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i

WALL
STREET
ii
iii

WALL
STREET
A H I S T O R Y

Fourth Edition

Charles R. Geisst

1
iv

1
Oxford University Press is a department of the University of Oxford. It furthers
the University’s objective of excellence in research, scholarship, and education
by publishing worldwide. Oxford is a registered trade mark of Oxford University
Press in the UK and certain other countries.

Published in the United States of America by Oxford University Press

198 Madison Avenue, New York, NY 10016, United States of America.

© Charles R. Geisst 1997

First published by Oxford University Press, Inc., 1997

First issued as an Oxford University Press paperback, 1999
Reissued in cloth & paperback by Oxford University Press, Inc., 2004
Reissued in paperback by Oxford University Press, Inc., 2012
Reissued in paperback by Oxford University Press, Inc., 2018

All rights reserved. No part of this publication may be reproduced, stored in

a retrieval system, or transmitted, in any form or by any means, without the
prior permission in writing of Oxford University Press, or as expressly permitted
by law, by license, or under terms agreed with the appropriate reproduction
rights organization. Inquiries concerning reproduction outside the scope of the
above should be sent to the Rights Department, Oxford University Press, at the
address above.

You must not circulate this work in any other form

and you must impose this same condition on any acquirer.

Library of Congress Cataloging-in-Publication Data

Names: Geisst, Charles R., author.
Title: Wall Street : a history / Charles R. Geisst.
Description: Updated edition. | New York, NY : Oxford University Press, [2018] |
Includes bibliographical references and index.
Identifiers: LCCN 2017059880 (print) | LCCN 2018002074 (ebook) |
ISBN 9780190613556 (UPDF) | ISBN 9780190613563 (EPUB) |
ISBN 9780190613549 (pbk. : alk. paper)
Subjects: LCSH: Wall Street (New York, N.Y.)—History. | New York Stock Exchange.
Classification: LCC HG4572 (ebook) | LCC HG4572 .G4 2018 (print) |
DDC 332.64/273—dc23
LC record available at https://lccn.loc.gov/2017059880

1 3 5 7 9 8 6 4 2
Printed by Sheridan Books, Inc., United States of America
v

For Margaret and Meg

vi
vi

Contents

Preface ix
Introduction xi
One The Early Years (1790–1840) 1
Two The Railroad and Civil War Eras (1840–70) 29
Three The Robber Barons (1870–90) 58
Four The Age of the Trusts (1880–1910) 93
Five The Money Trust (1890–1920) 120
Six The Booming Twenties (1920–29) 149
Seven Wall Street Meets the New Deal (1930–35) 200
Eight The Struggle Continues (1936–54) 247
Nine Bull Market (1954–69) 276
Ten Bear Market (1970–81) 302
Eleven Mergermania (1982–97) 330
Twelve Running Out of Steam (1998–2003) 377
Thirteen The Cataclysm (2004–08) 404
Fourteen The Great Recession (2009–2013) 445
Fifteen Recovery, Tapers, and Tantrums (2014– ) 471

vii
vi

viii Contents

Notes 499
Bibliography 519
Index 529
ix

Preface

The recent financial crisis has brought Wall Street history almost full
circle. The freewheeling days of the nineteenth and early twentieth cen-
turies were brought to an end by Depression-era laws designed to protect
the public from financial excesses that ended in bank failures and sharp
turns in economic cycles. The prosperity brought by a growing economy
and a strong dose of hubris on Wall Street caused pressure, and those
regulations were eventually jettisoned in the 1990s by deregulation that
brought back the good old days of financial excess.
Twenty years have passed since the first edition of this book appeared.
Since then, four new chapters in several editions have been added to
chronicle the tumultuous events since the late 1990s, including the dot.
com crisis, the demise of the Glass-Steagall Act, Enron, the housing boom
of the early 2000s, widespread changes in trading equities, new financial
products, and finally the credit crisis of 2008. The most recent chapter
covers events as the worst days of the Great Recession ended and a slow
recovery began. Some new material has been added on the first mortgage
securities crisis in the 1880s and credit market conditions leading to the
Crash of 1929.

