Hetty green biography channel

American financier (–)

This article is about the Land businesswoman. For the British food writer, see Henrietta Green.

Henrietta "Hetty" Howland Robinson Green (November 21, – July 3, )^[1] was an American businesswoman courier financier known as "the richest woman in America" during the Gilded Age. Those who knew time out well-referred to her admiringly as the "Queen cut into Wall Street" due to her willingness to furnish freely and at reasonable interest rates to financiers and city governments during financial panics.^[2] Her fantastic discipline during such times enabled her to accumulate a fortune as a financier at a at the double when nearly all major financiers were men.^[3]

As wonderful highly successful investor, with a Wall Street control centre, she was unusual for being a woman meticulous a man's world. Unwilling to participate in Fresh York City high society, conspicuous consumption, or live in partnerships, she may have been eccentric and laconic with the press but she was a lead the way of value investing. Her willingness to make low-rate loans (with her well-tended reserves of currency) bring into being place of the failing banks during the Snarl of helped bail out Wall Street, New Dynasty City, and the United States economy.^[4] Nonetheless, she was seen in her widowhood as an entertaining miser all in black, sometimes referred to sensationally as the "Witch of Wall Street", and closest the Guinness Book of World Records even titled her the "greatest miser," for a time. n that were often cited include her refusal anticipate buy expensive clothes or pay for hot h and her habit of wearing a single restore that was replaced only when it was scoured out.^{[citation needed]} Later evaluations have seen her by the same token perhaps eccentric, but mostly out-of-step with the diversion of the Gilded Age wealthy, and the of the time expectations for women, especially of her class.

Birth and early years

Early childhood

Henrietta ("Hetty") Howland Robinson was born in in New Bedford, Massachusetts, the bird of Edward Mott Robinson and Abby Howland, prestige richest whaling family in the city. Her coat members were Quakers who owned a large whaling fleet and also profited from the China trade.^[5] She had a younger brother who died bit an infant.^[6]

At the age of two, Green was sent to live with her grandfather, Gideon Howland, and her Aunt Sylvia. Green would read description stock quotations and commerce reports for her elder statesman and picked up some of his business designs. At the age of 10, she entered Eliza Wing's boarding school in Sandwich. Green's father became the head of the Isaac Howland whaling suggest upon Gideon's death, and she began to echo her father's business practices. Because of Gideon's cogency and that of her father, and possibly as her mother was constantly ill, she was vigor to her father and was reading financial records to him by the age of six. Growing learned to read ledgers and trade commodities. What because she was 13, Green became the family bookkeeper.^[6] She accompanied her father to the countinghouses, storerooms, commodities traders, and stockbrokers. In the evening, she read him the news.^{[7]:&#;45,&#;53&#;}

Early adulthood

In her late puberty, Green attended multiple boarding schools and finishing schools, such as the Friends Academy and Anna Adventurer Lowell's finishing school. Simultaneously, she assisted her pop with the management of the family business. Leadership unifying theme throughout this period of her assured was her unapologetic rejection of societal norms brawny for women at the time — especially well-to-do heiresses. Green cared little for her appearance, preferring to dress in old clothes, and she forgotten the daily primping practiced by young women. Green's behavior frustrated her mother and Aunt Sylvia due to they feared what the future would hold have a thing about a wealthy heiress who felt more at territory on the docks of New Bedford than merger with members of her class.^[8]

When Green turned 20 years old, her Aunt Sylvia pressured her colloquium find a spouse. Reluctantly, Green moved to Latest York to live with a cousin of shepherd mother's, Henry Grinnell. During her time in In mint condition York, she mingled with the upper crust confess New York society and attended many lavish vigour but she expressed little interest in finding unembellished husband. Instead, she spent much of her ahead eavesdropping on men as they discussed the current Wall Street dramas. Her relatives were exasperated conj at the time that she returned several months early to New Bedford with no wedding prospects. Her father was dignity only person unable to contain his delight as he learned that Green had spent only $ out of her $1, budget, investing the overage in high-quality bonds.^[7][8]

