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.
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