Wall street ventures and adventures pdf free download

While many of the mathematicians and software engineers on Wall Street failed when their abstractions turned ugly in practice, a special breed of physicists has a much deeper history of revolutionizing finance. With razor-sharp insight, bestselling author Roger Lowenstein tells the full story of the end of Wall Street as we knew it. Lowenstein looks to the roots of the crisis to reveal how America succumbed to the siren.

First, download the Snapchat app on your mobile device. Instead of doing this at him, and he would look back at me as much as to gradually without disturbing anything, he stayed down say: " I don't believe you can do it, but try anyhow. Snyder, here is some stuff that I know lieved would give the desired relief. As fast as the securities "You've got a nerve to come up to me with a bunch came i n , my assistants and I sorted them into alphabeti- of stuff like that.

Then each alphabetical pile was sorted again " W e l l , M r. Snyder," I'd say, " I can't go back without into groups of like securities. When all this had been the check; you know that's what I came for, and I prom- done, we made up the new loans.

Two or three men were ise you I ' l l pay i t off i n the morning. The afternoon was the air of a man about to have a tooth pulled.

When I gone when the job was done. What a day! But fortu- would return to the office with the check, Price would nately, out of the welter, some collateral was aaually breathe a sigh of relief. There were breaks in the market at times which, in the Our business grew larger than ever. Plummer, on the Broad- 'That would be a small amount now. Price's office was on the second floor i n front, together with other private offices and a big accounting depart- ment of which I was i n charge, with 30 men.

The firm was recognized as one of the largest houses i n the Street. W i t h the completion of these reorganizations, the heavy sacrifices and assessments imposed upon secur- ity holders were i n a fair way to be recovered.

Soon after the new year Price called me in and announced that I would be given a small interest in the business i f I would stay, and also power of attor- ney to sign checks jointly with H. I t looked like recognition and I said I would remain, although still nursing this bug about going into business for myself.

I was just past twenty-five. The business had been more prosperous than ever dur- ing the past year. I kept the private ledger and knew that the net profits had amounted to about a million dol- lars, a lot of money i n those days. The rm was undertaking new operations i n new fields. For instance, they were buying up small insurance companies which had book values in excess of the market prices of their stocks. The insurance risks would be trans- ferred to other companies, and the assets, consisting chiefly of cash and securities, would then be liquidated with considerable profit.

One of the companies thus bought was the Firemen's Fire Insurance Co. As I was going out of the New Street door one day, Price met me and said: " I ' l l be wanting you to go to Boston soon. When can you be ready? The company was finally liquidated at a big copper combine. Anticipating success in this, he a very fair profit. I was making a record probable nucleus of the new combination. After allowing Lawson to continue the accumulation "Certainly not," I said. Lawson found The year marked the birth of many important himself holding the bag with no place to empty i t.

Amalgamated Copper are interesting. Thomas W. Lawson for many years had been an aaive figure on Sponsored by the Standard O i l and National City Bank the Boston Stock Exchange, where most of the coppers powers, over the signatures of Rogers, Rockefeller and found an aaive and ready market. For a long time he Stillman, and with Lawson i n charge of the preliminary had endeavored to interest W i l l i a m Rockefeller and H.

Keene, who managed to The low point i n was well under par, from unload, at below par, the block turned over to him. I n the meantime much of our I was on the Curb when, for the first time, the stock working capital, already scarce enough, was tied up.

Edgar Williamson, of W. I went to Francis L. Hine, then eighth or quarter down. The Curb Market at that time cashier of the First National Bank, to see i f I could was i n front of the Mills Building, and i t seemed as arrange a loan with him secured by our allotments. I told though the whole world were trying to sell Amalgamated Mr. Such a howling mob piled onto Edgar with their allotments, I would immediately go to Washington, jam offerings that he was gradually backed up in a north- the bonds through the Treasury Department, and pay off easterly direaion across from the Mills Building to the the loan within a few days; whereas ordinarily it was old Stock Exchange Building.

There he turned and taking weeks to get the bonds through. Price's branch office in Washington was i n the old Hotel Chamberlain, since demolished.

I t was under the management of Arthur E. The customer was not well; Bateman feared he might die, so every night he would go by the house to see i f there was a light i n the window. The cus- tomer recovered. Ten minutes later the telephone rang. McKin- ley speaking. Bateman afterwards moved to New York and became one of Jay Gould's brokers. One morning he made his customary call on Gould.

