 117 Bethmann-Hollweg, Chancellor 90 in 1920s 166 Bethmanns Bank 32 and American railways 57 Bethmanns family 28, 32 Argentine loans 131 Big Bang’ (1986) 246 effect of First World War 147, 149 Big Bang’, Japanese (1997) 270 Baring Crisis 91, 96, 101 bill brokers 18–19 Bartholony, François 58 bills of exchange 10, 18–20 Basel Accords 248, 271 bimetallic system 82 Basle 53, 127–8 Birmingham & Midshires Bank 91, 309 Basler Handelsbank 53, 179 BIS (Bank for International Settlements) Bayerische Hypotheken und Wechsel Bank 177, 182, 247 346 Bischoffsheim & Goldschmidt 90, 309 Bear Stearns 281 Bischoffsheim family 38, 69, 126 BEC (Banque Europeéne de Cre´dit a` Bischoffsheim, Jonathan-Raphae¨l34 moyen terme) 232 Bischoffsheim, Louis 34, 50 Bećhet, Dethomas & Cie 310 Bismarck, Otto Edward Leopold von 59, Belgian Geńe´rale de Banque 232 67, 76, 111 Belgium 125 Bizone 216 banking innovation in 46 Blanc, Jean-Antoine 307 banking legislation in 1930s 189 Bleichro¨der Bank 59, 112, 175 export of capital 77 Bleichro¨der, Gerson von 109–19 French loans to 30 see also Brussels Bleichro¨der, Han von 330

Index 379

Bleichro¨der, James von 330 City of London Bleichro¨der, Samuel 39, 67, 109 British Empire 74 Bloc des droites 168 British South Africa Company 97 Blount, Edward 57 brokers 98–100 Brassey, Thomas 312 Brown, Gordon 1 Blyth & Co. 156 Bruckhaus Deringer 259 BNC (Banque Nationale de Cre´dit) 185 Brugmann & Cie 34 BNCI (Banque Nationale pour le Brugmann, Fre´de´ric 34 Commerce et l’Industrie) 185 Bru¨ning, Chancellor 183, 189 BNP (Banque nationale de Paris) 259 Brussels 288 BNP Paribas 280 1780–1840 7, 33–5 Boer War 88, 121, 141 1850–75 41, 68–9 Boisanger, Yves de 197 1875–1914 77, 125–6 BOLSA (Bank of London and South Brussels Stock Exchange 34 America) 220, 223, 334 Buenos Aires 23, 78 Bolton, Sir George 220 Bundesbank 216, 228–9, 233, 247 Bonaparte, Napoleon 26–7, 29, 72, 299 Burmah Oil 81 Bonbright & Co. 159 Butterfield & Swire 319 Bonn 216 Bonna Bank 129 C. J. Hambro, Sons & Co. 23, 63, 167, 225 Bordier & Cie 344 Caisse commerciale de Paris 310 Bo¨rsengesetz (1896) 113 Caisse d’Epargne 187 Boston 73 Caisse d’escompte 25–6 Bourbon restoration 21 Caisse d’escompte du commerce 26, 27 Bourse see Paris Bourse Caisse des comptes courants 26–7 Boyd, Walter 7, 20 Caisse des de´poˆts et consignations 343 Brandt, William Sons & Co 306 Caisse du commerce et de l’industrie Brasilianische Bank fu¨r Deutschland 324 (Turin) 49 Brazil, loans to 23 Caisse Geńe´rale du Commerce et de Bretton Woods Agreement 202–3, 232, l’Industrie 47 250 Caisse geńe´rale du commerce et des Brinkmann, Wirz & Co. 190 chemins de fer 310 Britain Caisse Hypothećaire 187 banking and financial wealth in 136 Caisse Laffitte 47 benefits and costs of financial centre to Caisse nationale du cre´dit agricole 343 139 Camondo I. & Cie 323 capital flows during First World War Canada, German investment in 79 148–9 Candolle, Mallet & Cie 36, 308 direct investment 80–1 Candolle, Turretini & Cie 36, 316 the dominant economy 81–3 Capital and Counties Bank 92 economic policy (nineteenth century) Caribbean, German investment in 79 37–8 Cartel des Gauches 168 export of capital 77–81 Cassel & Cie 308 investment in American railways 57 Cassel, Ernest 90, 112, 118 loans to finance French war 21–2 Cassel, Germain 308 loans to Latin America 23 Cavour, Camille Count 63 loans to Netherlands 10–11 Caxton Corporation 350 loans to Prussia 22–3 Cayman Islands 228 losses incurred during First World War Cazenove 246 152–3 Central America, import of capital 78 overseas banks 44–5 Central Bank of London 319 overseas trade 17, 20 Central Hanover Bank 207 railways 55 Central Mining Corporation 132 trade with Dutch 19 Chalmers, Guthrie & Co. 89 and the universal currency 66–7 see also Chalmers, Guthrie & Co. 308

