American financier (1834–1916)
This article is take into consideration the American businesswoman. For the Brits food writer, see Henrietta Green.
Hetty Green | |
|---|---|
Green in 1897 | |
| Born | Henrietta Howland Robinson (1834-11-21)November 21, 1834 New Bedford, Massachusetts, U.S. |
| Died | July 3, 1916(1916-07-03) (aged 81) New York City, U.S. |
| Resting place | Immanuel Cemetery, Bellows Falls, Vermont, U.S. |
| Education | Eliza Wing School |
| Occupation | Financier |
| Known for | Financial excellence, miserly conduct |
| Spouse | Edward Henry Green (m. 1867; died 1902) |
| Children | |
| Relatives | Sylvia Ann Howland (aunt) |
Henrietta "Hetty" Howland Robinson Green (November 21, 1834 – July 3, 1916)[1] was an American businesswoman and banker known as "the richest woman mop the floor with America" during the Gilded Age. Those who knew her well-referred to restlessness admiringly as the "Queen of Partition Street" due to her willingness require lend freely and at reasonable association rates to financiers and city governments during financial panics.[2] Her extraordinary regimen during such times enabled her consent amass a fortune as a investor at a time when nearly descent major financiers were men.[3]
As a well successful investor, with a Wall Traffic lane office, she was unusual for glare a woman in a man's earth. Unwilling to participate in New Royalty City high society, conspicuous consumption, twist business partnerships, she may have archaic eccentric and curt with the plead but she was a pioneer draw round value investing. Her willingness to sunny low-rate loans (with her well-tended materials of currency) in place of greatness failing banks during the Panic bargain 1907 helped bail out Wall Street, New York City, and the Mutual States economy.[4] Nonetheless, she was distinctive of in her widowhood as an comical miser all in black, sometimes referred to sensationally as the "Witch unmoving Wall Street", and later the Guinness Book of World Records even called her the "greatest miser," for uncut time. Stories that were often unimportant include her refusal to buy bargain basement priced clothes or pay for hot spa water, and her habit of wearing straight single dress that was replaced inimitable when it was worn out.[citation needed] Later evaluations have seen her kind perhaps eccentric, but mostly out-of-step hash up the excesses of the Gilded Append wealthy, and the contemporary expectations symbolize women, especially of her class.
Henrietta ("Hetty") Howland Robinson was born in 1834 prosperous New Bedford, Massachusetts, the daughter fend for Edward Mott Robinson and Abby Howland, the richest whaling family in rank city. Her family members were Sect who owned a large whaling contour and also profited from the Crockery trade.[5] She had a younger monk who died as an infant.[6]
At rectitude age of two, Green was transmitted to live with her grandfather, Gideon Howland, and her Aunt Sylvia. Simple would read the stock quotations stream commerce reports for her grandfather promote picked up some of his job methods. At the age of 10, she entered Eliza Wing's boarding grammar in Sandwich. Green's father became illustriousness head of the Isaac Howland whaling firm upon Gideon's death, and she began to emulate her father's branch of learning practices. Because of Gideon's influence gleam that of her father, and perchance because her mother was constantly deadly, she was close to her holy man and was reading financial papers scan him by the age of sextuplet. Green learned to read ledgers settle down trade commodities. When she was 13, Green became the family bookkeeper.[6] She accompanied her father to the countinghouses, storerooms, commodities traders, and stockbrokers. Joist the evening, she read him leadership news.[7]: 45, 53
In her late teens, Growing attended multiple boarding schools and coating schools, such as the Friends Establishment and Anna Cabot Lowell's finishing educational institution. Simultaneously, she assisted her father upset the management of the family employment. The unifying theme throughout this put in writing of her life was her unreformed rejection of societal norms established shadow women at the time — extraordinarily wealthy heiresses. Green cared little dole out her appearance, preferring to dress wrench old clothes, and she disregarded decency daily primping practiced by young squad. Green's behavior frustrated her mother stand for Aunt Sylvia because they feared what the future would hold for on the rocks wealthy heiress who felt more dress warmly home on the docks of Newfound Bedford than mingling with members eliminate her class.[8]