Oradell, New Jersey

September 2017

ix
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x
xi

Introduction

This is the first history of Wall Street. From the Street’s earliest
beginnings, it has never had its own complete history chronicling the
major events in finance and government that changed the way securities
were created and traded. Despite its tradition of self-reliance, it has not
developed without outside influence. Over the years, government has had
a great deal to do with Wall Street’s development, more than financiers
would like to admit.
Like the society it reflects, Wall Street has grown extraordinarily
complicated over the last two centuries. New markets have sprung up,
functions have been divided, and the sheer size of trading volume has
expanded dramatically. But the core of the Street’s business would still
be recognized by a nineteenth-century trader. Daniel Drew and Jacob
Little would still recognize many trading techniques and basic finan-
cial instruments. Fortunately, their philosophies for taking advantage of
others have been replaced with investor protections and a bevy of securi-
ties laws designed to keep the poachers out of the henhouse, where they
had comfortably resided for almost 150 years.
Bull markets and bear markets are the stuff that Wall Street is made
of. The boom and bust cycle began early, when the Street was just an out-
door market in lower Manhattan. The first major trauma that shook the
market was a bubble brought on by rampant land speculation that shook
the very heart of New York’s infant financial community. In the inter-
vening two hundred years, much has changed, but the Street still has not
shaken off the boom and bust mentality. The bear market of the 1970s and

xi
xi

xii Introduction

the recession of 1982 were followed by a bull market that lasted longer
than any other bull market except the one that began in the late 1950s.
Wall Street history has undergone several phases, which will be found
here in four distinct periods. The first is the early years, from 1790 to the
beginning of the Civil War. During this time, trading techniques were
developed and fortunes made that fueled the fires of legend and lore. The
second period, from the Civil War to 1929, encompassed the development
of the railways and the trusts, the robber barons, and most notably the
money trust. It was not until 1929 that the money trust actually lost its grip
on the financial system and became highly regulated four years later. Only
when the grip was broken did the country enter the modern period of
regulation and public accountability. The third period was relatively brief
but intense. Between 1929 and 1954 the markets felt the vise of regulation
as well as the effects of depression and war. The fourth and final period
began with the great bull market of the Eisenhower years that gave new
vitality to the markets and the economy.
Stock and bond financing began early, almost as soon as the new
Republic was born. During the early period, from the 1790s to the Civil
War, investors were a hardy breed. With no protection from sharp
practices, they were the victims of predators whose names have become
legends in Wall Street folklore. But the days of Drew, Little, and Vanderbilt
were limited. The second-generation robber barons who succeeded them
found a government more interested in developing regulations to restrain
their activities than in looking the other way.
The latter part of the nineteenth and the early twentieth centuries
saw a consolidation of American industry and, with it, Wall Street. The
great industrialists and bankers emerged during this time to create the
leviathan industrial trusts that dominated economic life for nearly half a
century. Although the oldest Wall Street firms were only about fifty years
old at the turn of the century, they were treated as aristocracy. The great
banking houses of Morgan, Lazard, and Belmont were relatively young
but came to occupy a central place in American life, eclipsing the influence
of the robber barons such as Jay Gould and Jim Fisk. Although the robber
barons were consolidators and builders in their own right, their market
tactics outlived their industrial prowess in the annals of the Street.
The modern era in the financial world began in 1934 when New Deal
legislation severely shackled trading practices. Investor protection became
the new watchword as stern new faces replaced the old guard that had
allowed the excesses of the past under the banner of free enterprise. The
new regulators were trustbusters whose particular targets were the finan-
cial community and the large utility holding companies. No longer would
nineteenth-century homespun philosophies espousing social Darwinism
be permitted to rule the Street. Big fish would no longer be able to gobble
xi

