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ONCE IN GOLCONDA

Brooks, John

172 ratings by Goodreads
ISBN 10: 1880559854 / ISBN 13: 9781880559857
Published by Allworth Press, 1969
Condition: Very Good Hardcover
From Austin Book Shop (Richmond Hill, NY, U.S.A.)

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307pp "A true drama of Wall Street 1920-1938.". Bookseller Inventory # 23959

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Bibliographic Details

Title: ONCE IN GOLCONDA

Publisher: Allworth Press

Publication Date: 1969

Binding: Hard Cover

Book Condition:Very Good

Dust Jacket Condition: Good

Edition: Later Edition

About this title

Synopsis:

This classic of the bullish 1920s on Wall Street, the 1929 crash and its aftershocks, and the fall of the impeccable president of the New York Stock Exchange, Richard Whitney, offers an education for the contemporary investor. From the corrupt dealings that led to the securities laws governing the modern markets to the one-sided psychology of the bullish investor, John Brooks explores timeless themes as true today as when Once in Golconda was originally published a generation ago. Once in Golconda is the story of winners and losers. It begins with the famous, still unsolved, 1920 bomb explosion outside the Morgan bank and ends with a metaphoric explosion in the fall of Richard Whitney. The book gives a ringside seat for a succession of dramatic performances and actors: the "corner" in Stutz stock, engineered by Allan Ryan, dissident son of Thomas Fortune Ryan; the House of Morgan and, just across the street, Kuhn, Loeb & Company; the Irish (Joseph P. Kennedy, master manipulator of "pools"; Michael J. Meehan; Sell 'em Ben Smith); vignettes of the crash; and FDR's advisors playing with the price of gold.

From the Inside Flap:

Once in Golconda At noon, on September 16, 1920, a horrendous explosion rocked Wall Street, instantly claiming the lives of thirty pedestrians and seriously injuring hundreds more. Yet, for all of its awesome force, that bomb was a firecracker compared to another, much more spectacular one, several years later—the great stock market crash of 1929. Once in Golconda is a dramatic chronicle of the breathtaking rise, devastating fall, and painstaking rebirth of Wall Street in the years between the wars. Focusing on the lives and fortunes of some of the era’s most memorable traders, bankers, boosters, and frauds, award-winning author John Brooks brings to vivid life all the ruthlessness, greed, derring-do, and reckless euphoria of the ’20s bull market, the desperation of the days leading up to the crash of ’29, and the bitterness of the years that followed. Writing with authority, verve, and considerable humor, Brooks introduces us to a bygone world in which the likes of Junius Morgan and fellow members of the Yankee "aristocracy" jealously controlled Wall Street as if it were their private hunting preserve. He also offers striking portraits of the generation of rawly ambitious newcomers who rose up to topple the old regime, including Irish Catholic "counter jumpers" such as "Sell ’em" Ben Smith and the mercurial Joseph Kennedy who clawed his way up from being one of the most cunning of shady speculators, to first head of the SEC, to king-maker. At the center of this colorful whirlwind of a tale is the magnificently hubristic Richard Whitney. The story of his rise to the presidency of the New York Stock Exchange and his eventual downfall and imprisonment for stock fraud and embezzlement characterizes the play of monumental forces that transformed Wall Street from WASP Camelot to public institution. Though it was first published in 1969, this riveting tale explores timeless themes of profound significance for today’s investors—from the corruption that led to the creation of today’s securities laws to the folly of investor hubris in a bull market.

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