The Art of Living

by Robert Grant

Occupation.

II.

But though the occupation of broker has become less tempting, the promising youth has not ceased to look askance at any calling which does not seem to foreshadow a fortune in a short time. He is only just beginning to appreciate that we are getting down to hard pan, so to speak, and are nearly on a level, as regards the hardships of individual progress, with our old friends the effete civilizations. He finds it difficult to rid himself of the “Arabian Nights’” notion that he has merely to clap his hands to change ten dollars into a thousand in a single year, and to transform his bachelor apartments into a palace beautiful, with a wife, yacht, and horses, before he is thirty-five. He shrinks from the idea of being obliged to take seriously into account anything less than a hundred-dollar bill, and of earning a livelihood by slow yet persistent acceptance of tens and fives. His present ruling ambition is to be a promoter; that is, to be an organizer of schemes, and to let others do the real work and attend to the disgusting details. There are a great many gentry of this kind in the field just at present. Among them is, or rather was, Lewis Pell, as I will call him for the occasion. I don’t know exactly what he is doing now. But he was, until lately, a promoter.

A handsome fellow was Lewis Pell. Tall, gentlemanly, and athletic-looking, with a gracious, imposing presence and manner, which made his rather commonplace conversation seem almost wisdom. He went into a broker’s office after leaving college, like many other promising young men of his time, but he was clever enough either to realize that he was a little late, or that the promoter business offered a more promising scope for his genius, for he soon disappeared from the purlieus of the Stock Exchange, and the next thing we heard of him was as the tenant of an exceedingly elaborate set of offices on the third floor of a most expensive modern monster building. Shortly after I read in the financial columns of the daily press that Mr. Lewis Pell had sold to a syndicate of bankers the first mortgage and the debenture bonds of the Light and Power Traction Company, an electrical corporation organized under the laws of the State of New Jersey. Thirty days later I saw again that he had sailed for Europe in order to interest London capital in a large enterprise, the nature of which was still withheld from the public.

During the next two or three years I ran across Pell on several occasions. He seemed always to be living at the highest pressure, but the brilliancy of his career had not impaired his good manners or attractiveness. I refer to his career as brilliant at this time because both his operations and the consequent style of living which he pursued, as described by him on two different evenings when I dined with him, seemed to me in my capacity of ordinary citizen to savor of the marvellous, if not the supernatural. He frankly gave me to understand that it seemed to him a waste of time for an ambitious man to pay attention to details, and that his business was to originate vast undertakings, made possible only by large combinations of corporate or private capital. The word combination, which was frequently on his lips, seemed to be the corner-stone of his system. I gathered that the part which he sought to play in the battle of life was to breathe the breath, or the apparent breath, of existence into huge schemes, and after having given them a quick but comprehensive squeeze or two for his own pecuniary benefit, to hand them over to syndicates, or other aggregations of capitalists, for the benefit of whom they might concern. He confided to me that he employed eleven typewriters; that he had visited London seven, and Paris three times, in the last three years, on flying trips to accomplish brilliant deals; that though his headquarters were in New York, scarcely a week passed in which he was not obliged to run over to Chicago, Boston, Washington, Denver, Duluth, or Cincinnati, as the case might be. Without being boastful as to his profits, he did not hesitate to acknowledge to me that if he should do as well in the next three years as in the last, he would be able to retire from business with a million or so.

Apart from this confession, his personal extravagance left no room for doubt that he must be very rich. Champagne flowed for him as Croton or Cochituate for most of us, and it was evident from his language that the hiring of special trains from time to time was a rather less serious matter than it would be for the ordinary citizen to take a cab. The account that he gave of three separate entertainments he had tendered to syndicates—of ten, twelve, and seventeen covers respectively, at twenty dollars a cover—fairly made my mouth water and my eyes stick out, so that I felt constrained to murmur, “Your profits must certainly be very large, if you can afford that sort of thing.”

Pell smiled complacently and a little condescendingly. “I could tell you of things which I have done which would make that seem a bagatelle,” he answered, with engaging mystery. Then after a moment’s pause he said, “Do you know, my dear fellow, that when I was graduated I came very near going into the office of a pious old uncle of mine who has been a commission merchant all his life, and is as poor as Job’s turkey in spite of it all—that is, poor as men are rated nowadays. He offered to take me as a clerk at one thousand dollars a year, with the promise of a partnership before I was bald-headed in case I did well. Supposing I had accepted his offer, where should I be to-day? Grubbing at an office-desk and earning barely enough for board and lodging. I remember my dear mother took it terribly to heart because I went into a broker’s office instead. By the way, between ourselves, I’m building a steam-yacht—nothing very wonderful, but a neat, comfortable craft—and I’m looking forward next summer to inviting my pious old uncle to cruise on her just to see him open his eyes.”

That was three years ago, and to-day I have every reason to believe that Lewis Pell is without a dollar in the world, or rather, that every dollar which he has belongs to his creditors. I had heard before his failure was announced that he was short of money, for the reason that several enterprises with which his name was connected had been left on his hands—neither the syndicates nor the public would touch them—so his suspension was scarcely a surprise. He at present, poor fellow, is only one of an army of young men wandering dejectedly through the streets of New York or Chicago in these days of financial depression, vainly seeking for something to promote.

When the promising youth and the general utility man do get rid of the “Arabian Nights’” notion, and recognize that signal success here, in any form, is likely to become more and more difficult to attain, and will be the legitimate reward only of men of real might, of unusual abilities, originality, or dauntless industry, some of the callings which have fallen, as it were, into disrepute through their lack of gambling facilities, are likely to loom up again socially. It may be, however, that modern business methods and devices have had the effect of killing for all time that highly respectable pillar of society of fifty years ago, the old-fashioned merchant, who bought and sold on his own behalf, or on commission, real cargoes of merchandise, and real consignments of cotton, wheat, and corn. The telegraph and the warehouse certificate have worked such havoc that almost everything now is bought and sold over and over again before it is grown or manufactured, and by the time it is on the market there is not a shred of profit in it for anybody but the retail dealer. It remains to be seen whether, as the speculative spirit subsides, the merchant is going to reinstate himself and regain his former prestige. It may already be said that the promising youth does not regard him with quite so much contempt as he did.