Wall Street

Thomas Fleming | Winter 2009

Speculators caused a stock market crash in 1792, forcing the federal government to bail out New York bankers— and the nation

Wall Street’s first bubble swelled burst in the spring of 1792, exerting a profound effect on American politics and society. Nine years after the Treaty of Paris and the acknowledgement of the former colonies— independence, both Europe and America lay in turmoil.

Business

John Steele Gordon | November/December 2004

Growing up in a family with many members who earned their livings on Wall Street and with many ancestors and relatives who had done the same, I—as might be expected—very early heard stories of business that I found as fascinating as the tales of military action I was soaking up

Modern America 1917 To 1941

William E. Leuchtenburg | November/December 2004

Few periods in the history of this country can match the impact of the years between 1917 and 1941. In less than a generation America experienced the first large-scale dispatch of U.S.

Business Scandal

John Steele Gordon | October 2003

Overrated For a hundred years the armor-plate scandal of the 1890s has been offered up as a definitive example of corporate greed. In fact it’s a better example of government incompetence.

The Fire Last Time

Nathan Ward | November/December 2001

When terrorists first struck New York’s financial district

If you go downtown in Manhattan to the offices of the old J. P. Morgan firm at the corner of Wall and Broad, you’ll see the pocked-marble scars of the first blow that terrorists struck at America’s financial heart, the Wall Street bombing of 1920.

A Bang Or A Whimper?

John Steele Gordon | December 1997

Will the current bull market die spectacularly, à la 1929, or—as in 1974—strangle in weird silence?

J.P. Morgan did not have much use for either the stock market or reporters. So when one reporter importunately asked him what the market was going to do one day, he replied, with about equal parts contempt and truth, “It will fluctuate.”

The Day Wall Street Turned Into Orchard Street

John Steele Gordon | April 1991

As long as there have been bankers and brokers, there have been people asking what would happen if they had to earn an honest living

On October 26, 1911, the old Life magazine published a cartoon entitled “When We All Get Wise.” The implication of the cartoon, of course, was that if the ordinary people of the country would “just say no,” this time to bankers, brokers, and capi

100 Years Of The ‘Journal’

Peter Baida | December 1988

In June 1984 I got an odd call from an editor at The Wall Street Journal. I had submitted an article that marked the one hundredth anniversary of the first publication of Charles Dow’s stock-market average.

The Street

Marvin Gelfand | November 1987

A knowledgeable and passionate guide takes us for a walk down Wall Street, and we find the buildings there eloquent of the whole history of American finance

One of the pleasant burdens of friendship, and of living in a renowned and intimidating great city like New York, is that friends planning to visit will ask me to show them the sights of some quarter of town, most usually in the borough of Manhattan, county o

The Fear of Getting Caught

Peter Baida | September/October 1987

Until July 2, 1986, I felt comfortably detached from the current insider-trading scandal on Wall Street.

The Wealth Of The Nation

Adam Smith | December 1982

The most influential economist in the United States talks about prudence, productivity, and the pursuit of liquidity in the light of the past

TWENTY YEARS AGO , the American economy hummed like a well-oiled machine. We actually exported automobiles and oil.

The Capital Of Capitalism

Curtis Webber | December 1972

Ever since 1792, bulls and bears together have tripped the light fantastic on Wall Street’s sidewalks—and sometimes just tripped

On a cold Saturday in December, 1865, the 350 members of the New York Stock Exchange gave a party to celebrate moving into a new building on Broad Street, near the corner of Wall—the first home of their own.

Faces From The Past—VI

April 1962

A Lion In The Street

John A. Garraty | June 1957

How J. P. Morgan, like a “one-man Federal Reserve,” calmed the bankers and helped ease the Panic of 1907

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Featured Authors

Acheson, Dean

Dean Acheson (1893-1971) was an attorney and statesman who served as Secretary of State from 1949 to 1953 under President Harry Truman. A key architect of the Truman Doctrine and the Marshall Plan, Acheson stressed the importance of multilateral organizations in the fight against totalitarianism. Prior to his service in the Truman Administration, Acheson clerked for Supreme Court Justice Louis Brandeis, worked at Washington law firm Covington & Burling, and served as Undersecretary of the Treasury for one year under President Franklin Roosevelt.

Ambrose, Stephen E.