380 Index

Change Alley 17 rivalry with Paris 60–8 Chaponnie`re & Cie 308 social status in 137 Chartered Bank of India, Australia & China and stock market crisis 183–5 309, 317 strengths and weaknesses (1920s) 162–4 Chase Manhattan 265 trade and finance (1875–1914) 88–90 Chase National Bank 166, 207 in the twenty-first century 265–8 Chemical Bank 265 as world financial capital 83 Chenevie`re & Cie 70, 129 world trade and 9–10, 12 Chicago 118 and universal currency 45 see also Bank of derivatives in 250–1 England; London Stock Exchange Chicago Board of Trade 250–1 Citibank 261, 269 Chicago Board Options Exchange 250 Citibank (see National City Bank) 92, 118, Chicago International Monetary Market 250 156, 159, 166, 168, 207, 210, 326, Chicago Mercantile Exchange 250–1, 277 333, 342, 342 China 134–5, 278, 279 Citicorp and Travelers 248, 258 Chinese Cultural Revolution 277 Citigroup 248, 258, 262, 265, 281 Chrysler 258 Clifford Chance 259 Churchill, Winston 162 Club des Ce´libataires 232 CIC (Socie´te´ Geńe´rale de Cre´dit Industriel cold war 220 et Commercial) 50, 53 Collateralised Debt Obligation (CDO) Citroe¨n 171 253, 282 City of London 2, 279–82, 284 Cologne 31, 52, 59, 216–17 bankers of 18 Cologne-Minden (railway company) 59 big banks (1875–1914) 90–4 Colonial Bank 166, 309 commodity markets 17 Colonial and Foreign Banks 44–5 decline of 161 Comite´ d’Organisation des Banques 197 effect of French wars on 19–22 Commercial Bank of Australia 346 effect of Second World War 196–7 commercial banks, effect of Second World in the eighteenth century 7 War 196 Eurobond issues 221–2, 267 Commercial Union Assurance Company 95 Euromarkets (and its rebirth) 223–5, Commerzbank 183, 282 237–8 post Second World War 157, 216 export of capital 42, 77 Commerz-und Disconto Bank 52 finance of railways 42 Common Market 200, 215, 231 and First World War 145–6, 151 Commonwealth Bank of Australia 224 foreign loans 62–5, 211 Comptoir d’escompte de Gene`ve 69, 127, independence from government 84 178, 187 insurance market (1950s) 211 Comptoir d’escompte de Paris 47–8, 50 insurance companies 17–18, 95–6 Compagnie des Agents de Change 30, 146 international trade 61–2, 210–11 Compagnie des Entrepoˆts et Magasins investment trusts (1875–1914) 96–7 Geńe´raux 313 joint-stock banks in 43–5 Compagnie des Indes 25 merchant banks (1875–1914) 85–8 Compagnie Geńe´rale d’Assurances sur la New York’s dependence on 122–3 Vie 37 in the nineteenth century 41 Compagnie Geńe´rale des Chemins de Fer in the 1930s 192–3 Secondaries 125 operating mechanisms 83–5 Comptoir Geńe´rale du Commerce et des overseas banks (1950s) 210 Chemins de Fer 310 post Second World War 209–13 Comptoir national d’escompte de Paris preeminence of in eighteenth/nineteenth 102, 157 centuries 22–4 computers 249, 349 professional services (1875–1914) 97–8 Confederation of the Rhine 32 regulation in 285 Consolidated and Petroleum Stock rise of (eighteenth/nineteenth centuries) Exchange 120 15–19, 37–8 Consolidated Goldfields 258 rivalry with New York 155–6 Constantinople 78

Index 381

Cooke & Co. 60 Davillier, Sanson 312 Cooke, Jay 60 Dawes Loan 154, 169 Cooper Brothers 97 Dawes Plan 153–4 Corinth Canal 69 Dawes, Charles 333 Cortelyou, George 123 De Beers Consolidated 81, 87 Coste, Pierre 185 de Candolle, Mallett & Cie 36–7 coulisse 30, 63, 107 de Candolle, Turrettini & Cie 36 Coutts & Co. 18 de Larosie`re, Jacques 284 Cre´dit-Anstadlt (Vienna) 182 De Nederlandsche Bank 177 Cre´dit commercial de France 346 Dean Witter 206 Credit Default Swap 253, 282 Delbru¨ck, Adelbert 52 Cre´dit du Nord 170 Delessert banking house 27–8 Cre´dit foncier 343 Delessert, Etienne 28 Cre´dit Lyonnais Deloitte & Co. 97 during 1960s 214 Deloitte Touche Tohmatsu 259 during Second World War 197 Delors, Jacques 351 effect of First World War 150 Delors Report 254 and Eurobond market 230 Demachy Seilliere (House of) 104 founding of 50, 70 Denmark in Geneva 70, 128–9, 219 Dutch loans to 10 growth of (1875–1914) 102–3, 140 Swiss loans to 35 in London 94 deregulation 244–8 Cre´dit Mobilier 47–8, 48–52, 58 derivatives 252, 283 Cre´dit national 343 Deutsche-Asiatische Bank 112, 135 Credit Suisse 130, 186, 187, 258 Deutsche Bank during 1960s 218 1875–1914 110–12, 130, 135 during 1970s 234 in Brussels 126 during late twentieth/early twenty-first during First World War 150 centuries 276 and effects of inflation 174–5 during Second World War 198 and Eurobond market 229 founding of 52–3 executive board 262 growth of 178–9 founding of 52 international activity 128, 178–9 in London 94, 237 wealth management 179 mergers and acquisitions 72, 258 Cre´dit Suisse First Boston 259, 270, 352 and Nazi Germany 190, 198 Creditanstalt-Bankverein 232 post Second World War 156, 217, 232 Credito Italiano 338, 344 Deutsche Bank und Disconto-Gesellschaft Cromer, Lord (governor of the Bank of 183 England) 213 Deutsche Orientbank 325 Crommelin, D. & Sn 305 Deutsche Petroleum 112 Cuba, German investment in 79 Deutsche Su¨damerikanische Bank 325 Cunliffe, Lord Walter 161, 164 Deutsche Termin Bo¨rse (DTB) 251 curb market (New York) 120 Deutsche U¨ berseeische Bank 112 currency, status of 282–3 Deutsche U¨ berseeische Elektrizita¨ts Czarnikow (merchants) 89 Gesellschaft 174, 327 Development Bank of Singapore 277 Dai-Ichi Kangyo Bank 348 Dillon Read and Co. 156, 158 Daimler Benz 258 Disconto-Gesellschaft Daiwa Bank 348 1875–1914 110, 112, 125, 131 Delbru¨ck, Schickler & Co. 343 acquisitions 72 Danat Bank 183 during First World War 150 Darier Bank 129 founding of 51 Darmstadt 52 post First World War 162–4 Darmsta¨dter Bank (Bank fu¨r Handel und and the Prussian Consortium 109 Industrie in Darmtadt) 49, 51–2, 110 Discount Bank (Overseas) 344 Dassier, Auguste 307 Disraeli, Benjamin 66