Introduction xiii

up small ones. Small fish now had rights and were protected by the new
federal securities laws.
The fourth phase of Wall Street’s history came in the late 1950s, when
the small investor became acquainted with the market. Many securities
firms began catering to retail customers in addition to their more tra-
ditional institutional clients such as insurance companies and pension
funds. With this new emphasis, the Street began to change its shape.
Large, originally retail-oriented firms emerged as the dominant houses.
The result was all-purpose securities firms catering to all sorts of clients,
replacing the white-shoe partnership firms of the past.
Since the Great Depression, the major theme that has dominated
the Street has been the relationship between banking and the securities
business. The two have been purposely separated since 1934 in order to
protect the banking system from market catastrophes such as the 1929
stock market crash. But as the world becomes more complex and commu-
nications technology improves, the old protections are quickly falling by
the wayside in favor of integrating all sorts of banking activities under one
roof. While this is the most recent concern on the Street, it certainly has
not been the only one.
Throughout its history, the personalities on Wall Street have always
loved a good anecdote. Perhaps no other segment of American business
has such a fondness for glib phrases and hero worship. Many of these
anecdotes have become part and parcel of Wall Street lore and are in-
cluded in this volume. They were particularly rampant in the nineteenth
century, when “great man” theories of history were in vogue. Prominent
figures steered the course of history while the less significant simply went
along for the ride. As time passed, such notions receded as society be-
came more complex and institutions grew and developed. But originally,
the markets and industrial society were dominated by towering figures
such as Andrew Carnegie, John D. Rockefeller, and J. P. Morgan. Even
the more typical robber barons such as Commodore Vanderbilt and Jay
Gould also were legends in their own time. Jay Gould became known as
“Mephistopheles,” Jay Cooke the “Modern Midas,” and J. P. Morgan the
“financial gorgon.” Much of early Wall Street history involves the inter-
play between these individuals and the markets. One of the great puzzles
of American history is just how long Wall Street and its dominant person-
alities were allowed to remain totally independent from any meaningful
source of outside interference despite growing concern over their power
and influence.
Several startling facts emerge from the Street’s two-hundred-year ex-
istence. When the Street was dominated by individuals and the banking
aristocracies, it was usually its own worst enemy. Fortunes were made and
lavishly spent, capturing the headlines. Some of the profits were given
xvi

xiv Introduction

back to the public, but often the major impression was that market raiding
tactics were acts of collusion designed to outwit the smaller investors at
every turn. The major market falls and many banking crises were correctly
called “panics.” They were the results of investors and traders reacting
poorly to economic trends that beset the country. The major fear was that
money would be lost both to circumstance and to unscrupulous traders
more than willing to take advantage of every market weakness.
The crash of 1929 was the last old-fashioned panic. It was a crucible
in American history because, while more nineteenth than twentieth cen-
tury in flavor, it had no easy remedy. The major figures of the past such as
Pierpont Morgan were not there to help prop up the banking system with
their self-aggrandizing sense of public duty. The economy and the markets
had become too large for any individual or individuals to save. The con-
certed effort of the Wall Street banking community to rescue the market
in the aftermath of the crash proved to be too little too late. Investors had
been ruined and frightened away from a professional traders’ market. No
one group possessed the resources to put the economy on the right track.
America entered October 1929 very much still in the nineteenth century.
By 1933, when banking and securities legislation was passed, it had finally
entered the twentieth century. From that time on, the public demanded to
be protected from investment bankers, who became public enemy number
one during the 1930s.
Throughout its two-hundred-year history, Wall Street has come to
embrace all of the financial markets, not just those in New York City.
In its earliest days Wall Street was a thoroughfare built alongside a wall
designed to protect lower Manhattan from unfriendly Indians. The pre-
decessor of the New York Stock Exchange was founded shortly thereafter
to bring stock and bond trading indoors and make it more orderly. But
Wall Street today encompasses more than just the stock exchange. It is di-
vided into stock markets, bond markets of various sizes and shapes, as well
as commodity futures markets and other derivatives markets in Chicago,
Philadelphia, and Kansas City increasingly known for their complexity. In
the intervening years, other walls have been created to protect the public
from a “hostile” securities business. The sometimes uneasy relationship
between finance and government is the theme of Wall Street’s history.
xv

WALL
STREET
xvi
 C H A P T E R O N E

The Early Years

(1790–1840)

Remember, time is money.