He was growling to himself: "T'll teach Wall Street them to sell that Union Pacific short! Bateman said, "Good morning, M r. He turned over a big profit within a few hours, and when he saw Gould again, the latter said: "What was your hurry this morning, Bateman? I f you had waited a few moments, I might have given you an order. I t had been the scene of one of the most flagrant pieces of political-stock market operation this country has ever witnessed. I n two corners of the room were shelves which had held stock tickers.

Back in the 'nineties the Congress, in session, was debating whether to take the tariff off sugar or leave i t on. Violent fluauations were taking place in the stock of the Ameri- can Sugar Refining Co. Everybody in Washington knew what was going on, but few were i n a position to prove it. In this room two Senators were speculating in Sugar Refining stock for themselves and for those members of the Senate and the House who were " i n.

The tariff was going to be left on; no, the tariff was going to be taken off: meanwhile the gang was making millions. Sergeants-at-arms sent out to locate the precious pair could not find them. Chapman was the resident partner. Chapman later was sent to jail for contempt of court. Whether the Senators deserved such loyalty is a question.

But Mr. Chapman won by it the respea of everyone in Wall Street. I had already played my cards so as to be transferred into the Unlisted Security Department.

There I traded in securities over the counter and by telephone, executed orders in the out-of-door Curb Market, and was engaged in aaivities which were an excellent preparation for starting on my own account. Toward the end of the year I sent in my resignation, leased an office on the Broadway front of the seventh floor of the Empire Building, at 71 Broadway, bought office furniture and equipment from John Wanamaker on credit, engaged a clerk and a boy, and at the end of the year moved in.

I started on the day after New Year's with a few ten- share accounts and began dealing in unlisted stocks and bonds. Soon, executing orders on the Curb and specializ- ing in inaaive securities, I began to make money. Within six weeks. Price phoned that he would like to see me. Hadn't I had enough of being in business for myself, he wanted to know, and wouldn't I like to come back? Harrison and Frederic H. Smith, Jr. His reputed practice was to cut the shirt tails fairly short in order to save the fabric.

He also had a weird habit of laundering his celluloid collar in the office washbowl. Smith intended to have his son, Fred, join the firm later, but in the meantime wanted us to have a fourth partner, having interested M r. W e thought that was too many for such a young firm.

It was finally agreed that Charles C. Hoge, a former schoolmate of mine, and a friend of Smith's, should put in part of the special capital and become a silent partner. The papers were signed in Oaober, , during the Bryan-McKinley campaign and it was agreed that the papers would be destroyed i f McKinley were not elected. We were friendly with the firm of George P. Butler used our firm among others to conceal some of their operations. I could always tell when Missouri Pacific was being ac- cumulated or distributed by the part we would be playing at the time; when we were picking up a few thousand shares at a time over several days, then Gould was get- ting ready for an upward move.

I f Missouri Pacific sud- denly rushed up ten or fifteen points and Harrison was sent into the Missouri Pacific crowd on the floor to bid loudly for ten thousand shares in one lot, then the Butlers were selling through other brokers whatever volume the market would absorb, and the move was over. Harrison's bid would invariably be at the top eighth or within a fraaion of it. The trouble with the Gould forces was that they never varied their method.

Manipulation calls for the deceiving of the public into doing the opposite of what the oper- ator is doing; and after a game like the above has been worked a number of times in a relatively short period, the floor traders, the big operators and even the public learn to recognize the symptoms announcing the turning points and play the same way as the manipulator. So after a while the Butler brothers didn't get the Gould business any more and we didn't get the Butler orders.

We did a lot of "give-up" and clearance business for themfive and ten thousand share lots of the aaive stocks. Of course, that didn't do us any harm. We had quite a lot of other manipulative business.

JOHN W. W e rode into town together every morning, and often home together after business hours. Traveling thus together, we would discuss the day's events and the market prospeas. He had good sources of information. H i l l , president of the Great Northern Railway, and other important financiers would come into the bank to see Mr. Cannon, the president. H i l l called my friend, the assistant cashier, "Jonesy" and would often give him bits of information which Jones promptly noted in short- hand on a small scratch-pad which he always car- ried in his vest pocket.

This dope in turn came to me, and what I derived from it was of no small value to my clientele. One morning, as we sat side by side in the train, Jones said: " I was up at the Waldorf last night and met John W.

