A Dutch Boy Fifty Years After, Edward William Bok [best book reader .TXT] 📗

dual role which Edward was playing; he bought a copy of the magazine, and was interested. Edward now worked with new zest for his employer and friend; while in every free moment he read law, feeling that, as almost all his forbears had been lawyers, he might perhaps be destined for the bar. This acquaintance with the fundamental basis of law, cursory as it was, became like a gospel to Edward Bok. In later years, he was taught its value by repeated experience in his contact with corporate laws, contracts, property leases, and other matters; and he determined that, whatever the direction of activity taken by his sons, each should spend at least a year in the study of law.

The control of the Western Union Telegraph Company had now passed into the hands of Jay Gould and his companions, and in the many legal matters arising therefrom, Edward saw much, in his office, of "the little wizard of Wall Street." One day, the financier had to dictate a contract, and, coming into Mr. Cary's office, decided to dictate it then and there. An hour afterward Edward delivered the copy of the contract to Mr. Gould, and the financier was so struck by its accuracy and by the legibility of the handwriting that afterward he almost daily "happened in" to dictate to Mr. Cary's stenographer. Mr. Gould's private stenographer was in his own office in lower Broadway; but on his way down-town in the morning Mr. Gould invariably stopped at the Western Union Building, at 195 Broadway; and the habit resulted in the installation of a private office there. He borrowed Edward to do his stenography. The boy found himself taking not only letters from Mr. Gould's dictation, but, what interested him particularly, the financier's orders to buy and sell stock.

Edward watched the effects on the stock-market of these little notes which he wrote out and then shot through a pneumatic tube to Mr. Gould's brokers. Naturally, the results enthralled the boy, and he told Mr. Cary about his discoveries. This, in turn, interested Mr. Cary; Mr. Gould's dictations were frequently given in Mr. Cary's own office, where, as his desk was not ten feet from that of his stenographer, the attorney heard them, and began to buy and sell according to the magnate's decisions.

Edward had now become tremendously interested in the stock game which he saw constantly played by the great financier; and having a little money saved up, he concluded that he would follow in the wake of Mr. Gould's orders. One day, he naively mentioned his desire to Mr. Gould, when the financier seemed in a particularly favorable frame of mind; but Edward did not succeed in drawing out the advice he hoped for. "At least," reasoned Edward, "he knew of my intention; and if he considered it a violation of confidence he would have said as much."

Construing the financier's silence to mean at least not a prohibition, Edward went to his Sunday-school teacher, who was a member of a Wall Street brokerage firm, laid the facts before him, and asked him if he would buy for him some Western Union stock. Edward explained, however, that somehow he did not like the gambling idea of buying "on margin," and preferred to purchase the stock outright. He was shown that this would mean smaller profits; but the boy had in mind the loss of his father's fortune, brought about largely by "stock margins," and he did not intend to follow that example. So, prudently, under the brokerage of his Sunday-school teacher, and guided by the tips of no less a man than the controlling factor of stock-market finance, Edward Bok took his first plunge in Wall Street!

Of course the boy's buying and selling tallied precisely with the rise and fall of Western Union stock. It could scarcely have been otherwise. Jay Gould had the cards all in his hands; and as he bought and sold, so Edward bought and sold. The trouble was, the combination did not end there, as Edward might have foreseen had he been older and thus wiser. For as Edward bought and sold, so did his Sunday-school teacher, and all his customers who had seen the wonderful acumen of their broker in choosing exactly the right time to buy and sell Western Union. But Edward did not know this.

One day a rumor became current on the Street that an agreement had been reached by the Western Union Company and its bitter rival, the American Union Telegraph Company, whereby the former was to absorb the latter. Naturally; the report affected Western Union stock. But Mr. Gould denied it in toto; said the report was not true, no such consolidation was in view or had even been considered. Down tumbled the stock, of course.

But it so happened that Edward knew the rumor was true, because Mr. Gould, some time before, had personally given him the contract of consolidation to copy. The next day a rumor to the effect that the American Union was to absorb the Western Union appeared on the first page of every New York newspaper. Edward knew exactly whence this rumor emanated. He had heard it talked over. Again, Western Union stock dropped several points. Then he noticed that Mr. Gould became a heavy buyer. So became Edward--as heavy as he could. Jay Gould pooh-poohed the latest rumor. The boy awaited developments.