382 Index

Docks Napole´on 62 Est railway company 58 dollar, devaluation of 186, 203 Eurex 251 Donaldson, Lufkin & Jenrette 348 euro 254 Donon, Armand 50, 67 Eurobonds 221–2, 225, 236 Dow Jones 227, 280 American banks and 227 Dresdner Bank 257 Frankfurt and 228–9 1875–1914 110, 125 London and 237 during Second World War 198 Luxembourg and 228 founding of 52 Switzerland and 233 post Second World War 217 Eurocredits 222–3, 236 and stock market crash 183 in Hong Kong 278 Drexel Burnham Lambert Bank 258 London and 237 Drexel & Co. 116 Eurodollars 220–1, 223–4, 236, 283 Drexel, Morgan & Co. 326 Americans banks and 226–7 DTB (Deutsche Termin Bo¨rse) 251 in Asia 277 Du pont de Nemours 214 Japan and 239 Dufour, Louis 307 London and 284 Dusseldorf 217 Euronext 251, 274 Dutch East India Company 14 Europartners 231 Dutch Indies 15 Europe, import of capital 78 Dutch Trading Company (Nederlandsche European Advisory Committee 232 Handel-Maatschappij) 14–15 European American Banking Corporation (EAB) 232 E. Johnston & Co. (House of) 309 European Banking Company (EBC) 232 EAB (European American Banking European Banks International Company Corporation) 232 (EBIC) 231–2 East India Company 16 European Central Bank 253, 272, 280 EBIC (European Banks International European Coal and Steel Community Company) 231–2 (ECSC) 200, 206 EBICEM 346 European Community 231 EBICREDIT 346 European growth (1950–73) 200–1 EBILEASE 346 European Monetary Institute 254 Economist, The 84 European monetary system crisis 256 Econophysics 249, 283 European Monetary Union 1, 231 ECSC (European Coal and Steel exchange control, abolition of 246 Community) 200, 206 exchange rate system 202–3 ecu 65 fixed (end of) 235 Edge Act (1919) 154 Exxon 206, 257 Edward VII, King 90 Eeghen & Co., Van 298 Falckenstein, General Vogel von 316 Eichthal, Adolphe d’ (Baron d’Eichthal) 307 Fannie Mae 281 Eidgeno¨ssische Bank 53, 70, 178 Fama, Eugen 249 Elektrobank (Bank fu¨r elektrische Family Office 275 Unternehmungen) 130 Farrer, Gaspard 143 Empain, Edouard 126 Federal Banking Commission England, economic prosperity 15–16 (Switzerland) 190 English banking system 43–5 Federal Reserve Bank of New York 124, Engler, J. 34 157, 205 Enron 260 Federal Reserve Board 124, 182, 207, 280, Erie Canal 121 283 Erlanger, family 307 during Second World War 195–6 Ernest Pictet Bank 129 Federal Reserve System 123–4, 134, 155, Errera, Jacques 69 157, 189, 252 Errera-Oppenheim Bank 315 Fedk. Huth & Co. 184 Escher, Alfred 52 Fenn’s Compendium 140

Index 383

Ferrier, Darier & Cie 36 free-standing companies 80–1 Ferrier Lullin bank 129 French American Banking Corporation 157 financial elites 136–8, 260–1 French colonial empire 74 Financial Modernisation Act (1999) 248 French debt, finance from Geneva, 35 financial revolution (eighteenth century) French franc 168–9 16–17 devaluation of 186 Financial Services Authority 285 French Revolution 7, 14, 36 Financie`re Meeschaert 349 French wars 19–22 Finanzplatz Deutschland 264 and Frankfurt markets 32 Finlay & Co. 319 and Geneva 36 First Boston 257 Freshfield & Sons (lawyers) 97, 258 First National Bank 207, 219 Fru¨hling & Goschen 299 First National City Bank 208, 222, 226 Fuji Bank 346 First World War 143–5 Fu¨rstenburg, Carl 136 capital flows during 147–9 Fu¨rstenburg, Hans 190 crisis management during 145–7 legacy of 152 Galopin Forget Bank 129 transformation of business life 149–51 Ganneron, Hippolyte 310 Fleming, Robert 96 Gans & Cie 324 Foreign & Colonial Government Trust 96 Garnier-Page`s, Louis-Antione 48 foreign exchange transactions (1982–2004) GATT 200 256 General Arrangements to Borrow 203 Foreign Trade Bank 344 General Electric 206 Foster & Braithwaite 56 General Motors 181 Fould, Benedict 307 Ge´ne´rale de Banque 189 Fould, Berr-Le´on 307 Geneva 284 Fould, B. L. & Fould-Oppenheim 307 1780–1840 7, 35–7 Foulds family 27, 28, 38 1840–75 41, 52, 69–71 Founders Group 158 1875–1914 127, 128–31 France banking crisis (post stockmarket crash) benefits and costs of Paris to 139 187 capital flows during First World War 148 at the dawn of twenty-first century 274–5 deposit banks and banque d’affaires in 46–51 foreign investment 77 export of capital 77 post Second World War 219 Front Populaire government 202 Geneva Stock Exchange 70–1 losses during First World War 152–3 Gensaki 240 occupation expenses 194 George Peabody & Co. 23 railways 55 see also Paris Germain, Henri 50, 67 Franco-Prussian War (1870–1) 69–70 Germany Frank, Theodor 190 banking legislation in (1930s) 189–90 Frankfurt 77, 112, 284 capital flows during First World War 148 1780–1840 7, 31–3 capital transfers during Second World 1840–75 41–2, 59 War 194–5 effect of German unification 71–2 currency 110 Eurobonds 228–9 during First World War 146, 152–4 in the late twentieth/early twenty-first Dutch loans to 11 centuries 266 economy (late twentieth century) 271–2 post Second World War 216–17 migration of bankers to Paris 28 wealth in 136 international competitiveness 247 Frankfurt Bo¨rse 113, 247 merchant bankers from London in 20–1 Frankfurter Bank 52, 71, 109 railways 55, 59–60 Frankfurter Bankverein 72 unification of 42, 71–2 Franks, Lord (chairman of Lloyds Bank) 209 universal banks in 51–2, 189–90 Freddie Mac 281 universal currency 66 Frederick the Great 109 Gesfu¨rel 126