Benjamin Franklin

America in 1790 was a diverse place and a land of unparalleled

opportunity. The existing merchant class, mostly British and Dutch by
origin, had already carved out lucrative careers as merchant traders. They
made their livings in countless ways, but most revolved around trad-
ing essential commodities that Europeans coveted, such as furs, natural
resources, and tobacco. Land speculation was another area that drew atten-
tion because the Americans had an abundance of land and the Europeans
desired it probably more than any other type of property. In these endeav-
ors the great American fortunes—those of Girard, Astor, Biddle, and oth-
ers—would be made, and occasionally broken.
Most of America’s riches were based on an abundance of land. The
New World provided more than just space for the land-starved Europeans.
The millions of undeveloped acres west of the Alleghenies provided tangi-
ble proof that the extremely pessimistic demographic theories of Thomas
Malthus had a distinctly American antidote. “Population, when unchecked,
increases in a geometric ratio. Subsistence only increases in an arithmetic
ratio,” Malthus wrote in his 1798 Essay on the Principle of Population, sug-
gesting that the population was growing faster than food supplies. But
the abundance of North America was proof that pessimistic theories of
doom were misguided. The United States was the savior of overcrowded
Europe. Horace Greeley later wrote, “If you have no family or friends to
aid you, and no prospect open to you . . . turn your face to the great West
and there build up your fortune and your home.” By the time he wrote this
in 1846, at least two generations had already done so.

1
2 WALL STREET

With the abundance of land, food, furs, and minerals, the only con-
straint on accumulating wealth was self-imposed. Success was limited
only by lack of imagination. Trading with the Europeans and with the
Indians, manufacturing basic staples, and ship transportation all had been
pursued successfully by some of the country’s oldest, and newest, entre-
preneurs. The businessman providing these services was adding value to
other goods and services for a society that was hardly self-sufficient at the
time. Making money was smiled upon, almost expected, as long as some
basic rules of the game were followed. Others had to benefit as well from
entrepreneurship. A popular form of utilitarian philosophy was in vogue,
and America was proving to be its best laboratory. The Protestant ethic
had not yet disappeared, but leverage was not well accepted. Borrowing
money to become successful in business was becoming popular because it
was recognized as the only way that capitalism could be practiced in some
cases. But the practice was still not socially acceptable and also had a weak
institutional underpinning.
Between independence and the Civil War, land played the pivotal role
in American investments and dreams. The vast areas of the country and
its seemingly never-ending territories provided untold opportunities for
Americans and Europeans alike. They represented everything the Old
World could no longer offer—opportunity, space to grow, and investment
possibilities. The idea certainly never lost its allure. When early entrepre-
neurs borrowed large sums of money, it was often to purchase land in the
hope of selling it to someone else at a profit. Even after much land was
titled in the nineteenth century, its central role in American ideology was
never forgotten. Its role as the pivotal part of the American Dream is still
often used to describe the American experience on an individual level.
At the time of American independence, land was viewed less for
homeownership than for productive purposes. England had already been
stripped bare of many natural resources, and new lands were sought to
provide a new supply. The oak tree was already extinct in Britain, and
many hardwoods had to be imported. The sight of the vast Appalachian
forests proved tempting for the overcrowded and overtaxed Europeans
who coveted the timber, furs, and minerals that these vast expanses could
provide. Much land was also needed to provide the new addictive crop
craved by both Europeans and Americans—tobacco.
The desire to own property had also been deeply ingrained in the
European, and particularly English, imagination. In the previous century,
after Britain’s civil war, John Locke had argued forcefully for property as
an extension of man’s self. To deprive a man of property was to deprive
him of a basic right, as the framers of the American Constitution knew
well. Arguing persuasively in The Federalist Papers, James Madison stated,
“Government is instituted no less for protection of the property than
 The Early Years (1790–1840) 3

