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Jacob Schiff and the Art of Risk

Part of the Palgrave Studies in the History of Finance Book Series

DOI: 10.1007/978-3-319-90266-1

ISBN: 978-3-319-90265-4

Publisher: Springer International Publishing - Springer Journals

Jun 20, 2018

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Chapter 1Introduction

Gower, Adam

Pages: 1 –22

[In 1904, JapanJapan waged war against an ostensibly more powerful opponent, the Russian empireRussian empire. A significant component in Japan’s victory was the financial support facilitated by Jacob Henry SchiffSchiff, Jacob Henry (1847–1920), an American JewishJewish banker who was born in...
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Chapter 2Historiography

Gower, Adam

Pages: 23 –74

[The Russo-Japanese War marked a watershed for Japan. Jacob Schiff’s role was pivotal, yet it has largely gone unexamined. The war was a geopolitical event that fundamentally changed the country’s position in the world. In his overview of the history of Japan, Edwin Reischauer asserts that the...
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Chapter 3Jacob Schiff and His Cohort

Gower, Adam

Pages: 75 –107

[The area of FrankfurtFrankfurt where Schiff was born in 1847 was the epicentre of the Jewish community in that city, and, due to restrictions on Jewish ownership of property, houses had historically been partitioned to allow for multiple families to live under one roof. Intriguingly, a property...
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Chapter 4Japan

Gower, Adam

Pages: 109 –142

[In the half-century prior to the onset of the Russo-Japanese War and since Commodore Matthew C. Perry had first opened Japan’s doors to the West and its imperialism in 1853, Japan had already emerged from being ‘a weak, feudal, and agrarian country into a modern industrial power, economically...
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Chapter 5The Business of Banking

Gower, Adam

Pages: 143 –180

[Probably, the most important component of Schiff’s banking expertise was his ability to assemble and manage syndications. Syndicating loans to groups of institutions and individuals was a primary methodology employed by banks in the late nineteenth and early twentieth centuries to bring to...
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Chapter 6The English Syndicate

Gower, Adam

Pages: 181 –196

[Prior to Jacob Schiff’s involvement in the Japanese loans, a syndicate of banks had coalesced in England with the as yet unfulfilled intent of financing Japan. Each of these banks had prior direct experience of working with the Japanese government. All were known to Schiff because he had worked...
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Chapter 7Financing the War

Gower, Adam

Pages: 197 –269

[Jacob Schiff committed to the first loan to Japan in spring 1904, at a time that negotiations between Japan’s financial commissioner, Takahashi Korekiyo, and the English banking syndicate had reached a stalemate. Japan had won only one battle in its war against Russia, a land engagement on 1 May...
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Chapter 8Impact and Conclusions

Gower, Adam

Pages: 271 –300

[In 1904, for the first and only time, Jacob Schiff combined his business life and his Jewish life in order to make a prudent financial investment that at the same time had strong political overtones. Though the English syndicate had the capacity to absorb the whole loan, Schiff broke the...

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