384 Index

Gladstone, William 311 Gresham, Thomas 16 Glass-Steagall Act (1933) 188–9, 248 Groupement des banquiers prive´s genevois global imbalances 283 344 Glyn, George Carr 56 Guaranty Trust Company of New York Glyn, Hallifax, Mills & Co. 299 118, 207 Glyn, Mills & Co. 309 Guebert bankers 29 Glyn, Mills, Currie & Co. 91 Guinness 83 Glyns Bank 45 Guttmann, Eugen 52, 136 globalisation 135–6, 242–4 Gwinner, Arthur 136 Britain as centre for 81–3 expanding trade 76–7 Haber, de, family 28 free movement of people 75–7, 243 Haber, Maurice 307 imperialism and 140–1 Haber, Salomon (baron of Baden) 307 international capital flows 77, 244 Halifax Bank of Scotland (HBOS) 282 responsibility for 286 Halsey Stuart & Co. 156 and telecommunications 76, 243–4 Hambro, C. J., Sons & Co. 23, 63, 167, 225 transport revolution and 76, 77 Hambro, Carl Joachim 23 gold Hambro, Charles 344 coins 65–6 Hamburg 7, 31, 52, 77, 113 monometallism 65–6, 82 decline of 20 Gold Market 83 post Second World War 216–17 gold pool 202 Hamilton, Alexander 53 gold standard 82, 100, 282 Hansemann, David 51, 62, 67 during First World War 143–4 Hanson, Lord 256 France’s return to 168 Hentsch & Cie 329, 344 Germany’s abandonment of 183 Harrision & Crosfield 89 Germany’s adoption of 110 Hausmann, Georges Euge`ne, Baron 67 London’s abandonment of 184–5 haute bank (Brussels) 34 post First World War 161–2, 165 haute bank (Paris) ‘golden age’ (1900–14) 137–8 1840–75 50–1, 67, 281 benefits and costs 138–42 1875–1914 104–6 material wealth in 136 during the 1920s 171 social status in 136 founding of 27–8, 30 golden age (1945–80) (Les Trentes involvement in railways 57–9 Glorieuses) 200 Protestants in 38 European growth during 200 Havenstein, Rudolf von 146 state intervention during 201–2 hedge funds (alternative management Goldman Sachs Group 158, 163, 227, 259, funds) 251–2 265, 282 Heine banking house 129 Goldman Sachs Trading Corporation 158 Henri Hentsch & Cie 36 Goldschmidt family 39, 126 Hentsch, Charles 345 Goldschmidt-Rothschild, Baron Max von Hentsch, Edouard 50 330 Hentsch, Henri 307 Goldschmidt, B. A., & Co. 299 Herriot, Edouard 168 Goll & Co. 307 Hesse-Nassau 71 Gontards bankers 28 Hicks-Beach, Michael 88 Goodenough, Frederick 166 Hilferding, Rudolf 140 Goschen & Cunliffe 184 Hirsch, Maurice de 69 Goschen, Georges J. 67 Hitler, Adolph 198 Grand Trunk Railway Company (Canada) 57 Hobson, John A. 140 Gray-Pecora investigation 339 Holden, Edward 93, 101 Great Depression 143–4, 182 Hong Kong 238, 263, 276–8, 284 Great Fire of London (1666) 16 financial crisis in 256 Great Illusion,The 142 Hong Kong and Shanghai Banking Greenwich (Connecticut) 266 Corporation 44, 93, 135, 276, 318

Index 385

Hoover, Herbert 188 Jamaica Coffee House 17 Hope & Co. Bank 11–12, 14, 20, 22–4, 29, 39 Japan 238–41, 247, 256, 269–70 Horstman & Co 299 Japhet, S. 163 Hottinguer (House of) 27, 39, 104, 105, 171 Jefferson, Thomas 299 Hottinguer, Jean-Conrad 28 Jenks, Leland 161 Hudson river 73 Jersey 228 ‘Huguenot International’ 35 Jerusalem Coffee House 17 Huguenot Refugees 282 Jewish bankers 12–13, 33, 38–9, 138 Huskisson, William 37 in France (during Second World War) Huth, Fredk. & Co.331 197–8 HypothekenBank 128, 328 in Frankfurt 34 German 116–17, 281–2 IBM 206 in Nazi Germany 190 Icahn, Carl 351 jobbers 98–100 ICI 256 Johnston, E. & Co. (House of) 309 IG Farben 179, 198 joint-stock banks 8, 41–5 Ikle´, Max 235 joint-stock deposit bank, model of 43 Illinois Central 57 Jonathan’s Coffee House 17 Imperial Group 256 Jones, Lloyd & Co. 299, 44 Imperial Loan Consortium (‘Prussian Jones, Paul Tudor 350 Consortium’) 109 junk bonds 256 Imperial Ottoman Bank 103, 135 imperialism 140–1 Kaskel, Karl and Felix von 52 Inde`lec (Socie´te´ Suisse pour l’Industrie Keynes, John Maynard 154, 162 Electrique) 130 Kidder, Peabody & Co. 115–17, 156 India, British trade with 81–2 Kindleberger, Charles 283 Industrial Revolution 7–8, 15–16 Kleinwort, Sons & Co. 85–6, 88 innovation 248 during First Word War 147 derivatives 249–52, 256, 277 during the 1920s 163, 167 theory and practice of 248–9 and Eurodollars 220 Institute of Bankers 83, 142 stock market crash 184 Inter Alpha 231 Knickerbocker Trust Company 123 Interest Equalization Tax 222, 233, 284 Knoop, L. & Co. 319 abolition of 238 Kohlberg, Kravis, Roberts 351 International Acceptance Bank 155, 176 Ko¨nigswater, Julius 298 International Monetary Fund 201–3, 281 Kovner, Bruce 350 International Telegraph and Telephone KPMG 258 (ITT) 227 Krediet bank 346 investment groups 89 Kuhn, Abraham 116–17 investment trusts 96–7, 158–9, 282 Kuhn, Loeb & Co. 60, 90, 116, 118, 122, Irving, Reid & Co. 299 156, 230 Italy effects of stock market crash 182 L’Immobilie`re 50 borrowing during First World War 148 Labour government, resignation of (1931) 184–5 J. G. Lombard & J.-J. Lullin 36 Laffitte, Blount & Cie 312 J. Henry Schro¨der Banking Corporation 157 Lafitte, Charles 57 J. Henry Schro¨der & Co. 21, 85–6, 88, 157 Lafitte, Jacques 28, 46–8 J. P. Morgan Chase 265, 281 Lambert Bank 256 J. P. Morgan & Co. see Morgan, J. P. & Co. Lambert family 126 J. S. Morgan & Co. see Morgan, J. S. & Co. Lambert, Le´on 12, 126 J. W. Seligman & Co. 116–17 Lambert, Samuel 34 Jackson, President Andrew 54 Latin America 134 Jackson, Frederick Huth 142 British and French investment in 78 Jacobins 26 European trade with 29