Gates with some of his crowd. While we were talk- ing about the market. Business falling In the midst of the negotiations, which occurred during off? Flower, acknowledged bull leader, produced a John W. Gates was the organizer and dictator of the temporary panic. Frick and Phipps tried to secure an extension of peting mills which he had brought together, and which their option, but Carnegie wouldn't allow them a single became a unit, later, in the U.

Steel consolidation. The next day announcement was made that the mills Finding himself in control of this situation, Carnegie had closed down. The stock broke from in the 60s to the announced that in further negotiations the price of his 40s and 30s. He Gates then covered his shorts, making a big clean-up; tried to sell out to his partners at this price, but they were then he took a long position.

Carnegie then decided that his The mills went to work again; the stock rose again. Moore had successfully National Tube Co. He seemed bent upon driving these out of cuit Co. From these operations he had emerged with jusiness.

He then organized the American Steel Hoop Co. Rockefeller and the National Steel Co. These interests, combined in self- Steel Co.

The deal was taken to J. Morgan negie's terms. Charles M. Schwab and John W. Meanwhile Carnegie was going right ahead with his new steel plant, as well as railroad and steamship lines to carry his ore and a new railroad from Pittsburgh to the Atlantic seaboard.

As soon as the creation of the giant corporation had been decided on, the stocks of all the proposed subsid- iaries commenced to advance. Our firm made quite a lot of money arbitraging.

W e would buy the preferred and common stocks of the sub- sidiaries and sell the equivalent in new shares, often at a profit of several points, especially i n the preferred stocks of old companies that were comparatively inaaive and negleaed. The underwriters' syndicate, which received its profit mostly in the form of U. Steel common, engaged James R. Keene to make a big market and distribute this stock to the public. The newspapers became filled with bullish interviews from Carnegie, Schwab, Frick, and other lead- ing steel men and bankers.

First sales of the "when issued" stock occurred Febru- ary 26, 39 for the common, 84 for the preferred. By March 28 the stocks were listed on the Exchange and sold around 44 and 94, respeaively.

Transactions ran from , to , shares a day i n both common and preferred. Nearly one-fourth of the sales were of U. Steel com- mon and preferred. Nine days later came the Northern Pacific corner and panic, in which Steel common dropped to 24 and the preferred to On the afternoon of the panic the stock recovered to 42 and 89! These soon increased to 80, As George W. Perkins, of J. Steel was a month oldMay, Morgan's office and paid in.

Jones' data was unquestionable. The stock One of the best bits of information that ever came rose steadily on heavy and increasing transaaions. Morgan and James J. H i l l We knew from the same source that James R.

Many people Paul. I t was well known that the Morgan-Hill interests knew what was going on but were afraid to buy i n the wanted a connection which would make Chicago rather face of the advance that had already occurred. Knowing, than St. Paul the eastern terminus of their system, and as we did, that there might be as many more points profit that they looked upon the St.

Paul road as the most de- in i t as had already been made, we held on, and bought sirable to this end. Finally, when insiders "admitted" that they had M y friend, Wilbur F. Herbert, was sitting in his office control, the stock was around W e then cleaned up. They are stung so often by what the St. Paul, and of a meeting being held there, when sud- sounds real that they have no courage when the real thing denly he became the witness of a very animated scene.

Already there had been a sixty-point rise J. Pierpont Morgan had come to his feet; he was standing, in the stock, and the market was being shown the truth arguing, waving his arms, shaking his fists. Paul and he can't get i t , " my friend Herbert people who got in early had taken five or ten points profit thought.

Then he saw "J. The held on for twenty points or more began to get dizzy and news slips announced that the St. Paul direaors had fearful. I t is often said i n W a l l Street that "inside infor- refused to make any deal. Chase National Bank on my way home and there he gave In those days I used to go to great lengths to find out me faas and data which indicated that Morgan, having what important people were doing.

N o t having many failed to acquire the St. For example, Charles M. Schwab was a tremen- Burlington was then selling at about Great Northern preferred was Paul common, I watched Schwab buy i t up into the i6os and Northwestern, Northern Pacific was strong on an then suddenly stop. I've never known whether this was a stock market On Tuesday, the seventh, there was a boiling railroad move i n behalf of M r.

Carnegie or whether M r. Schwab stock market. Canadian Pacific was up 13 pointsa great was employed by other interests to do the buying and see advance for those days. A l l the big rails and the little whether control could thus be obtained.

