Jacob Schiff and the Art of Risk (eBook)

American Financing of Japan's War with Russia (1904-1905)

Adam Gower (Autor)

eBook Download: PDF

2018 | 1st ed. 2018
XV, 338 Seiten
Springer International Publishing (Verlag)
978-3-319-90266-1 (ISBN)

Infos

Jacob Henry Schiff (1847-1920), a German-born American Jewish banker, facilitated critical loans for Japan in the early twentieth century. Working on behalf of the firm of Kuhn, Loeb & Co., Schiff's assertiveness in favour of Japan separated him from his fellow German Jewish financiers and the banking establishment generally. This book's analysis differs from the consensus that Schiff funded Japan largely out of enmity towards Russia but rather sought to work with Japan for over thirty years. This was as much a factor in his actions surrounding the Russo-Japanese War (1904-1905) as his concern to thwart Russian antisemitism. Of interest to financial historians alongside Japanese historians and academics of both genres, this book provides a lively and thoroughly researched volume that precisely focuses on Schiff's mastery of banking.

Adam Gower is a bilingual, 30-year veteran in real estate, banking, and finance who earned his Ph.D. in History at the University College London. He has held senior management positions at some of the largest companies and institutions in the world and is recognized as an industry thought leader on the impact of crowd funding on real estate. During the 1990's he lived in Japan, working as the President and CEO of a major Hollywood studio developing their real estate portfolio throughout the Asia Pacific Region. He lives and works in California, teaches investment and finance classes at Cal Poly University, San Luis Obispo, and produces and hosts a syndicated podcast at the National Real Estate Forum.  His work linking regulatory changes of today with practices described in this book are considered by many as groundbreaking.

Inhalt

Acknowledgements 7
Contents 9
List of Figures 10
List of Tables 12
Punch 13
Chapter 1 Introduction 14
Methodology 29
Chapter Overview 32
Chapter 2 Historiography 36
Overview 36
Two Biographies 40
Adler 42
Cohen 43
Pervasive Misunderstanding 46
Pogroms as a Motive for Finance 49
Financial Motive 55
Antisemitism 58
Schiff as a Jew in America 60
Comparison with Germany 65
Schiff as a Jewish Banker 67
The Rothschilds 69
Barings 76
Conclusion 82
Chapter 3 Jacob Schiff and His Cohort 88
Philanthropy 96
Political Efforts 98
Connection with Japan and Entanglements with Belmont 105
Admiration for Japan 109
Revolution 113
Chapter 4 Japan 121
Armament Build-Up 130
Total Expenditures: Summary 138
Sources and Flow of Funds 139
Chapter 5 The Business of Banking 155
Background and Definition 157
Syndicates 164
Exchange Listing 174
Motivating Syndicate Participants 177
Market Conditions and Relative Pricing 183
Scale of the Japanese Loans in Perspective 191
Chapter 6 The English Syndicate 193
Yokohama Specie Bank 196
Parr’s Bank 198
Hongkong and Shanghai Banking Corporation (HSBC) 204
Barings Bank 205
Chapter 7 Financing the War 209
Underwriting, Financing, and Executing the Loans 217
The First Loan Issue 237
The Second Loan Issue 248
The Third Loan Issue 262
The Fourth Loan Issue 268
The Success of the Loans 275
The Japan Deal in the Context of Schiff’s Overall Business 277
Chapter 8 Impact and Conclusions 282
Japanese–Jewish Relations 285
Internationalization of Japan’s Credit Markets 292
Shift from London to New York 295
Patterns of Trade 300
Eastern Trade 302
Political Impact 304
Japanese Imperialism 307
Bibliography 312
Index 336

Produkt-Details

• Erscheint lt. Verlag: 19.6.2018
• Reihe/Serie: Palgrave Studies in the History of Finance
• Reihe/Serie: Palgrave Studies in the History of Finance
• Zusatzinfo: XV, 338 p. 9 illus.
• Verlagsort: Cham
• Sprache: englisch
• Themenwelt: Wirtschaft ► Allgemeines / Lexika
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management
• Schlagworte: Banking • English syndicate banks • Foreign Capital • Jacob Henry Schiff • Jacob Schiff • loans to Japan • Russo-Japanese war
• ISBN-10: 3-319-90266-0 / 3319902660
• ISBN-13: 978-3-319-90266-1 / 9783319902661