386 Index

Latin Monetary Union 65–6, 129 London Joint Stock Bank 44, 309 Laval. Pierre 197 London Metal Exchange 83, 210 Lazard Brothers 268 London Stock Exchange Lazard Fre`res 157, 168, 171, 197, 227, 259 1840–75 56, 63 Lazard-Speyer-Ellissen 326 1875–1914 83, 85, 93, 98–100, 132–3 Le Havre 62 and the Big Bank 246 League of Nations Financial Committee 165 comparison with New York 119, 121 League of Nations Loans 330 during First World War 145, 150 Lecouteulx (House of) 26 during Second World War 196–7 Lee, Higginson & Co. 116, 156 founding of 17 Leeson, Nick 266 listing of foreign loans (1823) 24, 30 Lefebvre, Francis 312 post Second World War 211–12 Lehman Brothers 223, 230, 259, 282, 283, in 1920s 164 284 London, Port of 61, 83 Lenoir, Jean David 316 Long-Term Capital Management (LTCM) Leipzig 31 252 Lenin, Vladimire Ilyich 140 Louis XIV 35 Lenoir Poulin Bank 129 Louis XVIII 22 Leopold II, King 126 Louis Dreyfus & Cie 106 Lidderdale, William 101, 164 Louis-Philippe, King 47 LIFFE (London International Financial Louisiana, purchase of 20 Futures Exchange) 250–1 Lullin, Masbou, Aubert & Cie 308 Liverpool 56 Luxembourg 228 Liverpool, Lord 37 Lyons 27, 70 Lloyd, Edward 17–18 Lysis vs. Testis 139 Lloyds tavern 17–18 Lloyd, Howard 320 M. A. Rothschild & So¨hne 72 Lloyd and National Provincial Foreign M. M. Warburg & Co. 52, 176, 220, Bank 334 under the Nazi regime 180–1 Lloyds Bank 91–3, 165–6 Maastrict Treaty 253, 271 in Geneva 177, 219 MacDonald, Ramsay 185 in Paris 323 Magnus, F. Mart 324 Lloyds of London 211 Mainz 34 Loeb, Salomon 116–17 Mallet, Guillaume 28 Loire, mines of the 69 Mallet, Isaac 28 Lombard, J. G. & Lullin, J.-J. 36 Mallet, Isaac-Jean-Jacques 28 Lombard loans 13 Mallet Fre`res 26–8, 104–5, 171 Lombard, Odier & Cie 70, 129 Manchester 56 Lombard Odier Darier Hentsch (LODH) 261 Mannesmann 257 Lombard Street 100 Mannheim 217 Lombardverbot 111 Mannheimer, Fritz 175 London see City of London Manufacturers Hanover Bank 265 London and Brazilian Bank 309 Manufacturers Trust 118, 207 London and County Bank 91–2 Marche´ a` Terme des Instruments London and County Banking Co. 309 Financiers (MATIF) 250–1 London County and Westminster Bank Marche´ a` Terme International de France 318, 320 250 London and Midland Bank 91 Marche´ des Options Ne´gociables de Paris London and River Plate Bank 309, 318 (MONEP) 350 London and Westminster Bank 44, 91–2, Marconi, Gugliermo 317 97, 309 Marcus Samuel & Co. 89 London Assurance Company 18 marine insurance 17–18 London Clearing House 43, 91 mark (German): London International Financial Futures crisis 173–4; Exchange (LIFFE) 250–1 during 1960s 229

Index 387

Markowitz, Harry 249 Mirabaud Bank 104, 129 Marseilles 62 Mitchell, Charles 157, 188 Marshal Plan 204 Mitsubishi Tokyo 270 Martin & Co. 298 Mitterrand, Franc¸ois 253 Masterman, Peters & Mildred 312 Mitteldeutsche Creditbank 311 MATIF (Marche´ a` Terme des Instruments Mobil 258 Financiers) 250–1 Modigliani, Franco 249 McAuliffe, Davis & Hope 97 MONEP (Marche´ des Options McKenna, Reginald 162 Ne´gociables de Paris) 350 McKinseys, consultants 261 Monetary Authority of Singapore 277 Me´line tariff 76 Montagu, Samuel 163, 220–1 Mellon, Andrew 188 Montagu, Samuel & Co. 163, 220, 221 Mendelssohn & Co. 31, 39, 109, 111 Moore Capital Management 350 during the 1920s 175 Moreau, Emile 165, 169, 171–2 and railway business 59 Moret, Emile 165 under the Nazis 190 Morgan Chase, J. P. 263 merchant banks 85–8 Morgan Grenfell & Co. 23, 88, 149, 156–7, between 1875 and 1914 167 see also George Peabody & Co.; disappearance of 266 Morgan, J. S. & Co. during 1920s 166–7 Morgan, Harjes & Cie 117, 156 during 1950s 210 Morgan, J. P. & Co. 60, 115–17, 257 effect of First World War 146 during First World War 148–9, 154 effect of Second World War 196 during 1920s 156, 168, 189 and stock market crisis 184 mergers 207, 263 merchant houses 19–24, 88–9 Morgan, J. S. & Co. 57, 70 Merrill Lynch 206, 259, 265, 269, 281 founding of 23 Meriweather, John 252 activities and growth betwwen 1875–1914 mergers and acquisitions (1980–2005) 257–8 86–8, 112, 116–17 Merton, Robert 249, 252 Morgan, John Pierpont 88, 115, 116–17, Mettenius, J. G. 308 121, 123, 137 Mettenius, JG 308 Morgan, Junius Spencer 87, 282 Metzler (bank) 32 Morgan Stanley & Co. 189, 227, 257, 263, Metzler, Friedrich von 271 282 Mevissen, Gustav 311 Morny, Duke of 313 Mexico 237, 255 Mortgage-Backed Securities (MBS) 252, German investment in 79 280, 282 Meyer, Andre´ 282, 345 Munich 217 Midi railway company 58 Mynors, Humphrey 223 Midland Bank and banking clubs 232 N. M. Rothschild & Sons 21–3, 86–7 and banking consortia 224 Naples (Kingdom of) loans to 29 between 1875 and 1914 92–3 Napolean III 67 effect of First World War 150 Napoleonic wars 12, 15 effect of Second World War 196 NASDAQ 259 and Eurodollars 220 National Bank fu¨r Deutschland 325 post First World War 165–6 National Bank of Egypt 90 post Second World War 209 National Bank of India 97 Midland and International Banks Limited 224 National Bank of South Africa 166 Midtown 266 National Bank of Turkey 90, 135 migration 75–7 National City Bank 118, 156–7, 159, 166, Milken, Michael 256 188, 207, 210 Miller, Merton 249 National City Company 156 Mincing Lane 62 National Provincial Bank of England 91, Mines d’Anzin 27 97, 165, 309 Minsky, Hyman 283 National Westminster Bank 261