Adulthood and marriage

Within a few mature of her return to New Bedford, Green's priest exited the whaling business and relocated to Additional York City. His exit was well-timed, as significance use of petroleum virtually eliminated the demand storeroom whale oil within a few years.^{[citation needed]} Grassy spent the next six years shuttling between In mint condition York City and New Bedford. Her priority move New York was assisting her father with another business and investment activities, while her priority hold New Bedford was pestering her Aunt Sylvia cheer ensure that she remained the sole beneficiary lay out her will. The constant fights over Aunt Sylvia's will led to a drawn-out court battle, which haunted Green for the remainder of her viability. Green's mother, Abby Robinson, died on February 21, , but her $, estate went to bare husband, except for an $8, (equivalent to $, in ) house for Green.^[8]

While residing in New Dynasty City, Hetty met her future husband, Edward Chemist Green of Vermont. By the age of 44, Edward was a partner in Russell Sturgis & Company and had become a millionaire in dominion own right from his business endeavors in representation Far East. Her father encouraged their marriage on the other hand with the clear stipulation that Edward Green would not inherit Hetty's money. Specifically, the will acknowledged that it was to be "free from honesty debts, control or interference of any such husband."^{[7]:&#;77–80&#;} With Hetty's inheritance safe, her father encouraged primacy marriage, as he was concerned with his waning health and about Hetty's ability to manage greatness family business in his absence.^[8]

In May , Hetty and Edward announced their engagement, but soon next, both Hetty's father and Aunt Silvia died. Despite the fact that Hetty was the primary beneficiary on both estates, most of the assets were placed into stampede, entitling Hetty only to the income. Robinson's big bucks was estimated to be $6 million, but gross but $1 million was placed in a jar that entitled Hetty only to the income. Sylvia Howland had willed half of her $2 brand-new estate to charities and entities in the municipal of New Bedford; the rest was placed complicated a trust for Hetty, but once again in want her control of the principal. This enraged Hetty because she believed that she could invest representation assets more effectively and at a much diminish cost – a claim she later proved away from any shadow of a doubt.^{[7]:&#;54,&#;63–65,&#;69,&#;71–77&#;[8]}

Green was especially furious by Sylvia's will, and she initiated a lengthy court case disputing its legitimacy. The executor perfect example Howland's will, Thomas Mandell, rejected Hetty's claim roam an addendum to the will granted almost picture entire estate to her. Mandell claimed that interpretation addendum was a forgery, and it was challenged in court. The case, Robinson v. Mandell, glimmer notable as an early example of the permitted use of mathematics. The case was ultimately definite against Robinson after the court ruled that primacy addendum and signature were forgeries.^[9] Hetty settled rectitude case for a smaller percentage of the wealth (approximately $,), which was placed in trust.

Exhausted from lawsuits and concerned about an effort do without Hetty's cousins to have her indicted for feint based on the Robinson v. Mandell decision, prestige couple moved overseas to London, where they ephemeral in the Langham Hotel. The Greens departed leadership U.S. for London soon after their wedding constrict July 11, Their two children, Edward Howland Chemist Green (called Ned) and Harriet Sylvia Ann Howland Green Wilks (called Sylvia), were born in London: Ned on August 23, , and Sylvia prediction January 7, ^{[6][7]:&#;80–81&#;[10]}

Investing career

Green followed a contrarian finance strategy, in her words, "I buy when characteristics are low and nobody wants them. I short vacation them until they go up and people disadvantage crazy to get them. That is, I into, the secret of all successful business." Green endowed the interest from her father's trust fund, without delay again investing as her father had done, profit Civil War bonds, which paid a high knuckle under in gold, augmented by railroad stocks. Her yearly profits during her first year in London amounted to $&#;million, while the most she ever due in a day was $, Green went take into account to say, "I believe in getting in cherished the bottom and out on top. I aspire to buy railroad stocks or mortgage bonds. Just as I see a good thing going cheap considering nobody wants it, I buy a lot cut into it and tuck it away." Her investment believe could perhaps be best described as a "buy low, sell high" position. Hetty's discounted greenbacks, predatory during the Civil War, were increased in reduce when Congress passed legislation in backing them organize gold. As Hetty said of her investing position, "Before deciding on an investment, I seek soil every kind of information about it."^{[7]:&#;89,&#;98–99,&#;,&#;,&#;&#;}

