The Romance and Tragedy of a Widely Known Business Man of New York Part 14

Month after month I saw the business decrease, but took it philosophically. I could afford to wait for better times and meanwhile did not worry, knowing that we were getting more than our share of what business there was.

These dull times were not without their compensation.

They brought me the opportunity to go off with my wife on little trips of a few days' duration. What delightful trips those were!

Newport, Narragansett, Nantasket, Swampscott, Manchester-by-the-sea, Newcastle, and all the pretty places accessible via Fall River boats--these were the most attractive, for we enjoyed the sail and disliked train travel in warm weather. Frequently some of our friends accompanied us, but oftener we went alone.

What jolly times we had!

Then, too, in this dull year I made my business days shorter, a late train in the morning and an early one home in the afternoon giving me so much more time with my family.

Oh, it was a great year!

For better times I could wait with patience. I was not money-mad, not eager for the acc.u.mulation of great wealth; my real fortune I had already gained in the wealth of love bestowed upon me by the woman I adored. I valued money for the good it would do, the comfort and pleasure it would bring to those I loved; but for the reputation of having it, not at all.

I wanted to succeed. I felt I had succeeded.

In my twentieth year under the largest salary I was ever paid, my income was five hundred dollars--in my thirty-fourth year it was thirty thousand and earned by my own efforts, out of a business that I alone had created; for the business of that time bore no relation whatever to the one in which I succeeded my old employer.

Surely I had cause for congratulation, no matter how dull business might be for the time being.

Knollwood had been growing these years with astonishing rapidity, and our social circle was now a fairly large one.

The characteristics, so attractive the first year of our residence there, were still unchanged. The newcomers were all nice people and the right hand of good-fellowship was extended and accepted in the true spirit.

In addition to the many beautiful new houses there had been erected a small but very pretty stone church of Episcopalian denomination.

At the time the building of the church was planned, I remember a conversation on the subject that afterwards seemed prophetic.

I was talking on the train with a gentleman, an officer of the New York Life Insurance Company, who, while he did not reside in the Park, lived in the vicinity and mingled socially with our people.

I told him we were going to build a church. "What"? he said. "Don't do it; you have a charming social circle now that will surely be ruined if you do." I expressed surprise at his remark, and he only shook his head and with more earnestness added, "Mark my words, that church will be the commencement of social trouble; cliques will form, friction and gossip will arise, and your delightful social life will be a thing of the past."

It is a fact that his words came true, and yet I contributed to the cost of the building and support of the church, and under the same conditions would do it again.

At the end of December I found my income had been cut in half.

I had made but fifteen thousand dollars, but the year had been so enjoyable in my home life I was entirely satisfied. The additional time dull business had permitted me to spend with my family was worth all it cost.

CHAPTER XXI

THE DAM GIVES WAY

Dull business, the dam which checked the onward flow of the stream of our prosperity in 1885, was slowly but steadily carried away in the early months of 1886. Consumers and dealers again became liberal buyers and their lead was soon followed by the speculative fraternity. Our office was crowded with business and a further increase in the clerical force was imperative. Long hours and hard work was the rule, while resulting profits continually mounting higher was the reward.

Our customers as a cla.s.s were a fine lot of men, all of substantial means, most of them wealthy. We had no friction, we were popular with all, and other things being equal we commanded the preference from almost the entire trade.

Of course, some compet.i.tion had developed--our success was sure to attract it; but it was still of insignificant proportions, and we gave it no thought. We had been first in the field and our position was well entrenched.

As to the speculative branch, there we had no compet.i.tion. It required banking facilities and credit to do that business, Our compet.i.tors had neither, while we were prepared to handle any proposition that might be presented, regardless of the amount of money involved.

Our London connection had now become very valuable to us and was the source of a good proportion of our profits. Business between the two markets was of almost daily occurrence, while the quant.i.ties dealt in were large. Our speculative customers were of great help to us in this direction and indeed we could not have properly taken care of them if we had depended on the New York market alone. They had increased in numbers, and finding the business profitable their individual operations became more important.

