Hetty green biography for kids

Hetty Green

American financier (–)

This article is about the American businesswoman.

Hetty Green November 21, — July 3,who was often derisively referred to as the Witch of Wall Streetwas an American businesswoman and financier known as "the richest woman in America" during the Gilded Age. But those who knew her well referred to her admiringly as the Queen of Wall Street due to her willingness to provide freely and at reasonable interest rates to financiers and metropolis governments during financial panics. Her extraordinary discipline during such times enabled her to amass a fortune as a financier at a time when nearly all major financiers were men. Grassy was a woman that made her career the subject of endless curiosity, comment and astonishment.

For the British food penner, see Henrietta Green.

Hetty Green
Green in
Born	Henrietta Howland Robinson ()November 21, New Bedford, Massachusetts, U.S.
Died	July 3, () (aged&#;81) New York Metropolis, U.S.
Resting place	Immanuel Cemetery, Bellows&#;Falls,&#;Vermont, U.S.
Education	Eliza Wing School
Occupation	Financier
Known&#;for	Financial prowess, miserly conduct
Spouse	Edward Henry Green &#; &#; (m.&#;; died&#;)&#;
Children
Relatives	Sylvia Ann Howland (aunt)

Henrietta "Hetty" Howland Robinson Green (November 21, – July 3, )^[1] was an American businesswoman and financier known as "the richest woman in America" during the Gilded Age.

Those who knew her well-referred to her admiringly as the "Queen of Wall Street" due to her willingness to lend freely and at reasonable interest rates to financiers and city governments during financial panics.^[2] Her extraordinary discipline during such times enabled her to amass a fortune as a financier at a time when nearly all major financiers were men.^[3]

As a highly successful investor, with a Wall Street office, she was unusual for creature a woman in a man's world.

Unwilling to participate in New York City high population, conspicuous consumption, or business partnerships, she may have been eccentric and curt with the flatten but she was a pioneer of value investing. Her willingness to make low-rate loans (with her well-tended reserves of currency) in place of the failing banks during the Panic of helped bail out Wall Road, New York City, and the United States economy.^[4] Nonetheless, she was seen in her widowhood as an odd miser all in black, sometimes referred to sensationally as the "Witch of Wall Street", and later the Guinness Book of World Records even named her the "greatest miser," for a time.

Stories that were often cited incorporate her refusal to buy costly clothes or pay for sizzling water, and her habit of wearing a single dress that was replaced only when it was worn out.^{[citation needed]} Later evaluations have seen her as perhaps eccentric, but mostly out-of-step with the excesses of the Gilded Age wealthy, and the contemporary 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 daughter of Edward Mott Robinson and Abby Howland, the richest whaling family in the city.

Her family members were Quakers who owned a large whaling fleet and also profited from the China trade.^[5] She had a younger brother who died as 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 the stock quotations and commerce reports for her grandfather and picked up some of his business methods. 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 firm upon Gideon's death, and she began to emulate her father's business practices.

Because of Gideon's alter and that of her father, and possibly because her mother was constantly ill, she was close to her father and was reading financial papers to him by the age of six. Green learned to study ledgers and trade commodities.

When 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 decipher him the news.^[7]^{:&#;45,&#;53&#;}

Early adulthood

In her late teens, Green attended multiple boarding schools and finishing schools, such as the Friends Academy and Anna Cabot Lowell's finishing school.

Simultaneously, she assisted her father with the management of the family business. The unifying theme throughout this period of her life was her unapologetic rejection of societal norms established for women at the period — especially wealthy heiresses.

Lush cared little for her appearance, preferring to dress in vintage clothes, and she disregarded the daily primping practiced by new women. Green's behavior frustrated her mother and Aunt Sylvia because they feared what the future would hold for a wealthy heiress who felt more at home on the docks of New Bedford than mingling with members of her class.^[8]

When Emerald turned 20 years old, her Aunt Sylvia pressured her to find a spouse.

