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.
