270 “The English, however speculative”: Sobel, Panic on Wall Street, 223.
270 In 1913, the total value: Rajan, “The great reversals,” Table 3, 15.
271 The “merger” bull market: Leonard P. Ayres, “The Great Bull Market of 1925,” American Review of Reviews, January 1926.
272 No company better exemplified: Sobel, The Great Bull Market, 100-105.
273 The buoyant stock market was accompanied: Allen, Only Yesterday, chap. XI.
275 “Before the butler could move”: Wueschner, Charting Twentieth-Century Monetary Policy, 91.
275 “the only man who emerged”: Keynes, Collected Writings: The Economic Consequences, 2: 174, n.1.
275 “Secretary of Commerce”: Schlesinger Jr. The Crisis of the Old Order, 84.
276 “a mental annex”: Hoover, Memoirs, 9.
276 “May it not be the case”: Strong memorandum to Carl Snyder, May 21, 1925, quoted in Chandler, Benjamin Strong, 428.
277 “Must we accept parenthood”: Strong memorandum to Carl Snyder, May 21, 1925, quoted in Chandler, Benjamin Strong, 428.
277 “affairs of gamblers”: Letter from Strong to Governor George Norris, August 18, 1927, quoted in Chandler, Benjamin Strong, 444.
277 “It seems a shame”: Letter from Strong to Norman, November 7, 1925, quoted in Chandler, Benjamin Strong, 329.
280 “tactic of consulting everyone”: James, The Reichsbank, 26.
280 “He looked upon the world”: Bonn, Wandering Scholar, 303.
281 “infatuated by Dr. Schacht”: Bennett, Germany and the Diplomacy of the Financial Crisis, 127, and Vansittart, The Mist Procession, 301.
281 “He is undoubtedly”: Letter from Strong to Peter Jay, July 20, 1926, quoted in Chandler, Benjamin Strong, 333.
281 his salary was the equivalent: Kopper, Hjalmar Schacht, 86.
281 “ugly clown mask,” “vigilant watch”: Dodd, Through Embassy Eyes, 234.
282 “he dresses with the taste”: Johannes, Steel. “The Ambitious Dr. Schacht,” Current History, June 1934, 285-90.
282 “cutting and devastating humor”: Dodd, Through Embassy Eyes, 234.
282 “a whole table enthralled”: Aga Khan, Memoirs, 337.
282 “Life seemed more free”: Shirer, The Rise and Fall of the Third Reich, 118.
282 “jewel-like sparkle”: Large, Berlin, 211.
282 “You feel all the time”: Boyle, Montagu Norman, 167.
283 The recovery was reflected in the stock market: Voth, “With a Bang, Not a Whimper.” one small town in Bavaria: Frieden, Global Capitalism, 141.
284 He had hoped that: James, Europe Reborn, 112. a “chimera”: Voth, “With a Bang, Not a Whimper,” 72.
285 “not wish to have things seem too good”: Letter from Pierre Jay to Strong, June 22, 1927, quoted in McNeil, American Money and the Weimar Republic, 152.
285 “changeable and moody”: Letter from Parker Gilbert to Strong, September 8, 1927, quoted in McNeil, American Money and the Weimar Republic, 174.
285 “irresponsibility and unpredictability,” “extreme and erratic”: James, The Reichsbank, 61, and McNeil, American Money and the Weimar Republic, 180.