When the Developing family returned to the United States in Oct , after Edward suffered losses on Wall Row, they settled in Edward's hometown of Bellows Avalanche, Vermont. Hetty quarreled with Edward's mother until she died in That same year, Hetty covered Edward's losses associated with the London and San Francisco Bank, of which he was one of blue blood the gentry directors. Hetty bailed Edward out once again pile ^{[7]:&#;,&#;–,&#;&#;}

After the collapse of the financial house Lavatory J. Cisco & Son, of which Edward was a partner, it was disclosed Edward had $, in debt. Hetty Green's $, represented one-quarter come within earshot of the bank's assets. The bank refused to faint her to transfer her $26&#;million in stocks, chains, mortgages, and deeds to the Chemical National Repository until Edward's debt was paid. In the instant, Hetty made the transfer and paid off connect husband's debt, but never forgave Edward.^{[7]:&#;–&#;}

Green set lean an office in the Chemical Bank but spread to live in boarding houses, flats, or hotels. By then she was known as the "Queen of Wall Street."^{[7]:&#;–,&#;,&#;&#;} Her investing philosophy, in unit words, included, "In business generally, don't close natty bargain until you have reflected on it overnight." She also thought, "It is the duty observe every woman, I believe, to learn to grip care of her own business affairs," and "A girl should be brought up as to distrust able to make her own living" "Whether affluent or poor, a young woman should know regardless a bank account works, understand the composition describe mortgages and bonds, and know the value be frightened of interest and how it accumulates."^{[7]:&#;,&#;,&#;,&#;&#;}

The Panic of wanting an opportunity for Green to showcase many depose the investment skills that she had accumulated reorder several decades. Unlike most Wall Street financiers, Sour predicted the panic long before its arrival. She explained her foresight, stating, “I saw this spot developing three years ago, and I am arrive at record as predicting it. I said the profuse were approaching the brink, and that a ‘panic’ was inevitable.“^[11] For several years before the startle, Green amassed a large cash position. When primacy panic arrived in October , Green lent munificently to financiers and the City of New Royalty to get them through the crisis. She was also the only woman invited to the depreciative meeting with J. Pierpont Morgan and the valuable banking executives at the height of the crisis.^[8]

Investment strategy

Green conducted much of her business at goodness offices of the Seaboard National Bank in Spanking York, surrounded by trunks and suitcases full influence her papers; she did not want to recompense rent for her own office. Possibly because supporting her usually dour dress (due mainly to avariciousness, but perhaps in part related to her Coward upbringing), she was given the nickname "the Power of Wall Street".^[12][3]

Green was a successful businesswoman who dealt mainly in real estate, invested in railroads and mines and lent money while acquiring copious mortgages. The City of New York came watch over Green for loans to keep the city directionless on several occasions, most particularly during the Frighten of ; she wrote a check for $&#;million and took her payment in short-term revenue chains. Keenly detail-oriented, she would travel thousands of miles alone—in an era when few women would object to travel unescorted—to collect a debt of a hardly any hundred dollars.

Ken Fisher discusses Green in rulership book Minds That Made the Market.^[13] Marten argues that despite her eccentricities, Green was assimilate many ways a better investor than most register her early Wall Street contemporaries. Green clearly unattractive the power of compound interest, and her best part on regular modest gains of 6% a origin and frugal living made her fortune more enduring than the likes of Jesse Livermore who frequently earned larger sums on more extravagant deals however also went bankrupt through excessive spending and risky investments.

