THE HOUR OF FATE

A focused history of the turn-of-the-century series of events during which President Theodore Roosevelt and railroad magnate J.P. Morgan clashed over power and boundaries, paving the way for a progressive moment in America.

In her well-paced debut, Bloomberg Businessweek investigative reporter Berfield ambitiously juggles several historic threads from a turbulent time in America: soaring immigration, labor unrest in the face of low wages and dangerous conditions, the seemingly untrammeled ambitions of big business, and the clamor for public accountability and oversight. Following the assassination of William McKinley, Roosevelt assumed the presidency as a young, untested hero of the Spanish-American War. At the time, he was greatly feared by the Wall Street monopoly for his progressivism. Morgan had created the behemoth U.S. Steel, and he maintained firm control over the “coal roads” in Pennsylvania, the railroads, and Wall Street finance. In 1901, along with a few other titans, he formed the Northern Securities railroad trust; a year later, Roosevelt asked his attorney general to prosecute the corporation for violating the Sherman Antitrust Act, which had been passed into law in 1890. At this crucial historic intersection, writes the author in a particularly engaging section, “tens of thousands of miners were also demanding that the nation honor its commitment to justice even as the coal barons denied it. Their fight would become one of the greatest labor actions in American history, and would redefine Roosevelt’s presidency in the months ahead.” In October 1902, Morgan “committed a surprising act of diplomacy,” bringing the coal barons together with labor leader John Mitchell, and the strike was settled. On March 14, 1904, the Supreme Court handed Morgan a stunning defeat, forcing Northern Securities to dissolve within 30 days. The decision, notes Berfield, cemented Roosevelt’s popularity; he “had tipped the scales back toward ordinary Americans, and many were devoted to him.”

An engaging historical work involving truly larger-than-life American characters.