Read Once in Golconda: A True Drama of Wall Street 1920-1938 by John Brooks Free Online
Book Title: Once in Golconda: A True Drama of Wall Street 1920-1938|
The author of the book: John Brooks
Date of issue: September 21st 1999
ISBN 13: 9780471357520
Format files: PDF
The size of the: 587 KB
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Reader ratings: 6.2
Read full description of the books:
For those who, like me, are not familiar with Golconda, the title is a reference to a mythological city in India where everyone who passed through it got rich. After reading this, I decided it was a most apropos title. A somewhat different treatment of the stock market crash of 1929, Once in Golconda deals mainly with the men who were involved, both in the build up and the crash. Many of the names are familiar and, even famous or infamous, J.P Morgan and his partner Thomas Lamont, Averill Harriman, Joseph Kennedy, and Richard Whitney. Some are more obscure except in financial circles of the time, James Warburg, Michael J. Meehan, Jesse Lauriston Livermore, and "Sell 'Em" Ben Smith. The government is represented, too, presidents Coolidge, Hoover, and FDR along with Andrew Mellon, Secretary of the Treasury. Mainly, though, the central character here is Richard Whitney. The epitome of American aristocracy, he went from the heights of Wall Street by attempting to stop the 1929 crash by forming a consortium to buy stocks at higher than going rates and then fell to its depths after declaring bankruptcy and being convicted of embezzlement in 1938. He wound up in Sing Sing.
The story serves as both a history lesson and a cautionary tale. John Brooks paints an in-depth picture of these men, who they were, what they did and what part they played in both the biggest up market and the greatest crash in American history.
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