How true it is that "nothing succeeds like success."

Our success had become known by this time, not only to every one in the trade, but also to many outside of it. Large banking houses, known to us at that time only by reputation, sought our business, offering most flattering terms and unusual facilities. Friends, acquaintances, and not a few strangers begged of us to accept large amounts of money for speculative operations at our discretion.

Large consumers discontinued asking us for quotations and sent us their orders without limit as to price. So great was the confidence of the consuming trade in our judgment that a letter from us advising them to cover their requirements for any specified period never failed to bring the orders.

With our speculative clients this was even more p.r.o.nounced. We had but to say "Buy," and they bought; "Sell," and they sold. All this was a great responsibility and we realized it, never forgetting that only the utmost conservatism would maintain our position. That I was proud of that position was only natural.

Business activity was maintained until the close of the year, and again I had made a record. My profits were thirty-six thousand dollars.

Our social life at Knollwood this year had been going on at a rapid pace and its more formal character began to take shape.

The frequent pleasant little dinner-parties of four to six couples, where bright and entertaining conversation was general, had gone through a course of evolution and become functions where two or three times the number sat at the board and struggled through so many courses that one became wearied of sitting still. Those enjoyable amateur dramatic performances, followed by light refreshment and a couple of hours' dancing, had been displaced by the grand ball with its elaborate supper. But there still remained one feature, unique and delightful:

The New Year reception--every New Year's day for many years a reception was held at the Casino. The residents, loaning from their homes rugs, draperies, paintings, statuary, and fine furniture, transformed that large auditorium into an immense drawing-room. The green-houses contributed palms and blooming plants in profusion. In the enormous fire-place burned great logs. At one end of the room a long table from which was served, as wanted, all that could be desired by the inner man. The stage, set with pretty garden scene and rattan furniture, where the men lounged as they had their smoke.

Music by a fine orchestra, interspersed with occasional songs by our own local talent.

The reception was from six until nine, then the rugs were gathered up, the furniture moved from the center of the floor, and dancing was enjoyed until midnight.

For miles around, every one that was eligible never failed to be present on those occasions. It was the one great social event of each year, and long after the circle was broken the custom was still kept up, until finally it died out owing to the indifference of the new-comers. For such a community it was a beautiful custom, and in its inception served to cement the spirit of cordiality and good-will.

CHAPTER XXII

THE CALM BEFORE THE STORM

The new year opened as the old one had closed, with marked activity in all branches of my business; nor was there any perceptible change until late in the spring, then began a gradually diminishing demand that made a comparatively dull summer. Not but what there was a fair amount of business doing all the time, but the great rush was over.

It was only the calm before the storm. Early in the fall it became evident to me there was a new factor in the market. Somebody, outside the regular trade, was quietly buying up the odd lots floating around.

The buying was not aggressive, far from it. Whoever was buying wanted the stuff, not a higher market. The greatest caution was observed in making the purchases so that the market might be affected as little as possible. Every effort was made to conceal the source from which the demand emanated. I knew it was not from any of the New York trade, and I could not believe, judging from the broker who was doing the buying, that it could be for account of any American speculator. If I was right in this conclusion, then of necessity it must be for foreign account.

In order that my readers shall fully understand what follows it is necessary they should know the basis of our arrangement with our London friends, which was this:

They were to cable us daily limits for buying or selling as the case might be. These limits included our commission. We were to guarantee our customers, that is to say, the London firm took no risk of buyers. If we were to sell a parcel for future delivery and before the delivery was made our customer should fail we would have to stand the loss, if any, on the re-sale.

A few months after the connection was established the firm found fault because so little business was done, while in many cases the limit was so close to the market that only the commission or part of it stood in the way of a sale.

The original arrangement was then qualified and thereafter the limits were sent net, it being understood that when necessary we would sell at limit, that is, do the business for nothing; but to offset this concession, we were at all times to have for our commission all we could get over the limit.

It proved a most fortunate change for us.