America 1919-Chapter 784 - : Vanderbilt Family

Chapter 784: Vanderbilt Family

Morgan representatives didn’t arrive in Atlantic City much later than William Mellon.

The next day, Donnie’s old friend George Whitney met with Donnie.

Upon seeing Donnie, George Whitney’s expression was complex, and he didn’t speak right away.

“George, if you don’t say something, I’m going to get back to work!”

Donnie sat on the sofa, joking with George Whitney!

George Whitney could only helplessly start talking, “Donnie, I thought you would certainly get involved in banking, but I didn’t expect you to enter the industry so quickly. It’s not easy to mix in this field!”

Donnie lit a cigar and passed it to George Whitney, and then lit one for himself. After shaking the cigar in his hand, Donnie spoke calmly.

“If it weren’t for Morgan’s obstruction, I think my entry into the banking industry would have been relatively easy!”

George Whitney waved his hand and said, “You know that’s impossible!”

After finishing his statement, George Whitney thought for a moment and continued, “Donnie, before coming here, Jack Morgan told me that as long as you can give up acquiring Breton Bank, then Morgan will give you the same treatment as DuPont and Cleveland.”

“Donnie, this is the greatest sincerity Morgan can offer!”

In America’s major financial groups, some are exceptions, not all groups have direct connections with banks.

For example, the DuPont and Cleveland financial groups.

DuPont was able to succeed in taking over General Motors and become its largest shareholder with help from Morgan, and the Cleveland consortium, though Ohio has its own banks, are not of significant scale and can only rely on Morgan’s assistance.

Morgan’s strength is not just talk, as now Morgan can be said to have infiltrated all sectors of American industry.

American Steel, General Electric, General Motors, Southern Railway, and many other large companies can be said to have Morgan’s shadow within them.

Moreover, with Morgan’s status on Wall Street, it is no exaggeration to rank it as America’s top financial group.

It is also because of such a status that Morgan has consistently implemented the policy of resisting the entry of Jewish people into Morgan.

Many public accounts in later generations praise the power of the Jewish People and claim the Morgan Family is Jewish, which is incorrect.

Morgan can be said to be America’s largest financial group resisting the Jewish race, with an iron rule within Morgan Company that prohibits Jewish people from becoming middle-level or higher-level leaders.

There was even a time when Morgan did not allow Jewish people to join the company at all.

This situation would only begin to relax in the sixties and seventies.

Whether the shadow of Jewish People played a role in Morgan being forced to break up by the U.S. Government, that remains unknown.

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Now, for Morgan to compare Donnie’s status within Morgan to that of the DuPont and Cleveland financial groups truly shows Morgan’s maximum recognition of Donnie.

Donnie said, “Morgan’s sincerity is indeed great, but George, as friends, I want to ask you if you were in my position, would you let someone else control your financial chain?”

George Whitney helplessly shook his head, “No, but I would assess the situation. Donnie, I admit that you have defeated Morgan several times in the past, but you should also understand, you’ve only beaten part of Morgan, not the whole.”

“Morgan allows people to develop, but Morgan will never allow someone they are closely connected with and hold in high regard to break away directly from them!”

Donnie asked, “What about Rockefeller?”

The Rockefeller Family, though seemingly not involved in banking and always looking to penetrate Morgan’s territory and establish their influence on Wall Street, in reality, had completed such a layout by gaining control of Chase Bank.

Chase Bank in the United States was founded by J. Thompson taking from Lincoln’s Treasury Secretary S.P. Chase’s surname.

By 1919, Rockefeller had dazzlingly obtained control of Chase Bank.

By 1920, John D. Rockefeller had merged Chase National Bank into the family trust company of the Rockefeller Family.

“Do you think you now possess the power of the Rockefeller Family?” George Whitney did not directly answer Donnie’s question.

Donnie shook his head, quite aware of his own situation.

George Whitney continued to persuade, “Donnie, based on your current rate of development, just wait a bit longer, I believe in five years when you want to get into banking again, there will definitely be no one to stop you!”

Donnie smirked, “Not stop me, but they will want to invest!”

George Whitney was somewhat frustrated, “Why must you always oppose Morgan, even if Morgan invests, what of it?

Donnie, in your current industries, there’s no lack of Morgan’s shares, when has Morgan ever interfered with your management?”

Donnie waved his hand, “That’s because these industries under my management are developing very smoothly and have created considerable wealth for the shareholders, so Morgan has no reason to make any moves. But that doesn’t mean they won’t in the future!”

“So, you doubt your management of the bank will incur losses?” George Whitney said.

Donnie shook his head, “I just don’t want my core industries to become targets for others to attack in the end!”