But so handy and so untrustworthy an explanation as “anti-Semitism” does not account for the failure of Jewish financial interests to become absolutely dom¬ inant .in a country like the United States. AntiSemitism among the people does not surge high enough to injure those securely entrenched behind great finan¬ cial influence. The silent resistance of the Wall Street financial group or of the New York Stock Exchange, for example, is not anti-Semitism. It is not a hin¬ drance to the Jews in doing business; it is opposition to an apparent program for total control which is sought not for the general good, but for a racial benefit.
It was only a few years ago that the banking house of Kuhn, Loeb & Company was commonly regarded as being destined in the near future to win complete financial supremacy in Wall Street as an underwriting and money-lending institution. There were many reasons for this belief, among them the fact that Kuhn, Loeb & Company were the financial backers of Harriman in his terrific railroad duel with James J. Hill. But the prophecy regarding this financial institution was never realized. Untoward events intervened, in no way affecting the financial integrity of the firm, but bringing it into the light of undesirable publicity not of a financial character.
In the firm of Kuhn, Loeb & Company, Jewish finance in the United States reached its high-water mark. The head of this firm was the late Jacob Schiff, who was born in Frankfort-on-the-Main and whose father was one of the Rothschilds’ brokers. One of Jacob Schiff’s associates, Otto Kahn, was born in Mannheim, and was early associated with the Speyers, who also originated in Frankfort-on-the-Main. Another associate, Felix Warburg, married into Jacob Schiff’s family. Jewish finance has spread, but it has not risen higher than in this firm.