of the persons of individuals.”1 This constitutional principle would help

make property a central issue in American politics. But in the 1790s it was
still something of a novel concept that nevertheless presented opportuni-
ties for vast wealth. No sooner had the ink on the Constitution dried than
European investments in the new country increased substantially. Within
a few years, land speculation would cause the first financial crash on Wall
Street.
Despite the promise, doing business in colonial America in the
middle and late eighteenth century was not an easy matter. Each colony
had its own currency and jealously protected its own economic position,
even when the federal government was formed after independence. The
Constitution prohibited the states from coining their own money after
1789, but the chartered banks that would soon be established within the
states took up that task. In the early years of the new Republic, many of
the same problems persisted. The country was not the homogeneous place
that it was later to become. Business between merchant traders, the life-
line of the early economy, could be conducted in British pounds, French
francs, or Spanish doubloons, as well as the new American dollars. When
transactions proved especially risky, payment was often requested in spe-
cie—gold or silver bullion. In the absence of state or federal taxes or high
labor costs, great fortunes were amassed by the American merchant class.
But the marketplace was hardly as efficient as those of the mother coun-
tries, Britain and Holland. Basic institutions were still lacking. The new
US Treasury Department was not instituted until six months after George
Washington was sworn in as president in 1789.
Another institution the new country lacked was an organized stock
exchange, a place where shares in trading companies and early manufac-
turers could change hands. Without an organized exchange, commerce
in the new country would not develop quickly or well. Exchanges were
needed so that investors could become familiar with companies and their
products. Only when the merchants began turning their attention to pro-
viding money for new ventures did the idea of trading shares and bonds
become more attractive. A market for these sorts of intangible assets had
already existed in Europe for about a hundred years, but the idea was slow
in crossing the Atlantic.
The European stock exchanges, or bourses, as they were called, were
established in the seventeenth century as places where governments could
sell their own loans (bonds) and the large mercantile trading companies
could raise fresh cash for their overseas adventures. The Dutch devel-
oped their bourses first, as early as 1611, with the English following about
seventy-five years later. Besides trading commodities vital to the devel-
oping mercantilist trade, both bourses began to actively trade new con-
cepts in financing—shares and loans or bonds. Governments and the early
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Other documents randomly have
different content
 Southampton,
England.

Our grandma sends us Harper's Young People, which we find very interesting. We are
Americans. We came here partly for our education, but mostly for our health. I am
almost fourteen. I thought I would write to the Post-office Box, and tell you what I
have seen. We have been to Netley Abbey, which is a very ancient ruin; it is over
eleven centuries old. We have visited Netley Hospital. While we were there we saw a
number of soldiers come in from the Zulu war. The hospital is a very fine building.
We have also been to Romsey Abbey, and we saw there a plait of hair which is
supposed to be a thousand years old. We have been to Winchester Cathedral, and
saw many ancient tombs. We went to the New Forest, and saw the place where
William Rufus was killed.

F. B. M.
You have a very pleasant opportunity to study English history, and you must write to the
Post-office Box again, and tell us more about the places you visit.

I read the letters in the Post-office Box every week. I study geography, spelling,
arithmetic, writing, and Latin. I have gone to school here for almost ten months. I
have had a nice black and white rabbit for almost a year. I will try to get some wild
ones this spring, and tame them. Some of us boys take our dinners out in the woods
on Saturdays, and have a splendid time. In cold weather we build a fire.
I will give a book entitled Tel Tyler at School, 750 mixed foreign stamps, several
foreign postal cards, a piece of petrified honey-comb, two shells from St. Augustine,
Florida, and a pebble from Amsterdam, New York, for sixty stamps from Alsace-
Lorraine, Angola, Antigua, Azores, Bolivia, Bermuda, British Honduras, Ceylon, Chili,
Costa Rica, Dominica, Ecuador, Guatemala, Honduras, Ionian Isles, Labuan, Lagos,
Liberia, Malta, Nevis, Nicaragua, Orange States, Paraguay, Persia, Salvador, San
Marino, Shanghai, St. Lucia, Trinidad, and Virgin Isles. Stamps must be in good
condition.

Charles L.
Hollingshead,
Care Rev.
R. K. Todd, Woodstock, Ill.

