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Books · Biography · Career

Three days before Halloween in 1893, a Cambridge scholar read two ghost stories by candlelight

Montague Rhodes James rose to run King's College, Cambridge, and then Eton. The world remembers him for the stories he read to friends at Christmas.

By Sean Anees Saifi · Capital Wealth · Published Sunday, November 1, 2026 · Source: The Wall Street Journal Weekend, Saturday/Sunday, October 31 – November 1, 2026, whose market figures are the Friday, October 30 close (Bookshelf)
Key Points
Oct. 28, 1893
the night he read two ghost stories to friends by candlelight
4
published collections of ghost stories, a Christmas tradition
1918
named provost of Eton, where he stayed until his death
$34.99
'For the Dead Remember,' Oxford, 464 pages
A lit brass lantern and an old brass ship's compass on a weathered wooden deck at dusk, coiled ropes and a dark sea behind.
James read his first two ghost stories to friends by candlelight on Oct. 28, 1893. Both were in print by 1895.
In one line: The quiet man who ran Eton is remembered for the ghost stories he wrote on the side.

Picture a room in Cambridge on Oct. 28, 1893. The lamps are low. A young scholar named Montague Rhodes James reads two ghost stories to his friends by candlelight. Nobody in that room knew it yet. His day job would fade, and those stories would not.

James (1862-1936) was a medievalist. He spent his days cataloging old manuscripts and studying texts about the end of the world. Now and then he wrote about bachelor scholars who poke at the unknown and wake something up. In 'Casting the Runes' (1911), a man reaches under his pillow for a match and finds a mouth instead. His stories get their chill from small details, dry wit and what he leaves out.

His career was the opposite of a scare. He boarded at Eton from 1876 and called it a 'terrestrial Paradise.' He won a scholarship to King's College, Cambridge, in 1882 and came back as a fellow. His easy manner made him the administrator everyone could live with. He became provost of King's in 1905 and vice chancellor of Cambridge in 1913. In 1918 he went back to Eton as provost and stayed until he died.

The stories on the side

The candlelit readings became a Christmas habit. They filled four collections. He agreed to publish the first, 'Ghost Stories of an Antiquary' (1904), mainly to help its young illustrator, James McBryde. McBryde died that same year after surgery. James also wrote a children's fantasy, 'The Five Jars,' in 1922. Asked whether he believed in ghosts, he never gave a straight answer.

Darryl Jones, a professor at Trinity College Dublin, has written a new life of him, 'For the Dead Remember' (Oxford, 464 pages, $34.99). He argues that James hid a lot behind a calm surface. A friend once said James had 'the mind of a nice child,' and Jones agrees there was more underneath. Reviewer Michael Saler, a history professor at UC Davis, says the book sometimes drowns in detail but its odd characters and stories keep it alive. He also says it pushes some claims about James's private life further than the evidence goes. One running theme in the book is lighter. James complained about his teeth for decades.

Our read

This is a Career story. James was good at the job in front of him. He ran a Cambridge college and then Eton, and he kept the peace. But the thing he did for love, a few stories a year read to friends, is the thing the world kept. The job paid for the life. The side craft made the name. We see a version of this in planning all the time. People spend a whole career on the paycheck and never fund the thing they'd do for free.

So here's the check for this week. Open your retirement budget, the one that says what you'll spend each month once the paycheck stops. Find the line that pays for your own candlelight, the hobby, the craft, the teaching, the trip. If there's no line, you've planned the money and skipped the point. Put a monthly number on it now, while there's time to adjust how much you save or when you stop. Better to find the umbrella while the sky is still clear. A review is where we add that line together.

What It Means For Your Portfolio

Hold. Fund the thing you'd do for free.

A career pays the bills. A plan should also pay for the thing you'd keep doing without a paycheck.

General planning principles, not advice for anyone in particular. Write down the one activity you'd keep doing in retirement if nobody paid you. Price it per month. Add that line to your retirement budget before you decide how much is enough.

If the budget can't carry it, that's useful to know now. There's still time to change the saving rate or the retirement date.

Book a 15-Minute Review → Back to Edition No. 191 →