388 Index

Nationale, La (Assurance) 343 founding of 73 nationalism 141–2 overtaken by Tokyo 268 Natwest Market 352 in the twenty-first century 279 Nazis, and banking legislation 190 and Wall Street Crash 182 Necker, Jacques 25, 35 Nicole, Le`on 187 Nederlandsche Bank (Bank of Nikkei 260 Netherlands) 14 Nikko Bank 348 Nederlandsche Handel-Maatschppij Nobel Dynamite Trust 132 (Dutch Trading Company) 14–15 Nomura 259, 268 Nederlandsche Middenstandbank 346 Nord railway company 57–8 Netherlands 125 Norddeutsche Bank 217 export of capital 77 see also Amsterdam Norman, Montagu 157, 164–5, 167, 176, Nettine Bank 33 180, 333 Neufville, de 307 North America, import of capital 78–9 Neuman, Luebeck & Co 320 Northern Pacific 60 Neumann, Sir Sigmund 320 Northern Rock 280 Neue Markt 273 Neuflize, de Bank 104, 171 Oddo & Cie 349 ‘new bank’ 42–3 Office Suisse de Compensation 198 New Deal legislation 188–9 Omnium 69–70, 129 New York 7, 77, 279–82 O’Neal, Stan 281 1840–75 42, 54, 59, 73 OPEC 236 1945–80 204–9 Oppenheim family 28, 38, 69, 126, 307 acceptances and foreign issues 155–6 Oppenheim, Abraham 59, 312 and American stocks 159–60 Oppenheim, He´le`ne 307 commercial banks in 205–9 Oppenhiem, Salomon 308 competition with London 133–4, 225–7 Oppenheim, Sal. Jr. & Cie 313 and devaluation of the pound 186 Orion Bank 224 effects of First World War 146, 151 O¨ sterreichische Landerbank 346 effects of Second World War 195–6 O¨ sterreichische Bodenkreditanstalt 338 financial architecture 156–8 Ospel, Marcel 281 holdings of public utilities 159 Ottoman Bank 309 insurance companies 118–19 Ottoman Empire 134–5 investment banks 115–18, 205 Ottoman Public Debt Administration 141 investment trusts 158–9 Ouest railway company 58 liberalisation (1970s) 240 Ouest-Suisse railway 69 limited internationalism 121 overseas banks 44–5, 93–4, 103, 112 national banks 118 Overstone, Lord 44 national currency (1950s) 204–5 rise of 114–15, 154–5 Paccard, Ador & Cie 316 portfolio management 279 Paccard, Barthe´lemy 307 social status in 137–8 Paccard, Constant 316 state intervention 284 Paccard, D.M. & Cie 308 trust companies 118–19 Paccard, Dufour & Cie 312 in the twenty-first century 279 Paine Webber 206 wholesale/retail bank mergers 207 see also Panchaud, Isaac 25 Federal Reserve System Parieu, Fe´lix Esquirou de 66 New York Futures Exchange 250–1 Paribas see Banque de Paris et des Pays-Bas New York Stock Exchange 98–9, 113 Paris 284 abolition of fixed commissions 238 1780–1840 7, 12 1875–1914 119–21 1840–75 41 during 1920s 160 1870–1914 101–2 during 1950s 205–6 acceptances 169–70 during 1980s 250 ancien re´gime and the revolution 24–7 during Second World War 196 big banks in 102–4

Index 389

comparative advantages of 29–30 Poincare´, Raymond 168 during First World War 146, 151 Port of London 61, 83 during late twentieth/early twenty-first Portugal 64 century 273 pound during Second World War 197–8 crisis of 1929 184–5 and Eurobond market 229–31 devaluation of (1967) 203, 225 export of capital 42, 77 recovery of post First World War 161–2 financial architecture 170–3 Poyais 23 foreign issues 29–30, 170 Preussische Bank 109–10 French franc crisis 168–9 Price Waterhouse 97 Genevan banks in 36 PricewaterhouseCoopers 258 international activity 214–15 Prince, Chuck 281 international competitiveness 247 private banks 8, 18–19 international trade 61–2 Privatbanken 346 liberalisation of capital market 230–1 Proehl & Gutmann 336 nationalisations 213–14 prolongatie 13 new banks in 50–1 protectionism 76–7 overseas banks 103 Protestant bankers 34, 38–9 post First World War 167–8 Prudential Assurance Company 95 post Second World War 213–15 Prussia 22–3, 42, 67, 71–2 post stock market crash 185–6 ‘Prussian Consortium’ (The Imperial Loan rivalry with London 60–8 Consortium) 109 state intervention 213–14, 284 Pury, Albert de & Cie 336 Swiss bankers in 27–9 Pujo Commission 123–4, 189 wealth in 136 see also haute banque Paris Bourse Quakers 138, 312 1780–1840 25–6, 30 Quantum Fund 251 1840–75 59, 63–4 Quatuor 69–70 1875–1914 98–9, 106–7, 113, 119 Paris Europlace 264 Paris-Orle´ans railway company 58 railways parquet 107 expansion of 54–5 Parr’s Bank 92, 93, 320 investment in 41–2 Passavant, Bertrand & Cie 308 involvement of Parisian haute banque in Peabody, George 23, 57, 87 57–9 Pease, Edward 312 Ralli Brothers 319 Pereire, Emile and Isaac 48–51, 58, 62, 67 Rand Mines 132 Pe´rier, Claude 26–7 Raphael, R. 163 Perre´gaux (House of) 26–8 Raphael, R. & Sons 163 Perre´gaux Lafitte & Cie 28 Raphael, S. & Co. 298 Perre´gaux, Jean-Fre´de´ric 28 Rathenau, Walter 173 Peto, Samuel 312 RCA (Radio Corporation of America) 181 petrodollars, recycling of 236–7 Reagan, Ronald 244 Phe´nix, Le (Assurance) 343 Reed, Howard C. 2–3 Philadelphia 73 Regie des Te´le´phones et Te´le´graphes 218 Philippson, Franz 69 regulation 285 Pickens, Thomas B.351 Regulation Q 189, 207, 220, 226, 247, 284 Picot, Faxy & Cie 36 Reichsbank Pictet, Guillaume 130 during First World War 108, 146 Pictet, M. M., & Cie 36, 39, 130, 179 during Second World War 195 Piedmont 63, 69 founding of 71, 109–10 Pillet-Will, Fre´de´ric 307 and the Lombardverbot 111 Pinard, Alphonse 50 post First World War 176 Pitt, William 20 post Second World War 215 PLM railway company 58 post stock market crash 183