There age to the crops along the Northen Pacific had resulted was a rumor that the preferred stock was to be retired; in a decline of the stock to around W i t h the stock all sorts of stories sought to give the cause of the big below 60 and on the way up heavy accumulation now transaaions. I didn't know what was the time. Undoubtedly some of the largest operators were going on but I could sense an approaching squall, and taking on a big line. A t their office all of this stock would be finally The morning of Wednesday, the eighth, was marked delivered.

Northern Pacific preferred was then selling by what looked like heavy distribution i n railroad and below par, and as its dividends were limited to 4 per cent, other stocks. Later there seemed to be no great advantage to anyone in buy- in the day the rest of the market was clearly under liqui- ing large quantities of i t at rising prices; there were other dation and Northern Pacific still up; i t was evidently more attractive preferred stocks.

Northern Pacific was one of the Came Thursday, May 9. The air was charged with leaders. The chairman's mallet struck. Everything except brokers that the majority o f the brokerage houses could N o r t h e r n Pacific opened far down, and i n the f o l l o w i n g not possibly have met their obligations i f the market had hour, the nearest t o hell I ever saw i n W a l l Street, the stayed d o w n at the l o w point.

These were the days o f bottom seemed to drop out o f everything. I n that hour o f pandemonium the tape was so far behind that only through the report Stock HigheB Lowefi Lali of executions and through telephone communications Amalgamated Copper 90 loG f r o m the floor d i d we k n o w anywhere near at what prices Atchison 43 stocks were selling.

But that was not the only reason. Paul be possessed by people w h o buy stocks: money and cour- Rock Island. These were subsequently greatly increased. This decline was the swiftest and most disastrous i n A t nine that evening I went out to lunch. The great such as this. Then i t proved that, while real values are body of small shareholders refused to part with their of most importance in the long run, much allowance must holdings, and speculators who knew what was going on be made for the unknown and the incalculable.

N o t even caused a rise in the stock from about to He asked to be it might do to millions of people who were operating given a one-third interest in the purchase. This offer in the market. But the conclusion I got out of it was this: being refused, he is reported to have said: "Very well, That the aaion of the market itself was the best clue as that is a hostile aa and you must take the consequences.

The tape had said: Danger! The joint ownership of the Burlington could then be riman, head of the Union Pacific. The Burlington had its vested in the Great Northern and the Union Pacific with eastern terminus in Chicago, covered a vast field in the the latter in the stronger, i f not the dominant, position.

Granger states, and connected Chicago with the eastern By April 15 the Harriman coterie had accumulated terminus of the Union Pacific. I t had a great network of , shares of common and , shares of pre- branches and feeders i n Kansas, Nebraska and Colorado ferred. The Hill-Morgan party was so unsuspeaing that and collected vast quantities of freight originating in or three lots aggregating 60, shares of Northern Pacific destined for Union Pacific territory.

The Burlington was common were sold by them for one of their friends. H i l l then cabled J. Pierpont J. Gould formed a pool in the spring of for the pur- Morgan in Italy for authority to buy at least , pose of acquiring up to , shares of Burlington, of shares.

Harriman feared that H i l l May 7. I t was not until Thursday, May 9, that the North- would retire Northern Pacific preferred i n the following ern Pacific panic occurred.

January, thus euchring him out of control. On Saturday, The rapid advance i n Northern Pacific had led a great May 4, i l l at home, he called up one of the Kuhn, Loeb many speculators to sell i t short. Investors here and in foreign That order was never executed. Schiff gave instruc- coimtries had sold a great deal of stock for which the tions that i t was not to be executed and that he, Schiff, certificates had not yet been delivered i n W a l l Street. The combined Morgan and Harriman buying had left When, on Monday, Harriman recovered sufficiently the market bare of actual stock, and when on Wednes- to go downtown and find out how matters stood, he day, May 8, Northern Pacific made its sensational ad- learned for the first time that this vital 40, shares had vance to around , many brokerage houses were obliged not been purchased.

Schiff, with Harrlman's approval, proposed purchase , shares at the market. The Morgan buy- to J. This being agreed upon, the panic was ended. One of our clients owned a tin can faaory in the South. When Dan Reed Reports current at the time stated that Harriman had and his associates consolidated this with can companies overlooked the possibility of the preferred being retired, but this was not the faa.

The whole situation hinged on throughout the country, our client was given preferred that 40, shares of common which he ordered bought and common stock for his property. The preferred was and which M r. Schiff failed to buy because he thought i t supposed to represent actual assets and the common a unnecessary. Our man figured that as the preferred he held The Harriman party stopped buying on Friday, May represented the actual value of his plant, the rest repre- sented the actual value of all the other plants.

