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The Richest Woman in America

Hetty Green in the Gilded Age
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From the bestselling author of Desert Queen, a captivating biography of America's first female tycoon.No woman in the Gilded Age made as much money as Hetty Green. At the time of her death in 1916, she...
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Description-
  • From the bestselling author of Desert Queen, a captivating biography of America's first female tycoon.

    No woman in the Gilded Age made as much money as Hetty Green. At the time of her death in 1916, she was worth at least 100 million dollars, equal to about 2.5 billion dollars today.
    Abandoned at birth by her neurotic mother, scorned by her misogynist father, Hetty set out as a child to prove her value. Following the simple rules of her wealthy Quaker father, she successfully invested her money and, along the way, proved to herself that she was wealthy and therefore worthy.
    Never losing faith in America's potential, she ignored the herd mentality and took advantage of panics and crises. When everyone else was selling, she bought railroads, real estate, and government bonds. And when everyone was buying and borrowing, she put her money into cash and earned safe returns on her dollars. Men mocked her and women scoffed at her frugal ways, but she turned her back and piled up her earnings, amassing a fortune that supported businesses, churches, municipalities, and even the city of New York itself.
    She relished a challenge. When her aunt died and did not leave her the fortune she expected, she plunged into a groundbreaking lawsuit that still resonates in law schools and courts. When her husband defied her and sank her money on his own risky interests, she threw him out and, marching down to Wall Street, quickly made up the loss. Her independence, outspokenness, and disdain for the upper crust earned her a reputation for harshness that endured for decades. Newspapers kept her in the headlines, linking her name with witches and miscreants. Yet those who knew her admired her warmth, her wisdom, and her wit.
    Acclaimed author Janet Wallach's engrossing exploration of this complex woman reveals striking parallels between repeated past financial crises and today's recession woes. This is "forgotten history" at its finest, in the tradition of Candice Millard's bestsellers Destiny of the Republic and The River of Doubt, that has appeal for history buffs, women readers, and today's business tycoons, who just might learn a thing or two from Hetty Green.

Excerpts-
  • From the book

    Chapter 1

    The Spirit Within


    The rancid smell of whale oil pervaded the air and perfumed the purses of New Bedford, Massachusetts, in 1841. When Herman Melville arrived at the wharves in search of work, square-masted whaling ships flew Union Jacks and tricolors alongside boats flying flags from Russia and Spain, but the Stars and Stripes waved for the largest fleet of whalers in the world. The local sloop Acushnet, sailing for the Pacific, gave Melville a place on its crew, and he soon began the expedition that inspired his masterpiece Moby-Dick.

    While his captain acquired provisions and assembled a crew, the writer strolled along the streets. On slippery cobblestones that sloped down to the river, he passed odd-looking sailors from near and far: dark-skinned men from Cape Verde, blond-haired boys from the Netherlands, swarthy sailors from Portugal, dreaded cannibals from Fiji, tattooed natives from the South Seas, and runaway slaves newly arrived on the Underground Railroad from the South. With time on their hands before their ships set sail and their last prayers at the Seamen's Bethel yet unsaid, they roamed the shops, packed their pouches with tobacco, purchased razors, blankets, and mattresses stuffed with straw, stopped at the public houses to down some shots of rum, paid visits to the brothels, and slept at the Swordfish Inn or the Crossed Harpoon.

    Along the bustling waterfront hundreds of men toiled on the boats. Caulkers, riggers, carpenters, and other craftsmen slogged for adventure, escape, and a share in the profits. Sweat oozed from the pores of the sailors as they off-loaded the casks of whale oil that lighted America's homes, lubricated its tools and instruments, and primed its paint and varnish. Salty language flowed from their lips as they lugged the whalebone that corseted and hoop-skirted the women, perfumed the ladies with ambergris, stayed the men's collars, handled the buggy whips and walking sticks, and entertained the children with chess pieces and piano keys. Whale oil was as valuable then as petroleum is now.

    While the sailors hauled the barrels, the captains inspected their ships. On the top decks they checked the brick furnaces: as soon as the whales were caught, their blubber was burned down until it turned into oil. Squinting up at the crows' nests the men saw the lookouts high on the masts where sailors at sea could spot the whales. They thrilled recalling the words "Thar she blows!" and prayed they had the right answer when they returned from their expeditions. "What luck? Clean or greasy?" the owners always asked, hoping the barque was slick with oil.

    As Melville walked along the wharves he passed blacksmiths, ironmongers, sail makers, and warehouses filled with supplies. A whaling trip took five hundred barrels of fresh water; fifty barrels of salt; seventy barrels of flour; one hundred gallons of molasses; four hundred pounds of coffee; four hundred pounds of sugar; and enough dried apples, pork, rice, beans, beef, butter, cheese, codfish, corn, raisins, potatoes, onions, liquor, tea, and tobacco to satisfy the hunger of twenty-five men for as long as forty-eight months. In addition, a ship needed spermaceti candles, linseed oil, pine board, pine nails, oak nails, gunpowder, copper sheathing, cordage, flags, bricks, lime, cotton, canvas, twine, tar, and paint to keep it seaworthy, harpoon the whales, and, four years later, return with the prize to New Bedford.

    At the countinghouses nearby, clerks perched on high stools and, pencils in hand, leaning over account logs, entered the whalers' expenses and income. At the trading firm on Pleasant Street, whaling...

About the Author-
  • JANET WALLACH is the author of eight books, including Desert Queen: The Extraordinary Life of Gertrude Bell, which has been translated into twelve languages and was a New York Times Notable Book of the Year.

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The Richest Woman in America
Hetty Green in the Gilded Age
Janet Wallach
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Janet Wallach
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