Stephen E. Ambrose (1936-2002) was a historian and professor who wrote on military history, presidential history, and American expansion and foreign policy. Ambrose has been praised for his biographies of Presidents Eisenhower and Nixon, and for helping to galvanize interest in World War II.

Blight, David W.

David W. Blight is the Class of 1954 Professor of American History and Director of the Gilder Lehrman Center for the Study of Slavery, Resistance & Abolition at Yale University. Recently, Blight has written A Slave No More: Two Men Who Escaped to Freedom, Including Their Narratives of Emancipation, and Race and Reunion: The Civil War in American Memory, which won the Bancroft Prize, the Abraham Lincoln Prize, and the Frederick Douglass Prize.

Brinkley, Douglas

Douglas Brinkley, a distinguished professor of history at Rice University and Contributing Editor of American Heritage, has written more than 20 books, most recently The Wilderness Warrior: Theodore Roosevelt and the Crusade for America (Harper 2009) and The Reagan Diaries (HarperCollins 2007). Brinkley earned his B.A from Ohio State University University in 1982, and his Ph.D. from Georgetown University in 1989.

Catton, Bruce

Bruce Catton (1899 – 1978) was the Founding Editor of American Heritage and arguably the most prolific and popular of all Civil War historians. He wrote an astonishing 167 articles for American Heritage, and won a Pulitzer Prize for history in 1954 for A Stillness at Appomattox, his study of the final campaign of the war in Virginia. Catton received the Presidential Medal of Freedom, the nation's highest civilian honor, from President Gerald Ford, in 1977, the year before his death.

Commager, Henry Steele

A longtime member of the editorial advisory board of AMERICAN HERITAGE, Henry Steele Commager (1902-1998) taught at New York University, Columbia, and Amherst College, and authored more than forty books. He first gained attention in 1930 as co-author, with Harvard historian Samuel Eliot Morison, of The Growth of the American Republic, which became a standard textbook for decades. His anthology Documents of American History (1938) remained a widely used collection of primary sources for many years.

Dickson, Paul

Paul Dickson is the author of more than 55 nonfiction books and hundreds of magazine articles. Although he has written on a variety of subjects from ice cream to kite flying to electronic warfare, he now concentrates on writing about the American language, baseball and 20th century history. Bestselling books include: Baseball’s Greatest Quotations, The Hidden Language of Baseball, and The Joy of Keeping Score.

Dolin, Eric Jay

Eric Jay Dolin is a bestselling author of popular books on American history, maritime history, and the environment. His works include Fur, Fortune, And Empire, a history of America's fur trade, Black Flags, Blue Waters, about the history of pirating in America, and Leviathan, about the history of whaling in the U.S. His more recent book is A Furious Sky, which retraces 500 years of hurricanes in America and the impact they had on the nation's development.

Eisenhower, John D.

John D. Eisenhower, the son of President Dwight D. Eisenhower, is a retired United States Army officer and the author of several books on military history. He served as the U.S. Ambassador to Belgium from 1969 to 1971.

Ellis, Joseph J.

Joseph J. Ellis, winner of the 2001 Pulitzer Prize in History for Founding Brothers: The Revolutionary Generation (Knopf 2000), is the Ford Foundation Professor of History at Mount Holyoke College whose work focuses on the lives and times of the founders of the United States of America.

Fleming, Thomas

Thomas Fleming is a longtime contributor to American Heritage and former president of the Society of American Historians.

Flexner, James Thomas

James Thomas Flexner (1908-2003) was most famous for his extensive writings on American art history and a four-volume biography of George Washington, for which he won a special Pulitzer citation. Flexner's other historical biographies include the one-volume Washington: The Indispensable Man, The Young Hamilton, Mohawk Baronet (Sir William Johnson, 1st Baronet), and The Traitor and the Spy: Benedict Arnold and John Andre.

Foner, Eric

Eric Foner, the DeWitt Clinton Professor of History at Columbia University, has served as president of the Organization of American Historians, the American Historical Association, and the Society of American Historians. One of the foremost experts on the Civil War, Slavery, Reconstruction, and Abraham Lincoln, Foner's most recent book, The Fiery Trial: Abraham Lincoln and American Slavery, published in the fall of 2010, won the Pulitzer Prize for History in 2011.

