© 2018

Jacob Schiff and the Art of Risk

American Financing of Japan's War with Russia (1904-1905)

  • Examines in detail Jacob Schiff's actions and motivations in financing Japan during the Russo-Japanese war of 1904-05

  • Reveals a compelling story of how banking operated at the time

  • Showcases the mechanics of one of the most significant pre-World War I financing every undertaken by an American bank


Part of the Palgrave Studies in the History of Finance book series (PSHF)

Table of contents

  1. Front Matter
    Pages i-xv
  2. Adam Gower
    Pages 1-22
  3. Adam Gower
    Pages 23-74
  4. Adam Gower
    Pages 75-107
  5. Adam Gower
    Pages 109-142
  6. Adam Gower
    Pages 143-180
  7. Adam Gower
    Pages 181-196
  8. Adam Gower
    Pages 197-269
  9. Adam Gower
    Pages 271-300
  10. Back Matter
    Pages 301-338

About this book


“A fascinating, wholly new, account of the emergence of Japan as a major player in the global economy and politics in the early twentieth century, and New York financier Jacob Schiff's role in funding it, while he boosted the US challenge to the City of London's dominance in world finance.”

—Patricia M. Thane, MA (Oxon), PhD (LSE), FBA, Research Professor in Contemporary British History, Department of Political Economy, King's College, London


 “Jacob Schiff and the Art of Risk showcases the fascinating stories and insights of how international banking worked in the early 20th century and how it still works today. It uniquely illustrates how one banker shifted the paradigm and opened the door for New York to replace London as the center of international finance.”

—Doug Krause, General Counsel and Chief Risk Officer of East West Bank; Director of the Western Bankers Association and the International Bankers Association of California


“Jacob Schiff, a prominent New York Jewish banker, assembled the loans that Japan required for its war with Russia in 1905.  This book covers a fascinating tale of a great Wall Street bank in the setting of Manhattan society, the global expansion of American finance, and the rise of modern Japan.”

—Avner Offer, Chichele Professor Emeritus of Economic History, University of Oxford


Russo-Japanese War Jacob Henry Schiff loans to Japan English syndicate banks foreign capital Jacob Schiff

Authors and affiliations

  1. 1.National Real Estate ForumBeverly HillsUSA

About the authors

Adam Gower, founder, GowerCrowd, is a 30-year real estate development and finance veteran who has held senior management positions at some of the largest public and private companies and institutions in the world.  He is a highly sought-after expert in crowdfunding investment and finance, providing advisory services to sponsors raising capital. He has taught university graduating students the only fully accredited course in the world on how to invest in real estate crowdfunded syndications. He hosts an internationally acclaimed podcast series, The Real Estate Crowdfunding Show, Syndication in the Digital Age. Based on over $1.5 billion of transactional experience, Adam has developed a series of online real estate courses that teach a new generation of high net worth individuals and families how to prudently invest in real estate for income while prioritizing principal preservation. You can find out more about Adam at

Bibliographic information

  • Book Title Jacob Schiff and the Art of Risk
  • Book Subtitle American Financing of Japan's War with Russia (1904-1905)
  • Authors Adam Gower
  • Series Title Palgrave Studies in the History of Finance
  • Series Abbreviated Title Palgrave Studies in the History of Finance
  • DOI
  • Copyright Information The Editor(s) (if applicable) and The Author(s) 2018
  • Publisher Name Palgrave Macmillan, Cham
  • eBook Packages Economics and Finance Economics and Finance (R0)
  • Hardcover ISBN 978-3-319-90265-4
  • Softcover ISBN 978-3-030-07979-6
  • eBook ISBN 978-3-319-90266-1
  • Edition Number 1
  • Number of Pages XV, 338
  • Number of Illustrations 9 b/w illustrations, 0 illustrations in colour
  • Topics Financial History
    Risk Management
  • Buy this book on publisher's site