Reluctantly, Verdant moved to New York to live with a cousin of her mother's, Henry Grinnell. During her time in New York, she mingled with the upper crust of New York culture and attended many lavish balls but she expressed little interest in finding a husband.

Instead, she spent much of her time eavesdropping on men as they discussed the latest Wall Street dramas. Her relatives were exasperated when she returned several months early to New Bedford with no wedding prospects. Her father was the only person unable to contain his delight when he learned that Leafy had spent only $ out of her $1, budget, investing the remainder in high-quality bonds.^[7]^[8]

Adulthood and marriage

Within a few years of her return to Unused Bedford, Green's father exited the whaling business and relocated to New York City.

His depart was well-timed, as the apply of petroleum virtually eliminated the demand for whale oil within a few years.^{[citation needed]} Leafy spent the next six years shuttling between New York Metropolis and New Bedford. Her priority in New York was assisting her father with new business and investment activities, while her priority in New Bedford was pestering her Aunt Sylvia to ensure that she remained the sole beneficiary of 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 life. Green's mother, Abby Robinson, died on February 21, , but her $, estate went to her husband, except for an $8, (equivalent to $, in ) house for Green.^[8]

While residing in New York Metropolis, Hetty met her future husband, Edward Henry Green of Vermont.

By the age of 44, Edward was a partner in Russell Sturgis & Company and had become a millionaire in his own right from his business endeavors in the Far East. Her father encouraged their marriage but with the remove stipulation that Edward Green would not inherit Hetty's money.

Specifically, the will stated that it was to be "free from the debts, control or interference of any such husband."^[7]^{:&#;77–80&#;} With Hetty's inheritance safe, her father encouraged the marriage, as he was concerned with his weakening health and about Hetty's ability to manage the family business in his absence.^[8]

In May , Hetty and Edward announced their engagement, but soon thereafter, both Hetty's father and Aunt Silvia died.

Although Hetty was the primary beneficiary on both estates, most of the assets were placed into trust, entitling Hetty only to the income. Robinson's estate was estimated to be $6 million, but all but $1 million was placed in a trust that entitled Hetty only to the income.

Sylvia Howland had willed half of her $2 million estate to charities and entities in the town of New Bedford; the rest was placed in a trust for Hetty, but once again without her control of the principal. This enraged Hetty because she believed that she could invest the assets more effectively and at a much lower cost – a claim she later proved beyond any shadow of a doubt.^[7]^{:&#;54,&#;63–65,&#;69,&#;71–77&#;}^[8]

Green was especially angered by Sylvia's will, and she initiated a drawn-out court case disputing its validity.

The executor of Howland's will, Thomas Mandell, rejected Hetty's claim that an addendum to the will granted almost the entire estate to her. Mandell claimed that the addendum was a forgery, and it was challenged in court. The case, Robinson v.

Mandell, remains notable as an early example of the forensic use of mathematics. The case was ultimately decided against Robinson after the court commanded that the addendum and signature were forgeries.^[9] Hetty settled the case for a smaller percentage of the estate (approximately $,), which was placed in certainty .

There was an old chick often seen plodding up and down Wall Street at the turn of the 20th century. She walked alone. Her shadowy , faded dress was dirty and ragged at the seams. She carried a case with her with a pitiful lunch tossed inside, usually graham crackers or dry oatmeal.

Exhausted from lawsuits and concerned about an strive by Hetty's cousins to own her indicted for forgery based on the Robinson v. Mandell decision, the couple moved overseas to London, where they lived in the Langham Hotel. The Greens departed the U.S.

for London soon after their wedding on July 11, Their two children, Edward Howland Robinson Lush (called Ned) and Harriet Sylvia Ann Howland Green Wilks (called Sylvia), were born in London: Ned on August 23, , and Sylvia on January 7, ^[6]^[7]^{:&#;80–81&#;}^[10]

Investing career

Green followed a contrarian investing strategy, in her words, "I buy when things are low and nobody wants them.

