Wall Street Stories

by Edwin Lefèvre

It seemed to Fullerton F. Colwell, of the famous Stock-Exchange house of Wilson & Graves, that he had done his full duty by his friend Harry Hunt. He was a director in a half score of companies—financial débutantes which his firm had “brought out” and over whose stock-market destinies he presided. His partners left a great deal to him, and even the clerks in the office ungrudgingly acknowledged that Mr. Colwell was “the hardest worked man in the place, barring none”—an admission that means much to those who know it is always the downtrodden clerks who do all the work and their employers who take all the profit and credit. Possibly the important young men who did all the work in Wilson & Graves’ office bore witness to Mr. Colwell’s industry so cheerfully, because Mr. Colwell was ever inquiring, very courteously, and, above all, sympathetically, into the amount of work each man had to perform, and suggesting, the next moment, that the laborious amount in question was indisputably excessive. Also, it was he who raised salaries; wherefore he was the most charming as well as the busiest man there. Of his partners, John G. Wilson was a consumptive, forever going from one health resort to another, devoting his millions to the purchase of railroad tickets in the hope of out-racing Death. George B. Graves was a dyspeptic, nervous, irritable, and, to boot, penurious; a man whose chief recommendation at the time Wilson formed the firm had been his cheerful willingness to do all the dirty work. Frederick R. Denton was busy in the “Board Room”—the Stock Exchange—all day, executing orders, keeping watch over the market behavior of the stocks with which the firm was identified, and from time to time hearing things not meant for his ears, being the truth regarding Wilson & Graves. But Fullerton F. Colwell had to do everything—in the stock market and in the office. He conducted the manipulation of the Wilson & Graves stocks, took charge of the un-nefarious part of the numerous pools formed by the firm’s customers—Mr. Graves attending to the other details—and had a hand in the actual management of various corporations. Also, he conferred with a dozen people daily—chiefly “big people,” in Wall Street parlance—who were about to “put through” stock-market “deals.” He had devoted his time, which was worth thousands, and his brain, which was worth millions, to disentangling his careless friend’s affairs, and when it was all over and every claim adjusted, and he had refused the executor’s fees to which he was entitled, it was found that poor Harry Hunt’s estate not only was free from debt, but consisted of $38,000 in cash, deposited in the Trolleyman’s Trust Company, subject to Mrs. Hunt’s order, and drawing interest at the rate of 2½ per cent per annum. He had done his work wonderfully well, and, in addition to the cash, the widow owned an unencumbered house Harry had given her in his lifetime.

Genres: Finance, Business, History, Economics

154 pages, Kindle Edition

First published January 1, 1901

About the author

Edwin Lefèvre (1871–1943) was an American journalist, writer, and statesman most noted for his writings on Wall Street.

George Edwin Henry Lefèvre was born in Colón, Colombia (now Republic of Panama). His father had sent Edwin to the United States when he was a boy and he was educated at Lehigh University where he received training as a mining engineer. However, at the age of nineteen, he began his career as a journalist and eventually became a stockbroker, as well.

During the 1909–1913 presidency of William Howard Taft, Lefèvre served as ambassador to a number of countries including Italy, Spain, and France. Lefevre did work as a broker on Wall Street and was the financial writer for the New York Sun newspaper. He later returned to his home in Vermont where he resumed his literary work, providing short stories for magazines such as The Saturday Evening Post and writing novels.

Reviews

[Kiril · Rating 5 out of 5]

If you are interested in Market Manipulation the old school way, read the "The break in Turpentine" part of the book.

And from the "The man who won"
“start the movement by selling 10,000 shares of Iowa Midland. Divide it up among the boys on the floor. It would be well if the room were frightened by the selling. It is more important for us to get the price down than to put out shorts at high figures. I want that stock down.” If he had merely desired to sell the stock “short” he would have gone about it carefully, to disturb the price as little as possible.


The rest is good written stories about what was going on 100 years ago, but nothing special.

[Tomek Sobolewski · Rating 4 out of 5]

Very light book, interesting stories showing how the psychology of trading and the acompanying emotions are still the same, even after a century, where we have a completely different technology, economic situation and cycles

[Sasha Gercen · Rating 3 out of 5]

Простенькие истории с Уолл-стрит начала 20-го века. Они не привязаны к историческим глобальным событиям, больше про личные победы и поражения. Читать можно только от скуки, в перерывах между чем-то, не советую.

[Radoslaw Radoslawski · Rating 4 out of 5]

one of the most narratives and light reads about investing that I've came across. It has at the same time real informative and practical value

[Marlene · Rating 3 out of 5]

Well written. I've worked in the trading business years ago. Some of these stories are pretty true, others a bit stretched.

[Jon · Rating 3 out of 5]

Classic book written in the teens and twenties of the 20th century about Wall Street. Has many lessons for today and shows that even with the advent of computers and technology, trading psychology is still the same. And so are some of the tricks to take your money. A quick read with one short story per chapter.

[Marina · Rating 3 out of 5]

Достаточно интересно, конечно, с точки зрения психологии. Но не покидает ощущение художественности, некоей наигранности историй.

[Vamsi punuru · Rating 5 out of 5]

Wonderful book about Stock market in true sense but very good fictionalized book as well.