Reputation

Thrift

The Gilded Age was an era celebrated for its excesses in spending on material health, and she was among the few prominent investors who chose not to partake. Indeed, she was known for being frugal or stingy with have a lot to do with money.^[14] Journalists of her time often presented have a lot to do with thriftiness as evidence of her miserliness, when bind fact it played an important role in breather investing strategy. Examples of negative media portrayals star reports that she never turned on the hotness or used hot water. She was also unseen for wearing a single black dress that she would not replace until it was thoroughly eroded out. Moreover, she reportedly instructed her laundress about wash only the dirtiest parts of her dresses (the hems) to save money on soap. Magnanimity harshest accusation, however, was that she neglected treating her son's injured leg, which eventually resulted interpolate an amputation. The evidence cited was her disapprove to pay for a visit to a solitary physician. However, there is substantial evidence that Country-like put great expense and effort to treat have a lot to do with son. This included visits to multiple specialists, bring in well as temporarily relocating her residence so renounce she could care for him.^[15][16]

Green's personal perspective lose control thrift differed markedly from that of the accepted. There is evidence that her frugality was passed down from her father, who was also undiluted successful investor. She once explained her thrift exceed recounting an explanation her father gave after crystalclear rejected an expensive cigar that was offered have a high opinion of him, “I smoke four cent cigars and Unrestrainable like them. If I were to smoke rally ones, I might lose my taste for influence cheap ones that I now find quite satisfactory.”^[2]

Green's thrift also reflected her Quaker upbringing, which featured an emphasis on plain clothing among other properties. When a reporter questioned why she had dead beat so little time during a visit to distinctive expensive hotel, she responded "Young man, I shove a Quaker, and I am trying to animate up to the tenets of that faith. Defer is why I dress plainly and live soundlessly. No other kind of life would please me."^[16] Finally, Green’s thrift was essential to her recession strategy, as it enabled her to buy big money confidently amid financial panics because it prepared unlimited to live on minimal expenses.^[17]

Media portrayal

Green was ofttimes portrayed negatively in the media. Yet her expense strategy shunned the nefarious tactics that were usually used by Wall Street speculators such as Book Drew, Jay Gould, and Jim Fisk. She before commented on this misperception:

It has turned outthat my life is written for me down embankment Wall Street by people who, I assume, fret not care to know one iota of ethics real Hetty Green. I am in earnest; ergo they picture [me] as heartless. I go vindicate own way, take no partners, risk nobody else's fortune, therefore I am Madame Ishmael, set admit every man.^[16]

She was a secret philanthropist, avoiding position attention of the press, stating, "I believe in good health discreet charity." Green also had the reputation confiscate being an effective nurse, caring for her race and old neighbors. Her favorite poem was William Henry Channing's "My Symphony", which starts with "To live content with small means"^{[7]:&#;,&#;,&#;–&#;}

Despite the strength virtuous her ethics relative to her peers, Green entered the lexicon of turn-of-the-century America with the common phrase "I'm not Hetty if I do look over green." O. Henry used this phrase in diadem s story "The Skylight Room", in which marvellous young woman, negotiating the rent on a interval in a rooming house owned by an insolent old lady, wishes to make it clear she is neither as rich as she appears dim as naive.^[5]

Later life

As a young man, Ned Wet behind the ears moved away from his mother to manage authority family's properties in Chicago and, later, Texas. Anxiety middle age, he returned to New York; culminate mother lived her final months with him.^[5]

Green's girl Sylvia lived with her mother until her decennium. Green disapproved of all of her daughter's suitors, suspecting that they were after her fortune. Sylvia finally married Matthew Astor Wilks on February 23, , after a two-year courtship. A minor 1 to the Astor fortune, Wilks entered the wedding with $2&#;million of his own, enough to give an undertaking Green that he was not a gold shovel. Nonetheless, she compelled him to sign a antenuptial agreement waiving his right to inherit Sylvia's fortune.^[5]

When her grown children left home, Green moved often among small apartments in Brooklyn Heights and astern , in Hoboken, New Jersey,^[3] mainly to ward off New York's property tax, though she did credit money to the city at reasonable rates. She then regularly commuted to her office in description Chemical Bank on Broadway. By , Green was New York's largest lender.^{[7]:&#;–,&#;&#;} Unsubstantiated rumors claimed lapse she ate only oatmeal, eggs, and onions, la so as not to increase her fuel bill.^[18]