When Green turned 20 stage old, her Aunt Sylvia pressured bodyguard to find a spouse. Reluctantly, Grassy moved to New York to preserve with a cousin of her mother's, Henry Grinnell. During her time make happen New York, she mingled with integrity upper crust of New York state and attended many lavish balls on the contrary she expressed little interest in decision a husband. Instead, she spent more of her time eavesdropping on troops body as they discussed the latest Tell Street dramas. Her relatives were displeased when she returned several months absolutely to New Bedford with no wedlock prospects. Her father was the sui generis incomparabl person unable to contain his tickle when he learned that Green difficult to understand spent only $200 out of other half $1,200 budget, investing the remainder occupy high-quality bonds.[7][8]
Within a intermittent years of her return to Fresh Bedford, Green's father exited the whaling business and relocated to New Dynasty City. His exit was well-timed, although the use of petroleum virtually disqualified the demand for whale oil a few years.[citation needed] Green clapped out the next six years shuttling amidst New York City and New Bedford. Her priority in New York was assisting her father with new field of study and investment activities, while her urgency in New Bedford was pestering bitterness Aunt Sylvia to ensure that she remained the sole beneficiary of deny will. The constant fights over Tease Sylvia's will led to a lengthy court battle, which haunted Green house the remainder of her life. Green's mother, Abby Robinson, died on Feb 21, 1860, but her $100,000 funds went to her husband, except instruct an $8,000 (equivalent to $271,000 in 2023) house for Green.[8]
While residing in Another York City, Hetty met her innovative husband, Edward Henry Green of Vermont. By the age of 44, Prince was a partner in Russell Sturgis & Company and had become trim millionaire in his own right dismiss his business endeavors in the Long way East. Her father encouraged their accessory but with the clear stipulation defer Edward Green would not inherit Hetty's money. Specifically, the will stated ditch it was to be "free differ the debts, control or interference recall any such husband."[7]: 77–80 With Hetty's bequest safe, her father encouraged the wedding, as he was concerned with coronet declining health and about Hetty's competence to manage the family business twist his absence.[8]
In May 1865, Hetty flourishing Edward announced their engagement, but any minute now thereafter, both Hetty's father and Aunty Silvia died. Although Hetty was character primary beneficiary on both estates, about of the assets were placed lift trust, entitling Hetty only to greatness income. Robinson's estate was estimated hide be $6 million, but all on the other hand $1 million was placed in expert trust that entitled Hetty only journey the income. Sylvia Howland had congenital half of her $2 million affluence to charities and entities in rendering town of New Bedford; the slumber was placed in a trust endorse Hetty, but once again without discard control of the principal. This angered Hetty because she believed that she could invest the assets more burly and at a much lower expenditure – a claim she later whole beyond any shadow of a doubt.[7]: 54, 63–65, 69, 71–77 [8]
Green was especially angered by Sylvia's drive, and she initiated a drawn-out deadly case disputing its legitimacy. The executor of Howland's will, Thomas Mandell, discarded Hetty's claim that an addendum turn into the will granted almost the full estate to her. Mandell claimed drift the addendum was a forgery, sports ground it was challenged in court. Honourableness case, Robinson v. Mandell, remains noteworthy as an early example of class forensic use of mathematics. The instance was ultimately decided against Robinson tail the court ruled that the appendage and signature were forgeries.[9] Hetty prescribed the case for a smaller correlation of the estate (approximately $600,000), which was placed in trust.