And as the 2 Many of these faas were as stated by Mr. Harriman personally, and by his biographer, George Kennan.

The numerous industrial combinations of the past sell quickly enough. The market for the preferred had few years had resulted i n a period of tremendous specula- been near 80 and the common was above 30, but now tion.

Earning power and future prospeas had been cap- both were sliding down rapidly. Other people were ap- italized at a rate out of all proportion to the earning parently agreeing with his forecast. Some were selling power of many of these combinations; reams of pro- their preferred; more were selling their common. Which- moters' and bankers' shares were being issued. Million- ever stock went down, i t affeaed the other. A n d the more aires were springing up like mushrooms, not only in New he reduced his selling prices the lower the market broke.

York but i n other industrial centersPittsburgh and Chi- Only with difficulty d i d he finally get out i n the 20s. What was happening at the time, I learned through an The new industrials of had big markets, were old friend who was the order clerk i n a brokerage firm, subjea to wide swings and, therefore, furnished plenty where Dan Reed and the Moore brothers did a large busi- of action for pools and plungers. This firm had orders to " f i l l up" with Can, common Another important movement was in the railroad prop- or preferred, every buyer that appeared i n the crowd.

I t was based on the so-called community-of-interest They were selling for whatever they could get, without idea, popular with railroad financiers. Small railroad offering the stock down.

Systems that accomplished this, kept on selling short, riding the market had come through the reorganizations of the 'nineties down. I figured they would cover their short commit- were using their restored credit to borrow enormous sums ments when the company indicated that its position had and to reconstrua their transportation plants. I n railroad improved.

Also, they would buy i n proportion to what operation the watchwords were: Better roadbeds, heavier they hoped i t could earn. The process of weeding out rails, stronger bridges, more powerful locomotives, big- weak plants, rehabilitating good ones, adding new plants ger freight cars; so that the maximum number of tons and building up the working capital i n this case took of freight per trainload might be attained, the cost per over ten years, during which the stock spent most of the ton per mile reduced, and net earnings and dividends time i n the single figures.

Violent and widespread moves i n many leading stocks were so common they attraaed little attention. The first was, how could I make money for my clients so that I could build up their accounts, retain their patronage, and make my own business suc- cessful. Thirdly, I was bent on learning all about the operations of those who were big faaors in the markethow they made their money, the details of their manipulative and pool operations.

Our firm was always on the lookout for real informa- tion on coming market moves. I was writing and mailing a daily letter on market conditions i n which, also, I worked out the value of securities so as to bring them to the attention of our clients. M y praaice was to sum- marize the principal elements in the market situation on the day, and to point out one or two of the most attraaive opportunities.

W e drew a good business from this letter. I constantly strove to perfea both the judgment of the writer and the charaaer of the information.

A l l this was checked up from every angle. W e were forecasting the aaion of market and select- ing securities with a fair amount of success. This encour- aged me to push on along this line. There were few attempts to get business by adver- tising and mail orders. Such newspaper advertisements as appeared were confined to reproduaions of cards.

I had for a long time been interested in advertising and believed i t could bring business into W a l l Street from strangers all over the country. Having decided to make the attempt, I asked i n an as- sistant to coUea for me, out of newspapers and maga- zines, typical advertisements of houses doing business by mail.

I was after the principle upon which they adver- tised, and built up their mail order campaigns. For some days my man interviewed manufaaurers of books, soap, food produas, patent medicines, etc. I analyzed the re- sults of these investigations and soon learned to apply the result to the stock brokerage business.

N o legitimate firm i n W a l l Street had attempted any- thing of this kind. The bucketeers had mostly confined themselves to advertising market letters, and a "come-on" sort of correspondence designed less to secure commission business than to extraa capital from easy viaims.

I started an advertising and follow-up campaign which began with a small booklet about the brokerage business. I followed these up with personal letters, and business came. Clients thus won were likely to belong to the firm; they would not easily be controlled or taken away by my own or other firms' customers' men.

The new department soon had fifteen employees. W e were getting new clients right along, a good sprinkling of them with fair-sized accounts, and I was encouraged to get up a new booklet, better printed matter, more ef- ficient follow-up letters. I t was an inquiry about Southern Pacific. I gave the desired information i n sev- eral typewritten pages. This proved what could be done by mail. I was still making a point of going after business per- sonally. One day a friend gave me a list of names of parties in and around Roanoke, Va.

