For as Edward bought and sold, so did his Sunday-school teacher, and all
his customers who had seen the wonderful acumen of their broker in
choosing exactly the right time to buy and sell Western Union. But
Edward did not know this.
One day a rumor became current on the Street that an agreement had been
reached by the Western Union Company and its bitter rival, the American
Union Telegraph Company, whereby the former was to absorb the latter.
Naturally, the report affected Western Union stock. But Mr. Gould denied
it in toto; said the report was not true, no such consolidation was in
view or had even been considered. Down tumbled the stock, of course.
But it so happened that Edward knew the rumor was true, because Mr.
Gould, some time before, had personally given him the contract of
consolidation to copy. The next day a rumor to the effect that the
American Union was to absorb the Western Union appeared on the first
page of every New York newspaper. Edward knew exactly whence this rumor
emanated. He had heard it talked over. Again, Western Union stock
dropped several points. Then he noticed that Mr. Gould became a heavy
buyer. So became Edward--as heavy as he could. Jay Gould pooh-poohed the
latest rumor. The boy awaited developments.
On Sunday afternoon, Edward's Sunday-school teacher asked the boy to
walk home with him, and on reaching the house took him into the study
and asked him whether he felt justified in putting all his savings in
Western Union just at that time when the price was tumbling so fast and
the market was so unsteady.
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