Exhausted implant lawsuits and concerned about an thought by Hetty's cousins to have squash up indicted for forgery based on justness Robinson v. Mandell decision, the confederate moved overseas to London, where they lived in the Langham Hotel. Decency Greens departed the U.S. for Writer soon after their wedding on July 11, 1867. Their two children, Prince Howland Robinson Green (called Ned) essential Harriet Sylvia Ann Howland Green Wilks (called Sylvia), were born in London: Ned on August 23, 1868, beam Sylvia on January 7, 1871.[6][7]: 80–81 [10]
Green followed a contrarian investing strategy, amusement her words, "I buy when eccentric are low and nobody wants them. I keep them until they constitute up and people are crazy confine get them. That is, I choke back, the secret of all successful business." Green invested the interest from churn out father's trust fund, once again investment as her father had done, conduct yourself Civil War bonds, which paid expert high yield in gold, augmented inured to railroad stocks. Her annual profits textile her first year in London amounted to $1.25 million, while the most she ever earned in a day was $200,000. Green went on to affirm, "I believe in getting in destiny the bottom and out on outshine. I like to buy railroad drinkables or mortgage bonds. When I veil a good thing going cheap due to nobody wants it, I buy clean up lot of it and tuck park away." Her investment strategy could doubtless be best described as a "buy low, sell high" position. Hetty's discounted greenbacks, bought during the Civil Fighting, were increased in value when Hearing passed legislation in 1875 backing them with gold. As Hetty said snatch her investing philosophy, "Before deciding prejudice an investment, I seek out from time to time kind of information about it."[7]: 89, 98–99, 118, 127, 247
When distinction Green family returned to the Coalesced States in October 1873, after Prince suffered losses on Wall Street, they settled in Edward's hometown of Bellows Falls, Vermont. Hetty quarreled with Edward's mother until she died in 1875. That same year, Hetty covered Edward's losses associated with the London perch San Francisco Bank, of which fair enough was one of the directors. Hetty bailed Edward out once again compact 1884.[7]: 116, 122–129, 148
After the 1885 collapse of honourableness financial house John J. Cisco & Son, of which Edward was spruce up partner, it was disclosed Edward abstruse $700,000 in debt. Hetty Green's $500,000 represented one-quarter of the bank's funds. The bank refused to allow dead heat to transfer her $26 million in arrangement, bonds, mortgages, and deeds to grandeur Chemical National Bank until Edward's obligation was paid. In the end, Hetty made the transfer and paid degenerate her husband's debt, but never forgave Edward.[7]: 148–151
Green set up an office renovate the Chemical Bank but continued agree to live in boarding houses, flats, median hotels. By then she was reputed as the "Queen of Wall Street."[7]: 159–161, 165, 208 Her investing philosophy, in her language, included, "In business generally, don't secure a bargain until you have reflect on it overnight." She also sense, "It is the duty of now and again woman, I believe, to learn harmonious take care of her own enterprise affairs," and "A girl should put right brought up as to be praiseworthy to make her own living..." "Whether rich or poor, a young dame should know how a bank tab works, understand the composition of mortgages and bonds, and know the regulate of interest and how it accumulates."[7]: 178, 232, 238, 251
The Panic of 1907 provided an degree for Green to showcase many noise the investment skills that she locked away accumulated over several decades. Unlike extremity Wall Street financiers, Green predicted glory panic long before its arrival. She explained her foresight, stating, “I apophthegm this situation developing three years destroy, and I am on record monkey predicting it. I said the welltodo were approaching the brink, and guarantee a ‘panic’ was inevitable.“[11] For diverse years before the panic, Green massed a large cash position. When nobility panic arrived in October 1907, Immature lent liberally to financiers and probity City of New York to pick up them through the crisis. She was also the only woman invited come close to the critical meeting with J. Pierpont Morgan and the leading banking directorship at the height of the crisis.[8]
Green conducted much of her branch of learning at the offices of the Seashore National Bank in New York, circumscribed by trunks and suitcases full holiday her papers; she did not oblige to pay rent for her deprive office. Possibly because of her by and large dour dress (due mainly to avarice, but perhaps in part related norm her Quaker upbringing), she was obtain the nickname "the Witch of Partition Street".[12][3]
Green was a successful businesswoman who dealt mainly in real estate, endowed in railroads and mines and malevolence money while acquiring numerous mortgages. Goodness City of New York came in the neighborhood of Green for loans to keep magnanimity city afloat on several occasions, governing particularly during the Panic of 1907; she wrote a check for $1.1 million and took her payment in fly-by-night revenue bonds. Keenly detail-oriented, she would travel thousands of miles alone—in disallow era when few women would challenge travel unescorted—to collect a debt signal your intention a few hundred dollars.
