Business Adventures: Twelve Classic Tales from the World of Wall Street

John Brooks

Business Adventures: Twelve Classic Tales from the World of Wall Street

John Brooks
55 pages1-hour read
Nonfiction
Essay Collection
Adult
Published in 1969

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Character List

Meet the key characters, with insights into their roles, motivations, and relationships—spoiler-free.

Major Characters

John Brooks is a financial journalist and staff writer for The New Yorker who reconstructs major corporate events. He investigates the human decisions, institutional pressures, and unexpected circumstances that shape business outcomes. His approach focuses on character-driven stories rather than dense economic jargon, bringing a literary style to financial reporting.

Key Relationships

Chronicler of Clarence Saunders

Chronicler of David E. Lilienthal

Chronicler of Richard Krafve

Clarence Saunders is a self-made inventor from Tennessee who revolutionizes the grocery business by introducing the self-service supermarket. When Wall Street speculators attack his company's stock, he orchestrates a massive buying campaign to corner the market. He treats the financial battle as a personal moral crusade against slick city manipulators, borrowing heavily to fund his defense.

Key Relationships

Client of Jesse L. Livermore

Subject of John Brooks

Ralph J. Cordiner is the top executive at General Electric and a vocal champion of free-market principles. He strongly advocates for the company's official anti-collusion policy, requiring executives to sign Directive 20.5. However, a massive price-fixing conspiracy flourishes under his leadership, raising questions about internal corporate communication and executive accountability.

Key Relationships

Colleague of Robert Paxton

Superior of William S. Ginn

David E. Lilienthal is the former head of the Tennessee Valley Authority and the Atomic Energy Commission. After resigning from government service, he transitions into the private sector, eventually co-founding the Development & Resources Corporation. He successfully applies his public administration skills to international private enterprise, challenging assumptions that government experience is incompatible with business leadership.

Key Relationships

Subject of John Brooks

Former Subordinate of Franklin D. Roosevelt

Richard Krafve is the Ford Motor Company executive tasked with leading the development of a new medium-priced automobile, the Edsel. He oversees a quarter-billion-dollar budget and relies heavily on extensive market research to plan the launch. Despite his methodical management, he faces shifting consumer tastes, manufacturing defects, and corporate interference.

Key Relationships

Subordinate to Ernest R. Breech

Colleague of David Wallace

Colleague of Roy A. Brown

Joseph C. Wilson is the executive who leads his small photographic paper company through an immense financial gamble to commercialize xerography. He borrows heavily to fund research and development, eventually transforming the business into the Xerox Corporation. As the company rapidly expands, he attempts to maintain its informal culture and commitment to corporate social responsibility.

Key Relationships

Financial Backer of Chester F. Carlson

Colleague of Sol Linowitz

Donald W. Wohlgemuth is an engineer whose specialized knowledge of spacesuit manufacturing makes him highly valuable. When he accepts a higher-paying position with International Latex, he triggers a major legal dispute over trade secrets. His cynical remark that loyalty has a price hardens his former employer's resolve to sue him.

Key Relationships

In Conflict with Wayne Galloway

Judged by Judge Frank H. Harvey

Supporting Characters

William S. Ginn is a vice president at General Electric who becomes entangled in a massive price-fixing scandal. He ignores the company's official anti-collusion policies, choosing instead to follow the implicit, unwritten instructions of his superiors. He claims he needs "air cover" from higher-ups to justify his actions.

Key Relationships

Subordinate to Ralph J. Cordiner

Subordinate to Francis Fairman

Subordinate to Henry V. B. Erben

Alfred Hayes is a central banker who orchestrates a historic international rescue to defend the British pound sterling in 1964. Under severe time pressure, he coordinates with global financial institutions to assemble a multi-billion-dollar credit package. He balances immense professional responsibilities as speculative attacks threaten global markets.

Key Relationships

Colleague of Charles Coombs

Collaborator with Lord Cromer

G. Keith Funston is the President of the New York Stock Exchange during the Allied Crude Vegetable Oil fraud crisis. To prevent a widespread market panic following the assassination of President Kennedy, he proposes a nearly unprecedented bailout using the Exchange's treasury. He negotiates frantically over a tense weekend to make affected customers whole.

Key Relationships

Colleague of Gustave L. Levy

Regulator of Morton Kamerman

Chester F. Carlson is an inventor and former patent department employee who creates electrophotography, later known as xerography. After facing rejection from major corporations, he partners with a research institute and eventually the Haloid Company to commercialize his dry-copying process.

Key Relationships

Business Partner of Joseph C. Wilson

Ernest R. Breech is the company chairman at Ford Motor Company during the development of the Edsel. He exercises the power of corporate hierarchy by discarding extensive, data-driven naming research and unilaterally deciding to name the car Edsel.

Key Relationships

Superior of Richard Krafve

David Wallace is Ford's market research director during the 1950s. He aims to scientifically engineer an ideal "personality" for the company's new vehicle, targeting young executives on their way up, though his research fails to prevent the car's commercial disaster.

Key Relationships

Colleague of Richard Krafve

Wilma Soss is a vocal "professional stockholder" who regularly attends corporate annual meetings to challenge executives. While she provides genuine dissent regarding corporate governance, her confrontational tactics frequently anger local, pro-management crowds.

Key Relationships

Antagonist of Frederick R. Kappel

George M. L. La Branche Jr. is a floor specialist responsible for maintaining an orderly market in AT&T stock. During a massive market downturn, he manages the stock supply at a key psychological price point, helping to spark a buying panic that reverses the crash.

Key Relationships

Counterparty to John J. Cranley

Wayne Galloway is an executive at the B. F. Goodrich Company. He aggressively questions a departing spacesuit engineer about corporate loyalty and the protection of trade secrets, precipitating a major legal battle.

Key Relationships

In Conflict with Donald W. Wohlgemuth

Charles Coombs is the vice-president for foreign operations at the Federal Reserve Bank of New York. He works tirelessly, even sleeping at the bank, to help assemble a massive credit package to defend the British pound from speculative attacks.

Key Relationships

Colleague of Alfred Hayes

Gustave L. Levy is a Governor of the New York Stock Exchange and a partner at Goldman, Sachs & Co. Relying on his personal connections, he travels to London to persuade British banks to join a complex bailout agreement.

Key Relationships

Colleague of G. Keith Funston