Gates, Henry Louis

Henry Louis Gates, Jr. is the Alphonse Fletcher University Professor at Harvard University, and the director of the W. E. B. Du Bois Institute for African and African American Research. He recently completed The Henry Louis Gates, Jr. Reader (Basic Civitas Books, 2012), a collection of essays on history, culture, and African-American genealogy. Gates has hosted several PBS television miniseries, including the history and travel program Wonders of the African World and the biographical African American Lives and Faces of America.

Gordon, John Steele

John Steele Gordon has been a frequent contributor to American Heritage and the Wall Street Journal. He is the author most recently of An Empire of Wealth: The Epic History of American Economic Power (HarperCollins 2004). Gordon's writing concentrates on business and financial history, and his 1999 book, The Great Game: The Emergence of Wall Street as a World Power, 1653-2000, was adapted into a two-hour CNBC special.

Gordon-Reed, Annette

Annette Gordon-Reed is the Charles Warren Professor of American Legal History, Professor of History and Carol K. Pforzheimer Professor at Harvard University's Radcliffe Institute for Advanced Study. She was awarded the Pulitzer Prize for History for The Hemingses of Monticello: An American Family.

Holzer, Harold

Harold Holzer, a frequent contributor and winner of a 2005 Lincoln Prize for Lincoln at Cooper Union: The Speech That Made Abraham Lincoln President (Simon & Schuster 2006), has written more than 40 books about the 16th president. He currently chairs The Lincoln Bicentennial Foundation and was awarded the National Humanities Medal by President George W. Bush in 2008. Holzer, educated at the City University of New York, first worked as a newspaper editor for The Manhattan Tribune, served as a political campaign press secretary for Congresswoman Bella S.

Lukacs, John

John Lukacs served as a Professor of History at Chestnut Hill College from 1947 to 1994, and is the noted author of over 30 books including:Outgrowing Democracy: A History of the United States in the Twentieth Century, The Legacy of the Second World War and The Future of History in 2011.

Maier, Pauline

Pauline Maier was the William R. Kenan, Jr. Professor of American History at MIT. She primarily wrote on the American Revolution and Early Republic. Her book, American Scripture: Making the Declaration of Independence, was named as a top book of 1997 by the New York Times Book Review and was a finalist in General Nonfiction for the National Book Critics' Circle Award. Her book Ratification: The People Debate the Constitution, 1787-1788 won the prestigious George Washington Book Prize in 2010.

McCullough, David

David McCullough is an author, narrator, historian, and lecturer. He is a two-time winner of the Pulitzer Prize, the National Book Award, and Francis Parkman Prizes.

McPherson, James M.

James M. McPherson, the George Henry Davis ’86 Professor of History Emeritus at Princeton University, is perhaps America’s foremost living Civil War scholar. Among his books are his one-volume history of the war, Battle Cry of Freedom, Lincoln and The Second American Revolution, and For Cause and Comrades: Why Men Fought in the Civil War, winner of the Lincoln Prize in 1998.

Reynolds, David S.

David S. Reynolds is a literary critic and historian who has written fifteen books about American history, literature and culture. These include Abe: Abraham Lincoln in His Times, John Brown, Abolitionist, Walt Whitman's America: A Cultural Biography, Waking Giant: America in the Age of Jackson and Mightier than the Sword: Uncle Tom's Cabin and the Battle for America.

Schlesinger, Arthur

Arthur Schlesinger, Jr. (1917-2007) was a historian, author, and political adviser who served as Special Assistant to President John Kennedy from 1961 to 1963. Schlesinger won the 1946 Pulitzer Prize for History for The Age of Jackson. In 1966, Schlesinger won another Pulitzer Prize for A Thousand Days: John F. Kennedy in the White House. He was honored with a National Humanities Medal and a Four Freedoms Award before his death in 2007.

Tuchman, Barbara W.

Barbara Tuchman (1912 – 1989) was an American historian and author who first became known for her best-selling book The Guns of August, a history of the prelude to and first month of World War I, which won the Pulitzer Prize for General Non-Fiction in 1963. She won a second Pulitzer for Stilwell and the American Experience in China (1972).

Watkins, T. H.

One of the foremost chroniclers of the American West, T. H. Watkins was an editor at American Heritage for six years and a long-time contributor. He also served as Editor of Wilderness magazine for fifteen years, and as Wallace Stegner Distinguished Professor of Western American Studies at Montana State University.

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