Fifty Years in Wall Street provides a fascinating look at the financial markets during a period of rapid economic expansion. Henry Clews was a giant figure in finance at that time, and his firsthand account brings this colorful era to life like never before. He reveals shocking stories of political and economic manipulation and how he helped bring down the mighty Boss Tweed. He writes eloquently about the madness of the markets and how the era’s greatest speculators amassed their fortunes. This book provides an expansive view of Wall Street in an era of little regulation, rampant political corruption, and rapid financial change.
Introduction:
Fifty Years on Wall Street by Henry Clews received extraordinary reviews upon its publication in 1908. Stretching out to more than 1000 pages, the work was lauded for its unique perspective on the historical, political and financial events of the last half of the nineteenth century. As we read the book today, it serves to remind us of the vital role Wall Street played in United States history. This was the Gilded Age—a period of economic, territorial, and population expansion; a period when tremendous individual fortunes were made and labor unions were borne; and a period when Wall Street and Washington D.C. worked hand-in-hand. Written with the authority of an active participant and in a literate and erudite style befitting the times, Fifty Years on Wall Street preserves both the historic record and the individualistic spirit of this amazing period of American history.
We discovered Fifty Years on Wall Street through Victor Niederhoffer, who recommended that we reissue the book as part of our Investments Classics line. Author of the acclaimed Education of a Speculator and a collector of investment books, Mr. Niederhoffer owned one of the few remaining copies of Fifty Years on Wall Street. Mr. Niederhoffer allowed us to borrow his copy to evaluate. We happily accepted his kind offer because, at the time, the book was selling for $3500 on the Internet.
As we began reading, Fifty Years on Wall Street, we quickly realized that the book would make an excellent addition to our line of investment classics. We think this book will stand the test of time, in the same manner as other Wiley Investment Classics, such as Reminiscences of a Stock Operator and Where Are the Customers Yachts. However, as enthusiastic as we were, the book presented a problem: it was simply too long. While some contemporary readers undoubtedly would embrace a 1000 page book on Wall Street history, we felt many more would be put off by the length. We decided to edit the book down to a more manageable size.
To reflect the breadth of the book, we felt we needed to include sections which cumulatively touched on all of the following themes:
- The characteristics of winning and losing speculators
- Wall Street during periods of war
- How operators attempted to “corner” the markets for individual stocks
- The causes and consequences of Wall Street panics
- The influence of Wall Street on national politics
- How individuals like Jay Gould, Daniel Drew, and Commodore Vanderbilt made their fortunes.
Contents:
- My Debut in Wall Street
- How to Make Money in Wall Street
- Causes of Loss in Speculation
- Wall Street During the War
- My Part in Marketing the United States Civil War Loans
- Secretary Chase and the Treasury
- “Corners” and Their Effect on Values
- The Commodore’s “Corners”
- Drew and the Erie “Corners”
- Panics—Their Causes—How Far Preventable
- Old Time Panics
- The True Story of Black Friday Told for the First Time
- Our Great American Panics from First to Last
- Booms in Wall Street
- Wall Street’s Wild Speculation, 1900–1904
- The Ups and Downs of Wall Street
- Grant’s Second Term
- The Tweed Ring, and the Committee of Seventy
- Daniel Drew
- Interesting Episodes in Drew’s Life
- William H. Vanderbilt
- “Young Corneel”
- Drew and Vanderbilt
- Jay Gould
- Keene’s Career
- Villard and his Speculations
- Ferdinand Ward
- Henry N. Smith
- Charles F. Woerishoffer
- Why I Am an American
Fifty Years in Wall Street By Henry Clews pdf
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