390 Index

Reichskreditkasse 197 in Frankfurt 59 religion 138 and the haute banque 104 Rentenmark 173 international business 94 Reparations Commission 153 post First World War 167, 171 Re´union Financie`re 50, 58 and Sardinia 63 Reverdin, Jacques 70 under the Second Empire 62–3 Rheinisch-Westfa¨lische Bank 217 Rothschild Fre`res, de 28, 30, 104–5 Richelieu, Duke of 22 Rothschild, M. A. & So¨hne 72 Richtenberger, Lazare 34 Rothschild, N. M. & Sons 21–3, 86–7 Riegle-Neal Interstate Banking and Royal Bank of Canada 345 Efficiency Act (1994) 248 Royal Bank of Scotland 268, 269, 281, 282 Rio Tinto Zinc Mines 69, 81, 87 Royal Dutch Shell 214 Rist, Charles 157 Royal Exchange 16–18, 62 RJR Nabisco 257 Royal Exchange Assurance Company 18, Robert Benson & Co. 309 95 Roberts, Richard 3 Royal Insurance Group 18, 19, 298, 321 Robertson, Julian 350 Ru¨ffer, A. & Co. 319 Robespierre, Maximilien Marie Isidore de Russia 26 borrowing during First World War 148–9 Rockefeller, John D. 137 foreign investment in 78–9 Rockefeller, William 326 loans to 11, 33, 236 Roosevelt, Franklin 186, 196 and South East Asia crash 256 Roget, Philippe & fils 316 Russian revolution (1917) 151 Rostand Alexix 139 Rothschild (family) S. G. Warburg & Co. 2, 78 1780–1840 21, 29–30, 33 and Eurobonds 220, 225 in Frankfurt 136 takeover of 259, 352 French branch 104–5 Sadowa 64 maintenance of connections within 38 Saint-Gobain 259 Rothschild, Alfred de 138 Saint-Simonians 47 Rothschild, Alphonse de 104 Salomon Brothers 252 Rothschild, Amschel 38 Salomon Smith Barney 248 Rothschild, Carl 38 Samuel, Marcus 112 Rothschild, Edouard de 171 San Paolo Coffee Valorization Loan 88 Rothschild, Ferdinand de 141 Sanwa Bank 348 Rothschild, James de 21, 28, 38–9, 49, 57 Sardinia 35, 63 Rothschild, Baroness Lucie de 39 Sautter, Charles 329 Rothschild, Baroness Mathilde von 330 Schaaffhausenscher Bankverein 51 Rothschild, Gustave de 328 Schaafhausen, A. 52 Rothschild, Mayer Amschel 21, 32 Schacht, Hjalmar 157, 165, 176, 190 Rothschild, Nathan Mayer 21–2, 28, 38, Schickler, Gebr 324 67 Schiff, Jacob 90, 117–18, 122, 284 Rothschild, Saloman 38 Schlumberger jeune 36 Rothschild, Wilhelm Carl 316 Schneider, Euge`ne 137 Rothschild (House of) Schneider & Cie 130 1780–1840 32 Scholey, David 2 1840–75 41, 48, 56–8, 67 Schro¨der, Johann Friedrich 20 acceptances and foreign issues 45 Schro¨der, Johann Heinrich 20 in Antwerp 34 Schro¨ders 39 conflict with Cre´dit Mobilier 49–50, 51, during 1920s 167, 184 58 during 1950s 210 decline of 87 effect of First World War 147 see also effect of First World War 148 J. F. Schro¨der & Co.; J. Henry and Eurobonds 225 Schro¨der Banking Corporation; in France during Second World War 197 J. Henry Schro¨der & Co.

Index 391

Schuster-Burckhardt, J.J. 329 Socie´te´ française de banque et de depots Schuster, Felix 83, 101 328 Schwabach, Paul von 330 Socie´te´ Franco-Suisse pour l’Industrie Schweizerische-Argentinische Electrique 130 Hypothekenbank 128 Socie´te´ Geńe´rale 33–4, 50–1, 102, 232, 259 Schweizerische-Su¨damerikanische Bank Socie´te´ Geńe´rale Belge d’Enterprises (Banco Suizo-Sudamericano) 128 Electriques 126 Schweizerische Volksbank 186 Socie´te´ Geńe´rale de Belgique 46, 48, 68, Scottish American Investment Trust 96 104, 125, 189 SDR (Special Drawing Right) 203 Socie´te´ Geńe´rale de Cre´dit Industriel et Second Bank of the United States 54, 73 Commercial (CIC) 50, 53 Second World War 193 Socie´te´ Geńe´rale des Chemins de Fer capital transfers during 194–5 Economiques 125–6 war economy 195–8 Socie´te´ Nanceénne de Cre´dit 170 Securities Act (1933) 188 Socie´te´ Suisse pour l’Industrie Electrique Securities and Exchange Commission (Inde`lec) 130 (SEC) 189 SOFFEX (Swiss Options and Financial securitisation 252, 253, 280 Futures Exchange) 250 Seillie`re, Nicolas 27 Sofina (Socie´te´ Financie`re de Transports et Seligman-d’Eichtal family 28 d’Enterprises Industrielles) 126 Seligman, Aron-Elias 307 Solmssen, Georg 190 Seligman Brothers (London) 319, 326 Soros, George 251 Seligman Fre`res et & Cie (Paris) 326 South America 78, 79 Seligman, J. W. & Co. 116–17 South-East Asia crisis 256 Seligman J. & W. & Co. (New York) 116 Soviet Union 220 Seligman, James 116 Spain, French loans to 29 Seligman, Joseph 116 Spanish War of Succession 16 Seligman, William 116 Speyer & Co. 116–17, 122 September 11th terrorist attacks 279 Speyer Brothers 326 Seven Years War 10, 16 Speyer, Philip 117 Shanghai 264, 277, 279 St Louis 118 Sharpe, William 249 St Petersburg 78 Shell Transport Trading Company 84, 112 Standard Bank 224 Sichel, Gebr. 298 Standard Bank of South Africa 309 Siemens 114, 117 Standard Oil Co. of New Jersey (Exxon) 206 silver state intervention 188–92, 201–2, 213–14, coins 65 282 depreciation of 82 Stein, J.H. 313 monometallic system 82 Stern, A. J. 324 SIMEX (Singapore International Monetary Stern family 38 Exchange) 277 Stillman, James 118 Singapore 264, 276, 277, 284 stock market Single European Act (1987) 254 meteoric rise of 258 Slaughter and May (lawyers) 97 reversal 258–9 Smiths Bank 45 stock market crash (1987) 256 Socie´te´ belge de cre´dit industriel et Strong, Benjamin 124, 157, 165 commercial et de depots 329 Structured Investment Vehicles 253, 284 Socie´te´ Commanditaire de l’Industrie 47 Stuttgart 217 Socie´te´ de de´poˆts et de credit 328 subprime market 280 Socie´te´ des Agents de Change 70–1 Su¨ddeutsche Bank 217 Socie´te´ Financie`re de Transports et Su¨dwestbank 217 d’Enterprises Industrielles (Sofina) 126 Su¨dwestbank 217 Socie´te´ financie`re franco-suisse 330 Suez Canal 62 Socie´te´ financie`re pour entreprises Sumitomo Mitsui Financial Group 272 e´lectriques 330 swap network 202