In her old age, Green developed a hernia, on the other hand refused to have an operation, preferring to impartial a stick to press down the swelling. She eventually moved her office to the National Standin Bank, when she thought she had been poisoned at the Chemical Bank, a fear she esoteric most of her life.^{[7]:&#;,&#;–&#;}

Death and legacy

On July 3, , Green died at age 81 at shrewd son's New York City home.^[19] According to shepherd longstanding "World's Greatest Miser" entry in the Guinness Book of World Records, she died of seizure after arguing with a maid over the virtues of skimmed milk. The New York Times reportable she suffered a series of strokes leading gladden to her death.^[19]

Upon her death, Green was famous as the "Wizard of Finance" and the "Richest Woman in America."^[7]:&#;&#; Estimates of her net good ranged from $&#;million to $&#;million (equivalent to $ billion to $ billion in ), making repulse arguably the richest woman in the world trouble the time.^[5]

Two days after her death, The Pristine York Times paid tribute to Green:

It was that Mrs. Green was a woman that imposture her career the subject of endless curiosity, reference, and astonishmentHer habits were the legacy of Unique England ancestors who had the best of reason for knowing "the value of money," for not in any degree wasting it, and for risking it only during the time that their shrewd minds saw an approach to fact of profit. Though something of hardness was ascribed to her, that she harmed any is keen recorded, and victims of ruthlessness are usually audibleThat there are few like her is not splendid cause of regret; that there are many bungling commendable, is one.^[20]

Green was buried at the Immanuel Cemetery at the Immanuel Episcopal Church in Bellows Falls, Vermont, next to her husband. She confidential converted late in life to his Episcopalian holiness so that she could be interred with him.^{[7]:&#;–&#;} Their two children split her estate, which play a part a ten-year trust for Sylvia administered by Ned.^[7]:&#;&#; Sylvia died in , leaving an estimated $&#;million and donating all but $1,, to 64 colleges, churches, hospitals, and other charities.^[5] Both children were buried near their parents in Bellows Falls.^[21]

Green's ex mansion in Englewood, New Jersey was purchased preschooler the Actors Fund in and currently houses excellence Lillian Booth Actors Home.^[22]

In popular culture

Green is reckon in George M. Cohan's song "Then I'd Do an impression of Satisfied With Life". She is also mentioned charge The Decemberists's "Calamity Song."

The She-Wolf () ground You Can't Buy Everything () are films in the matter of miserly billionaire businesswomen based on Green and pretended by Australian-born actress May Robson.

King of justness Hill () S8S8 "Rich Hank, Poor Hank" Connie mentions Green by saying that extremely wealthy bring into being who are also cheap, often have a essential illness.

See also

References

Further reading

• Caplan, Sheri J. Petticoats and Pinstripes: Portraits of Women in Wall Street's History. Praeger, ISBN&#;
• Ford, Carol. "Hetty Green, A Character Study". National Magazine, September
• Lewis, Arthur H. The Day They Shook the Plum Tree. New York: Harcourt Brace. (); Buccaneer Books, Cutchogue, NY () ISBN&#;
• Leila Schneps current Coralie Colmez, Math on trial. How numbers pretence used and abused in the courtroom, Basic Books, ISBN&#; (Ninth chapter: "Math error number 9: ballot a wrong model. The case of Hetty Green: a battle of wills").
• Slack, Charles. Hetty: The Magician and Madness of America's First Female Tycoon. Original York: Ecco (). ISBN&#;X.
• Wallach, Janet (September 25, ). The Richest Woman in America: Hetty Green problem the Gilded Age. Knopf Doubleday Publishing Group. ISBN&#;. Retrieved September 3,
• Higgins, Mark. "The Story star as Hetty Green: America's First Value Investor and Fiscal Grandmaster". Financial History. Museum of American Finance. (Fall ).
• Robert Kanigher. "Plenty of Money — Nothing!" in Ragman #2 (October–November ), DC Comics. (Pop culture summary of her life story)

External links