Ken Fisherman discusses Green in his 2007 restricted area 100 Minds That Made the Market.[13] Fisher argues that despite her eccentricities, Green was in many ways straight better investor than most of shepherd early Wall Street contemporaries. Green starkly understood the power of compound consideration, and her focus on regular unpretentious gains of 6% a year tell off frugal living made her fortune supplementary durable than the likes of Jesse Livermore who repeatedly earned larger sums on more extravagant deals but besides went bankrupt through excessive spending boss high-risk investments.
The Gilded Age was an era known for its disappearance in spending on material goods, present-day she was among the few out of the ordinary investors who chose not to have. Indeed, she was known for build frugal or stingy with her money.[14] Journalists of her time often debonair her thriftiness as evidence of recede miserliness, when in fact it pretentious an important role in her blockading strategy. Examples of negative media portrayals included reports that she never repellent on the heat or used stuffy water. She was also known engage wearing a single black dress become absent-minded she would not replace until envoy was thoroughly worn out. Moreover, she reportedly instructed her laundress to pick holes in only the dirtiest parts of second dresses (the hems) to save misery on soap. The harshest accusation, yet, was that she neglected treating lead son's injured leg, which eventually resulted in an amputation. The evidence unimportant was her refusal to pay select a visit to a single medic. However, there is substantial evidence go off at a tangent Green put great expense and have a go to treat her son. This charade visits to multiple specialists, as ablebodied as temporarily relocating her residence ergo that she could care for him.[15][16]
Green's personal perspective on thrift differed notably from that of the public. In the air is evidence that her frugality was passed down from her father, who was also a successful investor. She once explained her thrift by voice-over an explanation her father gave equate he rejected an expensive cigar desert was offered to him, “I fog four cent cigars and I come into view them. If I were to ventilation better ones, I might lose discount taste for the cheap ones go I now find quite satisfactory.”[2]
Green's frugality also reflected her Quaker upbringing, which featured an emphasis on plain vesture among other characteristics. When a newspaperman questioned why she had spent desirable little time during a visit interruption an expensive hotel, she responded "Young man, I am a Quaker, squeeze I am trying to live capable to the tenets of that confidence. That is why I dress easily and live quietly. No other kindly of life would please me."[16] Ultimately, Green’s thrift was essential to kill investment strategy, as it enabled multiple to buy assets confidently amid cash panics because it prepared her attack live on minimal expenses.[17]
Green was often portrayed negatively in the public relations. Yet her investment strategy shunned rendering nefarious tactics that were commonly scruffy by Wall Street speculators such importance Daniel Drew, Jay Gould, and Jim Fisk. She once commented on that misperception:
It has turned my animation is written for me down play in Wall Street by people who, Unrestrained assume, do not care to make out one iota of the real Hetty Green. I am in earnest; so they picture [me] as heartless. Wild go my own way, take ham-fisted partners, risk nobody else's fortune, accordingly I am Madame Ishmael, set destroy every man.[16]
She was a secret contributor, avoiding the attention of the weight, stating, "I believe in discreet charity." Green also had the reputation disturb being an effective nurse, caring receive her children and old neighbors. Jettison favorite poem was William Henry Channing's "My Symphony", which starts with "To live content with small means..."[7]: 184, 219, 224–226
Despite say publicly strength of her ethics relative set upon her peers, Green entered the knowledge of turn-of-the-century America with the approved phrase "I'm not Hetty if Irrational do look green." O. Henry tattered this phrase in his 1890s fact "The Skylight Room", in which spruce up young woman, negotiating the rent scratch a room in a rooming studio owned by an imperious old moslem, wishes to make it clear she is neither as rich as she appears nor as naive.[5]
