The Queen of Wall Street
The Gilded Age
Have you watched the HBO Series The Gilded Age? Aside from the amazing set and costume designs, I was left with the impression that men held all the financial power. Recently, I discovered I was wrong. The Gilded Age of America produced our first female tycoon, and her name was Hetty Green, sometimes referred to as the “Witch of Wall Street.”
Born in 1834 to a successful whaling family from Massachusetts, Hetty shunned playing with her peers and preferred spending time at the docks with her father, amidst the smells of whale oil and money. She loved reading the financial papers to her grandfather and learning how to drive tough bargains from her father.
A Burning Desire
When her father died in 1865, leaving an estate worth 90 million in today’s dollars, he left only a small portion to 30-year-old Hetty. No doubt, if Hetty had been a son instead of a daughter, she would’ve been made partner in the whaling operations and taken over the family fortune. This turn of events created a burning desire in Hetty to prove that she could manage money just as well, if not better, than any man.
In an era where Robber barons held the financial power and women were denied the vote, Hetty Green stormed onto Wall Street often beating these powerful men at their own game. During her career as an investor, Hetty displayed unflinching, steely nerves while her male counterparts often buckled under pressure.
During the Panic of 1907, when New York City was on the brink of bankruptcy, Hetty loaned the city millions to keep it solvent. She was known to keep large sums of cash for quick loans and was a major source when the “Big Boys” needed cash. She often lent money to cities and churches at below-market rates. However, depending on who you asked, she was either a “brilliant strategist or a ruthless loan shark.”
She Broke the Rules
Hetty didn’t live by others’ rules and expectations. This probably explains why her history remains obscure. Unlike the J.P. Morgans and Rockefellers of the age, she didn’t leave behind a legacy of public monuments and endowments. There is also the hint of a double standard with which she was judged. Rather than writing about her financial acumen and trailblazing accomplishments, newspapers reported on her frugal, (some might say miserly), behavior and personal oddities.
At the time of her death, Hetty had grown her inheritance from $6 million to over $100,000 million which in today’s dollars equals roughly 2.5 billion! Her story is one of resilience, determination, and courage-a story that should inspire women investors of all ages. Perhaps it’s time to replace the title Witch of Wallstreet with Queen of Wallstreet.
References:
https://allthatsinteresting.com/hetty-green
https://avenuemagazine.com/hetty-green-americas-first-female-tycoon/
https://www.newyorksocialdiary.com/the-woman-who-loved-money/
