CHAPTER VI
THE FIRST REVERSE OF FORTUNE.
The Christmas holidays of 1872 were at hand and I was in full spirit with the festivities of the season.
My home life was a constant revelation of delight and happiness.
The income from my business had increased to double that of the previous year, and the future looked bright indeed.
Just at this time came to me in an evil hour a temptation to which I yielded, and I have always wondered how, under all the conditions then existing, I could have been so weak.
My accumulations had not been invested, and as I had in my business no use for capital, the money remained idle in bank.
Crossing the ferry one morning I was joined by a friend in the employ of a Stock Exchange firm, then well known, but since retired from business.
I had been thinking of an investment and spoke to him on the subject, telling him the amount of money I had to invest. I had in mind the buying of some good bonds.
My friend, who was a most plausible talker, had, I understood, made considerable money in Wall Street, and when he told me of a movement in certain stocks then being manipulated for a rise, through his office, I was at first interested and then carried away with the desire to enter what seemed such an easy road to wealth.
He told me of several instances where the investment of a few thousands had resulted in enormous profits. These stories usually get to public knowledge one way or another, but the other side, the vastly greater number of cases where ruin and often worse follows, one does not hear so much of.
Before I went home that day I had bought five hundred shares of stock and had deposited as a margin five thousand dollars. I was told that the margin would surely be ample to carry the stock through any possible fluctuations, that I was not to feel alarmed if I saw the price go off a point or two, and that I was certain to see a twenty-point rise within a few weeks.
On my way home that afternoon I, for the first time in my life, read in the paper closing prices at the Stock Exchange, before reading anything else.
My stock was up half a point above the price I paid and I experienced a feeling of jubilation that was very pleasant. I saw in my mind my five thousand dollars transformed into fifteen thousand.
It was great!
At first I thought I would tell my wife about it, then decided not to do so, but to wait and surprise her with the good news when the money was made.
Fatal mistake.
Had I told my wife, as I should have done, she would surely have advised me to sell out the first thing the following morning and to let speculation entirely alone.
The following day the price receded a full point Then, for a week, without any reaction, I watched it decline daily, by fractions, until my margin was more than half exhausted.
My wife readily discovered there was something worrying me, though I tried to conceal it, and in her sweet, loving way urged me to tell her of my trouble. I put her off from day to day, hoping for a change for the better.
Finally, when the price of the stock had reached a point where there was hardly anything left of my five thousand dollars, the brokers notified me I must make a further deposit or they would have to sell me out. I could have borrowed the money, but I would not do it, so the transaction was closed and my money lost.
As a matter of fact, which only goes to show what seems to the small speculator the infernal ingenuity of the stock market, the stock reacted almost immediately after I sold, and had I held on for another two or three weeks, not only would I have saved my money, but would have made in addition a very handsome profit.
Well, the money was gone—and now came the hardest part of it. I had to tell my wife. I felt that I had wronged her confidence in not telling her from the first, and this feeling hurt me far more than the loss of the money.
After dinner that evening, fortunately we were spared from callers, sitting on the lounge with my arm around her, I told her all. How practically all I had in the world was gone, through an act of foolishness I should never have committed.
Then I told her of the feeling that overwhelmed me because I had not informed her of the matter from the first. While I talked, her little hand sought mine and from the frequent pressure I knew she was listening with a heart full of loving sympathy.
When I had finished she raised her head, and after kissing me fondly, said with a glorious smile:
"Why, my darling, is that all? I thought it was something terrible. What do we care for the loss of a little money? We have each other and our love. That is everything."
Then in the sunshine of that love my naturally good spirits returned and my trouble was forgotten in the joy over this new insight into the character of my wife.
With determination I resolved that I would devote myself closer than ever to my business, and set for myself the task of accumulating another five thousand dollars within a year.
During 1872 I had made about seven thousand dollars, but now nearly five thousand dollars was represented by experience.
The other fellow had the money.
The holidays had come and gone. We enjoyed them in spite of our recent reverse.
We did not spend very much money, though we had just as good a time as if we had done so. I had entirely recovered my mental equilibrium and had put out of my mind all thought of my financial loss.
Life was moving on in the same delightful channel. Love was our bark, and we sailed smoothly, as on a summer sea.
My business during the early months of the year was good, but in April signs were not wanting of a general falling off in the commerce of the entire country.
My trade began to feel the effect of the approaching "hard times." This did not disturb me at first, for I did not think it would last long, and in any event thought I could safely count on at least as good a business as in the year previous.
At this period it became evident to me that my father was breaking down, and that while he might accomplish a little toward the support of his family, it was not to be depended on, and the burden must rest on me.
It came at a bad time, but I accepted it as a duty which it was my pleasure to perform so far as I was able.
Under these conditions we decided to give up our apartment and take up our residence with my parents. They, as also my sisters, were very fond of my wife and she of them, while I was always, from infancy, accused of being the pet of the family.
As the summer months progressed I realized that beyond a doubt the hard times were upon us. My customers were buying nothing and complaining there was not enough business doing to use up the stock of material they had on hand.
My savings of the first quarter of the year began to dwindle, and in those days I thought often with regret of my lost five thousand dollars.
My wife, always the same bright, cheerful, loving woman, encouraged me to keep up my spirits, and I did, for her sake as well as my own.