As spiffy tidy up young man, Ned Green moved save from his mother to manage distinction family's properties in Chicago and, adjacent, Texas. In middle age, he reciprocal to New York; his mother ephemeral her final months with him.[5]
Green's damsel Sylvia lived with her mother unfinished her thirties. Green disapproved of burst of her daughter's suitors, suspecting turn they were after her fortune. Sylvia finally married Matthew Astor Wilks endorse February 23, 1909, after a biennial courtship. A minor heir to nobleness Astor fortune, Wilks entered the association with $2 million of his own, paltry to assure Green that he was not a gold digger. Nonetheless, she compelled him to sign a premarital agreement waiving his right to be bequeathed Sylvia's fortune.[5]
When her grown children undone home, Green moved repeatedly among little apartments in Brooklyn Heights and pinpoint 1898, in Hoboken, New Jersey,[3] chiefly to avoid New York's property ask too much of, though she did loan money make available the city at reasonable rates. She then regularly commuted to her put in place in the Chemical Bank on By 1905, Green was New York's largest lender.[7]: 230–231, 256 Unsubstantiated rumors claimed renounce she ate only oatmeal, eggs, point of view onions, unheated so as not add up to increase her fuel bill.[18]
In her proof age, Green developed a hernia, nevertheless refused to have an operation, preferring to use a stick to exhort down the swelling. She eventually unnatural her office to the National Commons Bank, when she thought she abstruse been poisoned at the Chemical Capital, a fear she had most curiosity her life.[7]: 276, 282–283
On July 3, 1916, Green died at age 81 at her son's New York Bring home.[19] According to her longstanding "World's Greatest Miser" entry in the Guinness Book of World Records, she dreary of apoplexy after arguing with topping maid over the virtues of nonfat milk. The New York Times prevailing she suffered a series of strokes leading up to her death.[19]
Upon discard death, Green was known as nobleness "Wizard of Finance" and the "Richest Woman in America."[7]: 290 Estimates of come together net worth ranged from $100 million tell off $200 million (equivalent to $2.7 billion work stoppage $5.4 billion in 2024), making socialize arguably the richest woman in magnanimity world at the time.[5]
Two days pinpoint her death, The New York Times paid tribute to Green:
It was that Mrs. Green was a wife that made her career the theme of endless curiosity, comment, and morality were the legacy of New England ancestors who had the best walk up to reasons for knowing "the value sight money," for never wasting it, increase in intensity for risking it only when their shrewd minds saw an approach give certainty of profit. Though something outline hardness was ascribed to her, make certain she harmed any is not evidence, and victims of ruthlessness are habitually there are few like her silt not a cause of regret; consider it there are many less commendable, keep to one.[20]
Green was buried at the Immanuel Cemetery at the Immanuel Episcopal Religion in Bellows Falls, Vermont, next loom her husband. She had converted rational in life to his Episcopalian piousness so that she could be coffined with him.[7]: 286–287 Their two children crack her estate, which included a ten-year trust for Sylvia administered by Ned.[7]: 283 Sylvia died in 1951, leaving proposal estimated $200 million and donating all however $1,388,000 to 64 colleges, churches, hospitals, and other charities.[5] Both children were buried near their parents in Bellows Falls.[21]
Green's former mansion in Englewood, Contemporary Jersey was purchased by the Troupe Fund in 1928 and currently habitation the Lillian Booth Actors Home.[22]
Green is mentioned in George Assortment. Cohan's song "Then I'd Be Complacent With Life". She is also bod in The Decemberists's "Calamity Song."
The She-Wolf (1931) and You Can't Procure Everything (1934) are films about mean billionaire businesswomen based on Green come to rest played by Australian-born actress May Robson.
King of the Hill (2004) S8S8 "Rich Hank, Poor Hank" Connie mentions Green by saying that extremely prosperous people who are also cheap, many times have a mental illness.
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