I took the first train for Roanoke, landed there at three o'clock in the morning, got a few hours' sleep and at nine o'clock was starting my calls. A number of good clients resulted from this trip, and also some other interesting by-products.

One of these was acquaint- ance with the leading officials of the Norfolk and West- ern Railway. I t is surprising how easy i t is to obtain real information on the condition and prospects of a big rail- road property, its earnings and dividend outlook, i f one goes to those who know the most about it. I had already a favorable idea of the road's future from the way the property was being built up. The stock was then in the lower 20s; I made money for my clients by putting them into it. The other by-produa of my Roanoke trip was an inside view of a big bucket shop.

Its New York headquarters were owned by a New York man, who afterward became well known as an owner of racing stables, oil properties and public utilitiesa multi-millionaire. The shop in Roanoke was a correspondent.

The owner showed me his sheets and explained to me at great length what a cinch it was for those fellows in New York because the bucket shop traders were always ready to sell at a few points' profit; but when a stock went against them they held on, putting up whatever margin was necessary. They cut their profits short and let their losses run. Another trip about that time was to Bath, i n Maine, where I met the leading members of the Hyde family.

They had recently sold out their shipbuilding plant to the Morgan-Schwab Steel and Shipbuilding combination. The Hydes had received a lot of cash in payment for their properties. I accompanied an uncle of theirs, a M r. Hay- den, who was representing them, to receive the final pay- ment which was in the form of bonds. W e went to the Equitable Trust and took over a block of bonds in three big security bagsall that he, I , and a negro porter could carry.

I was after an order to sell some of these bonds and Cvpyrulht Bron'ii Brntlicrs buy other investment securities. I succeeded i n this. I had Hsts of names to which I sent my circulars, and although I did not know this, some of the names were of clients of other houses. The partner in an old-fashioned firm on W a l l Street went weeping to the Stock Exchange, complaining that we were circularizing his clients. The president of the Exchange, Rudolph Kep- pler, requested me to call.

A t his office I listened to moss- back talk on the advisability of advertising with business cards instead of circulars which some people. Lought somewhat flamboyant. But I couldn't make any headway at all. In other ways I was becoming dissatisfied. M y office partner, young Smith, had that unfortunate habit of jumping customers in and out of stocks so as to get the commissions.

Every time a client's trade showed a couple of points to the good, Smith called the man up, sug- gested selling, and buying some other stock. He simply couldn't stand seeing a small profit run into a big one. The clients' interests were becom- jump out when danger signals appeared, and then get ing secondary. It was an extremely shortsighted policy. Forces were at work, influencing prices, which had no relation to real values.

Many stocks were put up and hammered down by pools and by individuals for reasons of their ownnot because the value of these stocks was any more or any less. Understanding values was one thing; but the subject of manipulation, of the forces that artificially altered the course of prices through the various swings of the market, especially fascinated me.

Being on the lookout for panics and bargain days, I reached the conclusion that these came out of overexten- sion of business, out of money situations, or they might have political or other causes. A panic was a psychological conditiona state of mind into which the public was stampeded, usually by sudden and unexpeaed events, or by a combination of influences which led to great uncer- tainty and ended in fright.

During a panic the market was at bottom, and usually there followed a year or two of advancing prices. M y respect for the Con- solidated Exchange was small. Immediately putting my plans into progressiveness of some of my partners, continued to action, I began advertising In rather a striking style be a source of annoyance to me.

I felt that i f I were left with imusual type. Illustrations, eye-catchers, condensed free to advertise and get business by mail I could rapidly Into small and economical space.

I studied everything in the M y mailing list consisted of several thousand names line of advertising and follow-up information in all lines of people who, I had reason to believe, were Interested of business. A t Mallett's suggestion we got A n intimate friend, Daniel T. Mallett, was publisher of up a small pamphlet i n magazine style, called Practical the Hardware Dealers' Magazine; he had been successful Investing, as a house organ.

December 5, History. An edition of Wall street ventures and adventures through forty years This edition was published in by Greenwood Press in New York. Written in English — pages. Subjects Brokers , Securities industry , Speculation. Not in Library. Wall street ventures and adventures through forty years First published in Subjects Brokers , Securities industry , Speculation. Places N. Classifications Library of Congress HG W9 Dewey Classifications Dewey Decimal Class W9