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The Hour of Fate: Theodore Roosevelt, J.P. Morgan, and the Battle to Transform American Capitalism

The Hour of Fate: Theodore Roosevelt, J.P. Morgan, and the Battle to Transform American Capitalism

by Susan Berfield


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A riveting narrative of Wall Street buccaneering, political intrigue, and two of American history's most colossal characters, struggling for mastery in an era of social upheaval and rampant inequality.

It seemed like no force in the world could slow J. P. Morgan's drive to power. In the summer of 1901, the financier was assembling his next mega-deal: Northern Securities, an enterprise that would affirm his dominance in America's most important industry-the railroads.

Then, a bullet from an anarchist's gun put an end to the business-friendly presidency of William McKinley. A new chief executive bounded into office: Theodore Roosevelt. He was convinced that as big business got bigger, the government had to check the influence of the wealthiest or the country would inch ever closer to collapse. By March 1902, battle lines were drawn: the government sued Northern Securities for antitrust violations. But as the case ramped up, the coal miners' union went on strike and the anthracite pits that fueled Morgan's trains and heated the homes of Roosevelt's citizens went silent. With millions of dollars on the line, winter bearing down, and revolution in the air, it was a crisis that neither man alone could solve.

Richly detailed and propulsively told, The Hour of Fate is the gripping story of a banker and a president thrown together in the crucible of national emergency even as they fought in court. The outcome of the strike and the case would change the course of our history. Today, as the country again asks whether saving democracy means taming capital, the lessons of Roosevelt and Morgan's time are more urgent than ever.

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Product Details

ISBN-13: 9781635572490
Publisher: Bloomsbury USA
Publication date: 05/05/2020
Pages: 416
Sales rank: 247,000
Product dimensions: 6.10(w) x 9.30(h) x 1.60(d)

About the Author

Susan Berfield is an award-winning investigative reporter for Bloomberg Businessweek and Bloomberg News, where she has covered some of America's largest corporations. She has been interviewed on PBS NewsHour, NPR's All Things Considered, Marketplace, On Point, and elsewhere. Her research for The Hour of Fate, her first book, took her to archives in New York, St. Paul, Washington, D.C., and Cambridge, Massachusetts, and was supported by a Logan Nonfiction Fellowship. She lives in Brooklyn with her family.

Table of Contents

Prologue ix

Part I

1 "The Storm Is on Us" 3

2 The Best of Everything 11

3 A Public Man 27

4 Railroad Nation 43

5 The Invisible Empire 62

6 Buy at Any Price 78

7 The State of the Union 94

8 Rival Operators 111

Part II

9 Anthracite 133

10 On Strike 149

11 "Catastrophe Impending" 163

12 The Corsair Agreement 180

13 Rich Mans Panic 198

14 "The Supreme Law of the Land" 219

15 The Ruling 235

16 A President in His Own Right 251

Epilogue 277

Acknowledgments 283

Selected Bibliography 287

Notes 311

Image Credits 379

Index 383

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