The Romance and Tragedy of a Widely Known Business Man of New York Part 10

In January a broker in the trade, not a compet.i.tor for the reason that he was a specialist in a line that I did not cover, gave me a large order, for future delivery.

He told me it was a purchase on speculation for himself and another party whom he named, and that not only should I have the resale but they would give me one-eighth interest in the transaction.

Up to that time I had never been interested to the extent of a single dollar in the markets in which I dealt as a broker nor had I any speculative clientage, I was certain the operation would be successful provided they did not hold on for too large a profit and overstay the market. I accepted the order as he offered it, but stipulated that I should have the right at any time to close out my interest in the deal.

The purchase was made and a few weeks later long before time for delivery, I found a buyer who would pay a clear ten thousand dollars profit. In vain I urged them to accept it. Then with their knowledge I sold my interest and secured my twelve hundred and fifty dollars.

They held on, took delivery at maturity, and finally after several months I resold for them at a loss of nearly forty thousand dollars.

In the negotiations I came into personal contact only with the broker. The other party was a wealthy Hebrew merchant then doing business on Broome Street. He was at that time supposed to be worth possibly a million and was just getting in touch with my line of trade. A few years later he became a most important factor and still later was allied with Standard Oil interests.

At his death in 1902 he left to his heirs many millions of dollars.

I attended his funeral and truly mourned and respected the man, for while for many years we were active business compet.i.tors, in the days of trouble he was one of the very few ready to extend a helping hand.

In the first three months of 1880, including my profit in the transaction just mentioned, I made six thousand dollars. I was now in a position where if hard times came I could accept them with reasonable complacency.

My success had broadened my views and given me a keener insight into the possibilities of my business. I became convinced that in earning capacity it was about at the top notch.

There were several features then becoming prominent that led me to this conclusion. The Standard Oil Company had absorbed all the refining concerns and had then established its own broker. It paid him a salary for his services and he paid to the Company the brokerages he collected from the sellers. I had been doing a large business with the const.i.tuent companies which would now cease. The leading firm with which my relations had been most intimate had taken into its employ as a confidential man my most active compet.i.tor and I knew his influence would work against me to the utmost. New compet.i.tors, young men who had been clerks in the trade, were coming into the field. Then a movement looking to a reduction in the rate of brokerage was being agitated.

I had no doubt about being able to keep up with the procession, but it looked to me as if the procession would be too slow and if it was to be a funeral march I proposed to look on rather than take part. I had been through the stages of creeping, then walking, and now I wanted to run.

The problem was before me and I thought I saw the solution.

The business being done by brokers covered several different articles. The most important of these, that is, the one on which the most brokerages were earned, happened to be the one article that the Standard Oil Company was the largest buyer of, that the leading firm was most interested in, and that the talk of reduced brokerage was aimed at.

My plan was to drop that entirely and also everything else except one particular staple commodity in which I would be a specialist.

I had for two or three years done a large business in this and had made a profound study of that branch of the trade.

It was yet in its infancy but I believed in a rapid and important growth. How rapid that growth has been is shown by the fact that in 1879 the consumption in the United States was less than five thousand tons. It has increased every year since and is now thirty-six thousand tons per year.

Another point that decided me on the commodity I was to handle exclusively was its adaptability to speculative operations. In London for many years it has been a favorite medium of speculation and I believed I could build up a speculative clientele and thereby largely increase my brokerage account.

As business continued good through the spring and early summer I concluded to delay my action until the fall. Each month I was adding to my surplus and there was no need for haste.

CHAPTER XIV

NEAR THE DARK VALLEY

It was the middle of July. After a most oppressively hot and a very busy day in the city I returned home with a feeling of weariness that was unusual, my head ached badly. At dinner I ate but little and then retired early. My wife petted and nursed me until I had fallen asleep. After a restless night I was too ill to rise in the morning.

Our physician was called in and his first diagnosis was nothing serious, but he advised my remaining at home for a day or two and taking a much-needed rest.