On Sunday afternoon, Edward's Sunday-school teacher asked the boy to walk home with him, and on reaching the house took him into the study and asked him whether he felt justified in putting all his savings in Western Union just at that time when the price was tumbling so fast and the market was so unsteady. Edward assured his teacher that he was right, although he explained that he could not disclose the basis of his assurance.

Edward thought his teacher looked worried, and after a little there came the revelation that he, seeing that Edward was buying to his limit, had likewise done so. But the broker had bought on margin, and had his margin wiped out by the decline in the stock caused by the rumors. He explained to Edward that he could recoup his losses, heavy though they were--in fact, he explained that nearly everything he possessed was involved--if Edward's basis was sure and the stock would recover.

Edward keenly felt the responsibility placed upon him. He could never clearly diagnose his feelings when he saw his teacher in this new light. The broker's "customers" had been hinted at, and the boy of eighteen wondered how far his responsibility went, and how many persons were involved. But the deal came out all right, for when, three days afterward, the contract was made public, Western Union, of course, skyrocketed, Jay Gould sold out, Edward sold out, the teacher-broker sold out, and all the customers sold out!

How long a string it was Edward never discovered, but he determined there and then to end his Wall Street experience; his original amount had multiplied; he was content to let well enough alone, and from that day to this Edward Bok has kept out of Wall Street. He had seen enough of its manipulations; and, although on "the inside," he decided that the combination of his teacher and his customers was a responsibility too great for him to carry.

Furthermore, Edward decided to leave the Western Union. The longer he remained, the less he liked its atmosphere. And the closer his contact with Jay Gould the more doubtful he became of the wisdom of such an association and perhaps its unconscious influence upon his own life in its formative period.

In fact, it was an experience with Mr. Gould that definitely fixed Edward's determination. The financier decided one Saturday to leave on a railroad inspection tour on the following Monday. It was necessary that a special meeting of one of his railroad interests should be held before his departure, and he fixed the meeting for Sunday at eleven-thirty at his residence on Fifth Avenue. He asked Edward to be there to take the notes of the meeting.

The meeting was protracted, and at one o'clock Mr. Gould suggested an adjournment for luncheon, the meeting to reconvene at two. Turning to Edward, the financier said: "You may go out to luncheon and return in an hour." So, on Sunday afternoon, with the Windsor Hotel on the opposite corner as the only visible place to get something to eat, but where he could not afford to go, Edward, with just fifteen cents in his pocket, was turned out to find a luncheon place.

He bought three apples for five cents--all that he could afford to spend, and even this meant that he must walk home from the ferry to his house in Brooklyn--and these he ate as he walked up and down Fifth Avenue until his hour was over. When the meeting ended at three o'clock, Mr. Gould said that, as he was leaving for the West early next morning, he would like Edward to write out his notes, and have them at his house by eight o'clock. There were over forty note-book pages of minutes. The remainder of Edward's Sunday afternoon and evening was spent in transcribing the notes. By rising at half past five the next morning he reached Mr. Gould's house at a quarter to eight, handed him the minutes, and was dismissed without so much as a word of thanks or a nod of approval from the financier.

Edward felt that this exceeded the limit of fair treatment by employer of employee. He spoke of it to Mr. Cary, and asked whether he would object if he tried to get away from such influence and secure another position. His employer asked the boy in which direction he would like to go, and Edward unhesitatingly suggested the publishing business. He talked it over from every angle with his employer, and Mr. Cary not only agreed with him that his decision was wise, but promised to find him a position such as he had in mind.

It was not long before Mr. Cary made good his word, and told Edward that his friend Henry Holt, the publisher, would like to give him a trial.

The day before he was to leave the Western Union Telegraph Company the fact of his resignation became known to Mr. Gould. The financier told the boy there was no reason for his leaving, and that he would personally see to it that a substantial increase was made in his salary. Edward explained that the salary, while of importance to him, did not influence him so much as securing a position in a business in which he felt he would be happier.

"And what business is that?" asked the financier.

"The publishing of books," replied the boy.

"You are making a great mistake," answered the little man, fixing his keen gray eyes on the boy. "Books are a luxury. The public spends its largest money on necessities: on what it can't do without. It must telegraph; it need not read. It can read in libraries. A promising boy such as you are, with his life before him, should choose the right sort of business, not the wrong one."

But, as facts proved, the "little wizard of Wall Street" was wrong in his prediction; Edward Bok was not choosing the wrong business.

Years afterward when Edward was cruising up the Hudson with