392 Index

Sweden, loans to 10–11, 33 Thayer, John E. 116 Swiss Bank Corporation (Swiss Bank) 130 Thellusson, Necker & Cie 306 during 1930s 186–7 Third Reich 281 during 1960s 218(ch) financial transfers from occupied during 1970s 234 countries 194 during Second World War 198 Third World loans 237 growth of 178–9 Thomas Wilson & Co. 306 in London 128, 178–9 Thomson, Bonar & Co. 310 mergers and acquisitions 258, 277 Thornton, Henry 19 Swiss franc Thyssen 177 devaluation of 187 ticker tape 119 during Second World War 194–95Tiger Management Corporation 350 post Second World War 218, 233,Time 274 Warner 259 Swiss National Bank Tobin, James 264 during First World War 146 Tobin tax 264 during 1950s 218 Tokyo 238–41, 258, 264, 268–70, 284 during 1960s 233 Tokyo Stock Exchange 241, 268 during 1990s 247 Toronto Dominion Bank 224 during Second World War 195 Torras, Jacques 28 founding of 127–8 Tourton & Baur 306 post First World War 177–8, 180 Travelers Group 248, 259 Swiss Options and Financial Futures Treaty of Maastricht 254, 273 Exchange (SOFFEX) 250 Treaty of Rome (1957) 231 Swiss stock exchanges 198, 234 Tudor Investment 350 Swiss Volksbank 277 Turgot, Anne Robert Jacques 25 Switzerland 284 Turkey, German investment in 79 1875–1914 125, 127–31 banking legislation (1930s) 190–1 UBS group 2, 259 banking secrecy 191, 275, 285 executive board 260, 277 deregulation 247 UEG 126 during First World War 148, 151 Union Bank of Australia 309, 320, 334 in early twenty-first century 275–6 Union Bank of London 83, 101, 309, 318 economy (during Second World War) Union Bank of Switzerland 53, 178, 218, 198 234, 277, 281, 316, 328, 336, 338 economy (post Second World War) 218 Union Financie`re de Gene`ve 129–30, 187 emergence of big banks in 52–3 Union, L’ (Assurance) 104, 125, 185, export of capital 77 323 financial transfers during Second World Union of London and Smiths Bank 92 War 194–5 United California Bank 346 foreign banks in 234–5 United Nations 200 golden age (1950–80) 232 United States international activity 219, 234, 275 banking revolution in 42 post First World War 177–80 banking system 53–4 post stock market crash 186–7 benefits of First World War to 152 wealth management 234, 238 see also British exports to 19 Geneva; Zurich British investment in railways 57 Sydney 78 British loans to 121 capital flows during First World War Taiwan 278 147–9 Talabot, Paulin 58 crisis of 1907 123 telecommunications 76, 89, 243–4 deregulation 247–8 effect on New York Stock exchange 119 direct investments in 80 telegraph 76, 119 the dominant economy 114–15 telephone 76, 119 economy (1962–73) 227 Thatcher, Margaret 244 economy (1990s) 268

Index 393

GDP (1950) 204 Warburg, Felix 326 German investment in 79–80 Warburg, Siegmund 221, 284 government intervention 188–9 Warschauer & Co. 324, 330 lend-lease during Second World War Washington Agreements 218 194 Wasserman, Oscar 190 mergers and acquisitions 259 Waterloo, Battle of 7 and protectionism 77 Wellington, Duke of 21 railways 55, 59–60 Wendel family 27 and the universal currency 66 Wendel, Franc¸ois de 137 wealth in 136 Wernher, Beit & Co. 319 United States and Foreign Securities Werner Report 231 Corporation 158 Westdeutsche Landesbank Girozentrale United States and International Securities 345 Corporation 158 West End bankers 18 United States Steel Corporation 117 Westminster Bank 92, 165, 184, 323 Union Bank of Australia 309 Westminster Foreign Bank 323, 334 Union Bank of London 83, 101, 309 Whitbread 83 Union Bank of Switzerland 53, 178, 218, White Weld 345, 352 234, 277 Whitney, Richard 188 Union Financie`re de Gene`ve 129–30, Wiesbaden 71 187 Wilson, Thomas & Co. 299 universal currency 65–8 Williams & Glyns Bank 45 Unternehmensgescha¨ft strategy 130 William I, king of the Netherlands 13, 14, US Steel 132 33 William of Orange 16 Vandenyvers bankers 26 Winslow, Lanier & Co. 60 Vassal, R. & Cie 36 Winterthur 53 Vereinigte Stahlwerke 156 Withers, Hartley 100 Vernes, Charles 307 Withers, Hartley 322 Vernes (House of) 104, 171 World Bank 201 Versailles Treaty 153 WorldCom 260 Vestey (merchant) 89 Worms family 27 Vickers & Sons & Co. 90 Worms, Felix 307 Vienna 78 Wriston, Walter 224 Virginia coffee house 17 Vodafone 259 Yamaichi Bank 348 Vve Nettine et fils 33 yen 240, 268–9 Young Loan 182 Wall Street 115, 146, 227, 284 Young, Owen 351 Wall Street Crash 180–2, 283 Wall Street raiders 257 zaibatsu 239 Walpole, Robert 17 Zollverein 64 Warburg & Co. M. M. see M. M. Warburg Zurich 52, 77, 284 & Co. 1875–1914 127–31 Warburg & Co., S. G. see S. G. Warburg & early twenty-first century 275–6 Co. post Second World War 218–19