Twenty-four hours later he p.r.o.nounced my illness congestion of the brain.

Ten years of close application to business, much of the time under a great nervous strain and no rest, had brought its day of reckoning.

For nearly three weeks I was confined to my bed.

My wife, aided by our faithful physician, Doctor Burling, who often when I was delirious remained with me throughout the night, nursed me with constant and untiring devotion. While she accepted the efficient aid of one of my sisters, she would not consent to a trained nurse, so long as the doctor would advise it only on the ground of relief to her.

Her love for me was all-absorbing and no hand but hers should administer to my wants. For hours at a time she stroked the poor tired head, until her gentle caresses soothed me to brief intervals of rest.

How she stood the strain, especially when as the crisis drew near life seemed slowly but surely ebbing, I do not know. I never opened my eyes that they did not rest on her sweet face, smiling, cheerful, her own fears hidden from me that she might give me the courage which the doctor said must be maintained.

Slowly and when it seemed as if the end was nigh, the tide turned--the brain cleared, restful sleep came, and my life was saved.

Doctor Burling had done everything that science, skill, and faithfulness could accomplish, but the nurse was the Guardian Angel who brought me out of the Dark Valley just as its shadows were closing around me.

My convalescence was slow, but as soon as my strength permitted, with my wife I went to Block Island for a few weeks. There I gained rapidly.

We took no part in the hotel amus.e.m.e.nts but kept to ourselves, spending our days reading and chatting on the sh.o.r.e in the shade of the bluffs and retiring early for long restful sleep at night.

Block Island is a beautiful spot and we enjoyed our visit there greatly. It is to be expected that at a summer hotel in the height of the season, if a young couple go off day after day by themselves, never mingling with the other guests nor partic.i.p.ating in their pleasures, that some comment would be excited, but we were much amused when, the day before we left for home, the major-domo came to us and said, "I understand you are going to leave us to-morrow and I want to tell you, before you go, that the people in the house call you the model bridal couple of the season"--and we had three children at home!

On my return to the office early in September I found it was time for me to perfect my plans for the contemplated change in my business. During my absence very little money had been made. My clerk, I at that time employed but one, had done his best, but as my business was a personal one, my presence was necessary to its success.

The change entailed much labor. Lists of names must be compiled, covering all the buyers in the United States and Canada. These had to be prepared with great care and arranged in cla.s.ses. There were consumers, dealers, railroad purchasing agents. There were the small and the large buyers in each cla.s.s. To get these lists required many hours spent in searching through "Bradstreet's," and it was a work I could not delegate and consequently had it to do myself.

The various forms for daily mail quotations were to be arranged and printed, also a complete telegraph code for the use of customers.

Then, too, a vast amount of statistical information had to be gone over and a basis taken for the circulars which I meant to issue to the trade semimonthly. The detail seemed endless, but by the first of October all was in readiness and the change was made.

Before the month was over I became convinced that my move had been a wise one. I had practically no compet.i.tion worthy of the name and I was finding new customers every day.

So successful was the business from the start that with the help of those last two months of the year my income in 1880 was twenty-one thousand dollars, and this notwithstanding the fact that I had lost two months through my illness. It was really the result of but ten months' business.

On the ninth of November when I returned from the city it was to find that our family circle had again widened, and at "Sunnyside"

all hearts were open in joyful greeting to another little girl.

My wife as she returned my caress and exhibited to me this fourth jewel in her crown, noticed that I was agitated, and with the smile and the intention of calming me with a joke, said, "Darling, are not two pair a pretty good hand"? We neither of us play poker, but I could appreciate the joke.

What a joyful holiday season we had that year!

As we drank at our Christmas dinner a toast to the health, happiness, and prosperity of all our friends, we felt that we ourselves were getting our full share.

My wife, beloved by all, had become a sort of Lady Bountiful to the poor of a neighboring village, and the thought of the many others we had made happy that day added zest to our pleasure.

CHAPTER XV