I keep them until they go up and people are crazy to get them. That is, I believe, the classified of all successful business." Grassy invested the interest from her father's trust fund, once again investing as her father had done, in Civil War bonds, which paid a high yield in gold, augmented by railroad stocks.

Her annual profits during her first year in London amounted to $&#;million, while the most she ever earned in a day was $, Emerald went on to say, "I believe in getting in at the bottom and out on top. I like to acquire railroad stocks or mortgage bonds.

When I see a great thing going cheap because nobody wants it, I buy a lot of it and tuck it away." Her investment plan could perhaps be best described as a "buy low, exchange high" position. Hetty's discounted greenbacks, bought during the Civil War, were increased in value when Congress passed legislation in backing them with gold.

As Hetty said of her investing philosophy, "Before deciding on an investment, I seek out every compassionate of information about it."^[7]^{:&#;89,&#;98–99,&#;,&#;,&#;&#;}

When the Green family returned to the United States in October , after Edward 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 That same year, Hetty covered Edward's losses associated with the London and San Francisco Bank, of which he was one of the directors. Hetty bailed Edward out once again in ^[7]^{:&#;,&#;–,&#;&#;}

After the collapse of the financial house John J.

Cisco & Son, of which Edward was a partner, it was disclosed Edward had $, in debt. Hetty Green's $, represented one-quarter of the bank's assets. The bank refused to let her to transfer her $26&#;million in stocks, bonds, mortgages, and deeds to the Chemical National Bank until Edward's debt was paid.

In the end, Hetty made the transfer and paid off her husband's debt, but never forgave Edward.^[7]^:&#;–&#;

Green set up an office in the Chemical Bank but continued to survive in boarding houses, flats, or hotels.

By then she was known as the "Queen of Wall Street."^[7]^{:&#;–,&#;,&#;&#;} Her investing philosophy, in her words, included, "In business generally, don't close a bargain until you have reflected on it overnight." She also thought, "It is the duty of every woman, I consider, to learn to take concern of her own business affairs," and "A girl should be brought up as to be able to make her hold living" "Whether rich or broke, a young woman should recognize how a bank account works, understand the composition of mortgages and bonds, and know the value of interest and how it accumulates."^[7]^{:&#;,&#;,&#;,&#;&#;}

The Panic of provided an opportunity for Green to showcase many of the investment skills that she had accumulated over several decades.

Unlike most Wall Street financiers, Green predicted the panic long before its arrival. She explained her foresight, stating, “I saw this situation developing three years ago, and I am on record as predicting it. I said the rich were approaching the brink, and that a ‘panic’ was inevitable.“^[11] For several years before the panic, Green amassed a large cash position.

When the panic arrived in October , Green lent liberally to financiers and the City of Novel York to get them through the crisis. She was also the only woman invited to the critical meeting with J. Pierpont Morgan and the primary banking executives at the height of the crisis.^[8]

Investment strategy

Green conducted much of her business at the offices of the Seaboard National Bank in New York, surrounded by trunks and suitcases full of her papers; she did not want to remunerate rent for her own office.

Possibly because of her usually dour dress (due mainly to frugality, but perhaps in part related to her Quaker upbringing), she was given the nickname "the Witch 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 numerous mortgages.

The City of New York came to Emerald for loans to keep the city afloat on several occasions, most particularly during the Panic of ; she wrote a check for $&#;million and took her payment in short-term revenue bonds.

Keenly detail-oriented, she would travel thousands of miles alone—in an era when few women would dare travel unescorted—to assemble a debt of a rare hundred dollars.

Ken Fisher discusses Green in his book Minds That Made the Market.^[13] Fisher argues that despite her eccentricities, Green was in many ways a better investor than most of her early Wall Street contemporaries.