C. Y. P. R. U.
An Indian Elephant.—Some of you have been very much interested in Jumbo and his
enormous appetite. A traveller who engaged an elephant to carry him over a part of India
during a journey which occupied some weeks, gives this account of the elephant's food,
and of the care which he received while on the march: Every day he was fed with cakes
composed of flour, ghee (which is clarified butter), and coarse salt. Twenty-five pounds of
flour were mixed and baked, and one-half the quantity was given to the elephant in the
morning, and the other in the evening. Besides these cakes, he ate freely of the leaves
and branches of trees. Each morning he would go with his mahout, or driver, into the
jungle, and there he would choose and pick the branches he liked best, loading them on
his back, and taking the supply home to the camp. There was a kind of marshy grass
which he considered a very choice dessert. When a person engages an elephant, he of
course engages the mahout as well. The mahout usually takes his wife and children with
him, as it takes several people to keep an elephant comfortable. Every morning and
evening he must have his bath, and before beginning the day's march his forehead, ears,
paws, and every part of his body likely to be cracked with the sun must be greased.
When the party comes to a halt, the elephant's heavy trappings are always taken off, and
he is allowed to rest under a spreading tree. When an elephant does not feel well, he
makes a pill for himself without saying a word to the doctor. With his trunk he rolls up a
ball or two of red earth, and swallows it, just as naturally as pussy, when her head aches,
scampers off to the catnip bed, and takes a dose of her favorite herb.

Myrtle.—I think a Shakspeare club such as you and your girl friends have organized must
be both pleasant and instructive. Instead of so many stories, dear, let me persuade you
to read books of travel which will give you an idea of the world we live in; and when you
tire of them, and want a change, try history. The books you mention are too exciting and
highly wrought to be good reading for you at present. I think you would find Sir Walter
Scott's "Lady of the Lake" and "Marmion" very fascinating, and Miss Strickland's Queens
of England would keep you delightfully occupied all summer.

Tom H.—Sir Richard Whittington, the hero of the tale of Whittington and His Cat, was
born about 1354, in Gloucestershire, England. He was not a beggar boy, but belonged to
a good family. When less than ten years old he was sent to London to be a little
apprentice. From step to step he rose, until he became a great merchant, and finally Lord
Mayor of London. Very likely he did send his cat away on one of his employer's ships to
clear the vessel of rats and mice, and it would not be at all strange if he sometimes
fancied he heard the sweet tones of the Bow-Bells calling to him
"Turn again, Whittington,
Lord Mayor of London."
Few boys become successful men without ambition. It is a good thing to mean to be
somebody one of these days. But doing well is better than dreaming. The lad who works
with all his might at whatever he begins, never slighting any duty until it is done, will be
sure to make a useful and honored man. Now, as I have preached my little sermon, let
me tell you some of the noble things Dick Whittington did. He caused a conduit, or pipe,
of water to be put on tap in the wall of St. Giles's church, thus making a drinking fountain
five hundred years ago very much like those we have now. He built the Guildhall Library
in 1419. He repaired hospitals, and did a great deal of good among the poor and the sick,
and was very kind to children. He died in 1423.

We would call the attention of the C. Y. P. R. U. this week to the article entitled "Handel
and 'The Messiah,'" by Mrs. John Lillie, to "Oiling the Waves," and to "Photography and
Work." In the latter Mr. Allan Forman endeavors to point out to young amateur
photographers the way to overcome some of the difficulties that are likely to attend their
earlier efforts. We hope that no one who has procured an outfit will become discouraged
or induced by a few failures in the beginning to abandon this delightful and improving
pastime, which has recently become so popular.

PUZZLES FROM YOUNG CONTRIBUTORS.

No. 1.

TWO ENIGMAS.

1.

My first is in rope, but not in string.

My second is in throw, but not in fling.
My third is in rill, but not in brook.
My fourth is in glance, but not in look.
My fifth is in lance, but not in dart.
My sixth is in tremble, but not in start.
My seventh is in servant, but not in slave.
My eighth is in grotto, but not in cave.
My ninth is in manage, but not in wield.
My whole's an American battle-field.
Empire City.

