Fifty Years in Wall Street (Wiley Investment Classics) [Paperback]

Henry Clews (Author), Victor Niederhoffer (Foreword)

Book Description

Series: Wiley Investment Classics | Publication Date: February 17, 2006

The definitive look at Wall Street in the 19th Century

Perhaps the 19th century's best book on Wall Street, 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.

Henry Clews was born in England in 1836 and emigrated to the United States in 1850. In 1859, he cofounded what became the second largest marketer of federal bonds during the Civil War. Later, he organized the "Committee of 70," which deposed the corrupt Tweed Ring in New York City, and served as an economic consultant to President Ulysses Grant.

Editorial Reviews

From the Back Cover

Author Henry Clews was a giant figure in finance during the late nineteenth century, and his firsthand account brings this colorful era to life like never before. This abridged version of an investment classic touches on a wide range of important financial issues, including:

• 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
• The characteristics of winning and losing speculators
• How operators attempted to corner the markets for individual stocks

About the Author

Henry Clews was born in England in 1836 and emigrated to the United States in 1850. In 1859, he confounded the banking firm that later became Livermore, Clews, and Company, which was the second largest marketer of federal bonds during the Civil War. Later, Clews organized the Committee of Seventy, Which deposed the corrupt Tweed Ring in New York City. He also served as an economic consultant to President Ulysses Grant and wrote and lectured widely on diverse economic and political issues.

Product Details

• Paperback: 384 pages
• Publisher: Wiley; 1 edition (February 17, 2006)
• Language: English
• ISBN-10: 0471772038
• ISBN-13: 978-0471772033
• Product Dimensions: 8.3 x 5.5 x 1.2 inches
• Shipping Weight: 12.8 ounces
• Average Customer Review: 3.3 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #306,894 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

12 of 13 people found the following review helpful:

4.0 out of 5 stars When giants walked Wall Street, December 30, 2007

By 

Roger Cuddy (Charlotte, NC USA) - See all my reviews
(REAL NAME)   

This review is from: Fifty Years in Wall Street (Wiley Investment Classics) (Paperback)

While there is a lot of investment wisdom to be gleamed from this book, I recommend it more for the stories of larger than life giants who made and lost vast fortunes waging war amongst themselves with shares and debentures instead of cannons. If like me you believe it's impossible to understand our current markets without an appreciation of the history that created them then you will find Clews' first hand account of a never to repeated era both enjoyable and educational.

3 of 3 people found the following review helpful:

4.0 out of 5 stars Important Wall Street History, June 4, 2009

By 

Ronin - See all my reviews

Amazon Verified Purchase

This review is from: Fifty Years in Wall Street (Wiley Investment Classics) (Paperback)

This version of the book is good if you just want the gist of it, but is garbage if you want all the fine details. I give it 4-stars because I believe this is an important book for anyone seeking a better understanding of the inner workings of Wall Street, or for anyone interested in the history in general.

The main problem with this version is that the original was 1062 pages and Wiley butchered it down to 358. A lot is missing, and this version often feels fragmented with no coherent consistency. The original version sells for $400 to $2,500, but there is a 2-volume version of the original from Kessinger Publishing that can be had for $90 or less, though the print quality is not the best; at least it has the content.

When it was first released, the book was hailed for its insight on the history, politics, and financial events that unfolded in the last half of the 19th century. The book is loaded with tales of the former Masters of the Universe, their money-making schemes, and methods of forecasting markets.

Clews was born the son of a potter in 1836 and married a descendant of President Madison. He came from Europe to America in 1853 and broke into Wall Street's inner circle in 1857. He made a fortune selling War Bonds during the Civil War and earned a spot in high NY society. He was a campaign adviser to General Grant, and declined the position of Secretary of the Treasury when it was offered.

In 1873 the Credit Mobilier bankrupted him and most of his clients including The City of San Diego. He rebuilt his business in 1877 and was eventually regarded as "The Sage of Wall Street". He died in 1923 at the age of 87. Too bad he missed the Crash of '29.

Some of his Sagely advice:

"I conclude, then, that for a man to be a thoroughly equipped speculator, it is necessary that he be possessed of extraordinary parts and attainments. He must be an unceasing and intelligent observer of events at large, and a sagacious interpreter of symptoms on the exchange; his judgment must be sound, not only as to existing conditions, but as to coming tendencies, and he must possess the calmness and nerve to face unflinchingly whatever emergencies may arise. Whoever enjoys these qualities in the highest degree must be the King of Speculators. As to others, their rank must correspond to the degree of their conformity to this ideal standard."

Sound advice. Very interesting stuff.

2 of 3 people found the following review helpful:

2.0 out of 5 stars Fifty Years In Wall Street, November 19, 2008

By 

Scotch Indian "Scotch Indian" (California) - See all my reviews

This review is from: Fifty Years in Wall Street (Wiley Investment Classics) (Paperback)

This book provides some interesting anecdotes about the various players in the 1857 - 1907 period. These include Jay Gould, Cornelius Van Der Bilt, Dan'l Drew, Jim Fisk, Henry Villard, James R. Keene, Ferdinand Ward, etc. On the positive side, it is written by an individual who was part of the action at the time, which gives it some color. It also describes the financial mechanisms of the time -- forinstance, how "corners" were done, and how politicians were manipulated. However, the stories are disconnected and poorly organized. To put together the full story of any one character, you need to hop from chapter to chapter. Part of this may be because this version of the book consists of excepts from the 1000 page origonal. Overall, a lively, anecdotal addition to the financial history of this period