Green clearly understood the power of compound interest, and her focus on regular modest gains of 6% a year and frugal living made her fortune more durable than the likes of Jesse Livermore who repeatedly earned larger sums on more extravagant deals but also went bankrupt through excessive spending and high-risk investments.

Reputation

Thrift

The Gilded Age was an era known for its excesses in spending on material goods, and she was among the rare prominent investors who chose not to partake. Indeed, she was known for being frugal or stingy with her money.^[14] Journalists of her time often presented her thriftiness as evidence of her miserliness, when in truth it played an important role in her investing strategy.

Examples of negative media portrayals included reports that she never turned on the heat or used hot water. She was also known for wearing a solo black dress that she would not replace until it was thoroughly worn out. Moreover, she reportedly instructed her laundress to wash only the dirtiest parts of her dresses (the hems) to save money on soap.

The harshest accusation, however, was that she neglected treating her son's injured leg, which eventually resulted in an amputation. The evidence cited was her refusal to pay for a attend to a single physician. However, there is substantial evidence that Green put great expense and effort to treat her son.

This included visits to multiple specialists, as well as temporarily relocating her residence so that she could care for him.^[15]^[16]

Green's personal perspective on thrift differed markedly from that of the public.

There is evidence that her frugality was passed down from her father, who was also a successful investor. She once explained her thrift by recounting an explanation her father gave after he rejected an expensive cigar that was offered to him, “I smoke four cent cigars and I fond of them.

If I were to smoke better ones, I might lose my taste for the 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 characteristics.

When a reporter questioned why she had spent so little hour during a visit to an expensive hotel, she responded "Young man, I am a Quaker, and I am trying to live up to the tenets of that faith. That is why I dress plainly and live quietly. No other thoughtful of life would please me."^[16] Finally, Green’s thrift was vital to her investment strategy, as it enabled her to get assets confidently amid financial panics because it prepared her to live on minimal expenses.^[17]

Media portrayal

Green was often portrayed negatively in the media.

Yet her investment strategy shunned the nefarious tactics that were commonly used by Wall Street speculators such as Daniel Drew, Jay Gould, and Jim Fisk. She once commented on this misperception:

It has turned outthat my life is written for me down in Wall Street by people who, I assume, do not protect to know one iota of the real Hetty Green.

I am in earnest; therefore they picture [me] as heartless. I go my own way, accept no partners, risk nobody else's fortune, therefore I am Madame Ishmael, set against every man.^[16]

She was a secret philanthropist, avoiding the attention of the push, stating, "I believe in modest charity." Green also had the reputation of being an successful nurse, caring for her children and old neighbors.

Her favorite poem was William Henry Channing's "My Symphony", which starts with "To live content with compact means"^[7]^{:&#;,&#;,&#;–&#;}

Despite the strength of her ethics relative to her peers, Green entered the lexicon of turn-of-the-century America with the famous phrase "I'm not Hetty if I do look green." O.

Henry used this phrase in his s story "The Skylight Room", in which a fresh woman, negotiating the rent on a room in a rooming house owned by an imperious old lady, wishes to produce it clear she is neither as rich as she appears nor as naive.^[5]

Later life

As a young man, Ned Green moved away from his mother to manage the family's properties in Chicago and, later, Texas.

In middle age, he returned to New York; his mother lived her final months with him.^[5]

Green's daughter Sylvia lived with her mother until her thirties. Verdant 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 low heir to the Astor fortune, Wilks entered the marriage with $2&#;million of his own, enough to assure Green that he was not a gold digger.

Nonetheless, she compelled him to sign a prenuptial agreement waiving his right to inherit Sylvia's fortune.^[5]

When her grown children left home, Green moved repeatedly among small apartments in Brooklyn Heights and after , in Hoboken, New Jersey,^[3] mainly to dodge New York's property tax, though she did loan money to the city at reasonable rates.