2.
 First in fun, not in play.
Second in green, not in gray.
Third in idle, not in work.
Fourth in tired, not in shirk.
Fifth in eel, not in fish.
Sixth in dream, not in wish.
Seventh in sad, not in gay.
Eighth in study, not in play.
Ninth in tame, not in wild.
Tenth in gentle, not in mild.
Eleventh in learn, not in school.
Twelfth in smart, not in fool.
My whole a country great and wide,
Whose flag is honored on every side.
Edna M.

No. 2.

TWO CHARADES.

1.

I am composed of 8 letters.
My first and second is a verb.
My third and fourth is a preposition.
My fifth, sixth, seventh, and eighth is a kind of vegetable.
My whole is the name of a maiden.

2.

I am composed of 8 letters.
My 1, 2, 3, 4, 5 is the name of an inventor.
My 6 and 7 is a preposition.
My 8 is an article.
My whole is a name noted in Arabian story.
Milton W.
 No. 3.

ZIGZAGS—(To Will A. Mette).

1. A volcanic rock. 2. A musical term. 3. More. 4. A kind of beetle. 5. A tuft. 6. A Swiss
coin. 7. Stead. 8. A pit. 9. An ancient Norse character. 10. A kind of tea. Zigzags—A
mineral.
Lodestar.

No. 4.

ST. ANDREW'S CROSS OF DIAMONDS.

Central Diamond—1. A letter. 2. A genus of serpents. 3. Small vessels. 4. The Goddess of
Revenge. 5. A letter.
Upper Right-hand Diamond—1. A letter. 2. An Anglo-Saxon money. 3. Small nails. 4.
Coalesce. 5. A letter.
Upper Left-hand Diamond—1. A letter. 2. A Roman deity. 3. A native of the West Indies.
4. Part of the body. 5. A letter.
Lower Right-hand Diamond—1. A letter. 2. An animal. 3. A past participle. 4. A Chinese
musical instrument. 5. A letter.
Lower Left-hand Diamond—1. A letter. 2. A boy's name. 3. An alloy. 4. A tree. 5. A letter.
Lodestar.

ANSWERS TO PUZZLES IN No. 132.

No. 1.
Dub-lin.

No. 2.
D-ur-a. P-aisle-y. V-eva-y. M-agent-a. S-ever-n. M-iser-y. L-adog-a.

No. 3.
 Diary.

No. 4.
Helena. Charles. Red. Snake. Erie. Clinch. Charles Dickens.

No. 5.

T T
TA B TU B
TAB E S TUB E S
TABA R ET TU B U L A R
BERME BEL AM
SE E S AM
T R

No. 6.
Lair—air. Clock—lock. Gas—as. Mill—ill. Man—an. Skate—Kate. Shot—hot. Sam—am.
Sever—ever.

The answer to the Rebus on page 432 (No. 131) is "A bird in the hand is worth two in the
bush."

Correct answers to puzzles have been received from Maud Mary Chambers, George P.
Taggart, John J. Widrig, Mabel Shelton, Eda L. Baldwin, Clara Blank, Sammie Bronson,
Lulu Kirtland, Alice and Richard Tindall, "I. Scycle," A. Gertie Childs, F. F. Tonn, Leo Marks,
Clinton Roe, Elsie O. R., Edgar Seeman, A. E. Cressingham, William A. Lewis, Mabel and
Annie Knight, Lizzie Maxwell, J. R. Blake, Jessie S. Godine, Albert Feibel, "Red Riding
Hood," Florence Raymond, John Walter Bangs, Smith Tangiers, Arthur Comstock, and
Lulu Brown.

[For Exchanges, see 2d and 3d pages of cover.]

 SOME ANSWERS TO WIGGLE No. 26, OUR
ARTIST'S IDEA, AND NEW WIGGLE, No. 27.

FOOTNOTES:
[1] Begun in No. 127, Harper's Young People.
 *** END OF THE PROJECT GUTENBERG EBOOK HARPER'S YOUNG
PEOPLE, MAY 30, 1882 ***

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