Bok, Edward William, 1863-1930; Dutch Americans -- Biography; Ladies' Home Journal; Periodical editors -- United States -- Biography
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.
Public-domain text, read in full here on John Shaqi.
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