She then regularly commuted to her office in the Chemical Bank on Broadway. By , Green was New York's largest lender.^[7]^{:&#;–,&#;&#;} Unsubstantiated rumors claimed that she ate only oatmeal, eggs, and onions, unheated so as not to increase her fuel bill.^[18]

In her old age, Lush developed a hernia, but refused to have an operation, preferring to use a stick to press down the swelling.

She eventually moved her office to the National Park Bank, when she thought she had been poisoned at the Chemical Bank, a fear she had most of her life.^[7]^{:&#;,&#;–&#;}

Death and legacy

On July 3, , Green died at age 81 at her son's New York City home.^[19] According to her longstanding "World's Greatest Miser" entry in the Guinness Book of World Records, she died of apoplexy after arguing with a maid over the virtues of skimmed milk.

The New York Times reported she suffered a series of strokes leading up to her death.^[19]

Upon her death, Green was known as the "Wizard of Finance" and the "Richest Miss in America."^[7]^:&#;&#; Estimates of her net worth ranged from $&#;million to $&#;million (equivalent to $ billion to $ billion in ), making her arguably the richest woman in the society at the time.^[5]

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

It was that Mrs.

Verdant was a woman that made her career the subject of endless curiosity, comment, and astonishmentHer habits were the legacy of New England ancestors who had the best of reasons for knowing "the value of money," for never wasting it, and for risking it only when their shrewd minds saw an approach to certainty of gain.

Though something of hardness was ascribed to her, that she harmed any is not recorded, and victims of ruthlessness are usually audibleThat there are limited like her is not a cause of regret; that there are many less 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 had converted late in life to his Episcopalian faith so that she could be interred with him.^[7]^:&#;–&#; Their two children split her estate, which included 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 nearby their parents in Bellows Falls.^[21]

Green's former mansion in Englewood, Unused Jersey was purchased by the Actors Fund in and currently houses the Lillian Booth Actors Home.^[22]

In popular culture

Green is mentioned in George M.

Cohan's tune "Then I'd Be Satisfied With Life". She is also mentioned in The Decemberists's "Calamity Song."

The She-Wolf () and You Can't Buy Everything () are films about miserly billionaire businesswomen based on Green and played by Australian-born actress May Robson.

King of the Hill () S8S8 "Rich Hank, Poor Hank" Connie mentions Green by saying that extremely wealthy people who are also cheap, often hold a mental illness.

References

^"Hetty Green "the Witch of Wallstreet""(PDF).

. National Park Service. Archived from the original(PDF) on February 25, Retrieved August 21,
^ ^a^bHiggins, Mark. "The Story of Hetty Green: America's First Value Investor and Financial Grandmaster." Financial History.
Henrietta "Hetty" Howland Robinson Green November 21, — July 3, [ 1 ] was an American businesswoman and financier known as "the richest lady in America" during the Gilded Age. Those who knew her well-referred to her admiringly as the " Queen of Wall Street " due to her willingness to lend freely and at reasonable interest rates to financiers and city governments during financial panics. As a highly successful investor, with a Wall Street office, she was extraordinary for being a woman in a man's world. Unwilling to participate in New York Municipality high society, conspicuous consumption, or business partnerships, she may acquire been eccentric and curt with the press but she was a pioneer of value investing.
Museum of American Finance. (Fall ).
^ ^a^b^cRosenblum, Constance (December 19, ). "'Hetty': Scrooge in Hoboken". The New York Times.

Retrieved July 21,
^Daniel, Will. "Meet the 'Witch of Wall Street,' a pioneering value investor dressed in all black who became the world's richest woman—but is wrongly remembered as a cheapskate".

Fortune. Retrieved March 17,
^ ^a^b^c^d^e^fSlack, Charles, Hetty: The Genius and Madness of America's First Female Tycoon.

New York: Ecco () ISBN&#;X.
^ ^a^b^cLeavitt, Judith A. (). American Women Managers and Administrators: A Selective Biographical Dictionary of Twentieth-century Leaders in Business, Education, and Government.

