estern 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