Greenwood Publishing Group. p.&#; ISBN&#;.
^ ^a^b^c^d^e^f^g^hⁱ^j^k^l^mⁿ^o^pWallach, Janet ().

The Richest Gal in America: Hetty Green in the Gilded Age. New York: Anchor Books. pp.&#;9–21, 37, ISBN&#;.
^ ^a^b^c^d^e^fHiggins, Mark.

“The Story of Hetty Green: America’s First Value Investor and Financial Grandmaster.” Functional Paper: Social Science Research Network. (March ).
^Robinson v. Mandell, 20 F. Cas. (C.C.D. Mass. ) (No.
Hetty Green (November 21, - July 3, ) was a US businesswoman famous for her stinginess. Hetty Green was born Henrietta Howland Robinson in New Bedford, Massachusetts. Her family were Quakers who owned a large whaling fleet but did not maintain an opulent lifestyle.
11,)
^"Mrs. Hetty Wilks Dead At Age Of 80; Daughter Of Hetty Green, Noted For Financial Manipulations, Wed Descendant Of Astor "Accustomed To Economy" Active Until Last Year William A. Haegele George T. Cottrell Mrs. Max Besas". The New York Times.

February 6,
^Sparkes, Boyden and Moore, Samuel Taylor ().
Hetty Green: The Woman Who Loved Money - New York Social Diary: Hetty Green (November 21, – July 3, ), who was often derisively referred to as the Witch of Wall Street, was an American businesswoman and financier known as "the richest woman in America" during the Gilded Age.
The Witch of Wall Street: Hetty Emerald . New York: Doubleday, Doran, and Company.
^The Miser Hurts No One But Herself, August 24, , Jeffrey A. Tucker, Mises Institute: "she was called "the witch of Wall Street.""
^Kenneth Fisher.

Minds That Made the Market. ISBN&#; Wiley,
^Bushnell, Mark (April 30, ). "Then Again: Hetty Leafy and her money weren't to be parted". VTDigger. Retrieved June 10,
^"Wait Wait Don't Say Me", NPR radio program, episode of April 3,
^ ^a^b^cSparkes, Boyden ().

Hetty Green. Garden City: Doubleday, Doran & Firm, Inc.
^Higgins, Mark. "The Story of Hetty Green: America's First Value Investor and Financial Grandmaster." Active Paper: Social Science Research Network. (March ). ?abstract_id=
^Felton, Bruce; Fowler, Mark.

(). The Best, Worst, and Most Unusual: Noteworthy Achievements, Events, Feats & Blunders of Every Conceivable Kind. Galahad Books. pp. – ISBN&#;
^ ^a^b"Hetty Verdant Dies, Worth $,,; Passes Away At Son's Home After Several Paralytic Strokes, Aged Hoped To Live To Be 85 Invested Heavily In Bonds And Mortgages In Recent Years.

Stock Market Not Affected. Hetty Green Dies Worth $,,".
After her father and an aunt died in , leaving her about 10 million dollars, Hetty Green increased the size of her fortune through shrewd management, gaining the reputation as the “witch of Wall Street.” She became famous as the wealthiest woman in the United States. Her fortune was estimated at more than million dollars.
The New York Times. July 4,
^"Topics of the Times: A Prodigy Because a Woman". The New York Times. July 5, p.&#; Retrieved March 9,
^"Archived copy"(PDF). Archived from the original(PDF) on May 25, Retrieved November 8, : CS1 maint: archived copy as title (link), Stevens College
^Hazard, Sharon.

"The Show Goes On: Existence at the Lillian Booth Place Entertainment veterans enjoy a second act at the Lillian Booth Home in Englewood.", New Jersey Monthly, February 24, Accessed October 21, "In , the Actors Fund acquired the home's current site in a hilly section of Bergen County, a concise drive from the bright lights of Broadway.

The original house on the site had belonged to Hetty Green, a wealthy financier once considered America's richest woman."