Big Book

Bill's Story

War fever ran high in the New England town to which we new, young officers from Plattsburg were assigned, and we were flattered when the first citizens too us to their homes, makes us feel heroic. Here was love, applause, war; moments sublime with intervals hilarious. I was part of life at last, and in the midst of the excitement, I discovered liquor. I forgot the strong warnings and the prejudices of my people concerning drink. In time we sailed for "Over There." I was very lonely and again turned to alcohol.

We landed in England. I visited Winchester Cathedral. Much moved, I wandered outside. My attention was caught by a doggerel on an old tombstone:

"Here lies a Hampshire Grenadier
Who caught his death
Drinking cold small beer.
A good soldier in ne'er forgot
Whether he dieth by musket
Or by pot."

Ominous warning which I failed to heed.

Twenty-two, and a veteran of foreign wars, I went home at last. I fancied myself a leader, for had not the men of my battery given me a special token of appreciation? My talent for leadership, I imagined, would place me at the head of vast enterprises which I would manage with the utmost assurance.

I took a night law course, and obtained employment as investigator for a surety company. The drive for success was on. I'd prove to the world I was important. My work took me about Wall Street and little by little I became interested in the market. Many people lost money but some became very rich. Why not I? I studied economics and business as well as law. Potential alcoholic that I was, I nearly failed my law course. At one of the finals I was too drunk to think or write. Though my drinking was not yet continuous, it disturbed my wife. We had long talks when I would still her forebodings by telling her that men of genius conceived their best projects when drunk; that the most majestic constructions philosophic thought were so derived.

By the time I had completed the course, I knew the law was not for me. The inviting maelstrom of Wall Street had me in its grip. Business and financial leaders were my heroes. Out of this alloy of drink and speculation, I commenced to forge the weapon that one day would turn in its flight like a boomerang and all but cut me to ribbons. Living modestly, my wife and I saves $1,000. It went to certain securities, then cheap and rather unpopular. I rightly imagined that they would some day have a great rise. I failed to persuade my broker friends to send me out looking over factories and managements, but my wife and I decided to go anyway. I had developed a theory that most people lost money in stocks through ignorance of markets. I discovered many more reasons later on.

We gave up our positions and off we roared on a motorcycle, the sidecar stuffed with tent, blankets, a change of clothes, and three huge volumes of a financial reference service. Our friends thought a lunacy commission should be appointed. Perhaps they were right. I had had some success at speculation, so we had a little money, but we once worked on a farm for a month to avoid drawing on our small capital. That was the last honest manual labor on my part for many a day. We covered the whole eastern United States in a year. At the end of it, my reports to Wall Street procured me a position there and the use of a large expense account. The exercise of an option brought more money, leaving us with a profit of several thousand dollars for that year.

For the next few years, fortune threw money and applause my way. I had arrived. My judgment and ideas were followed by many to the tune of paper millions. The great boom of the late twenties were seething and swelling. Drink was taking an important and exhilarating part in my life. There was loud talk in the jazz places uptown. Everyone spent in thousands and chattered in millions. Scoffers could scoff and be damned. I made a host of fair weather friends.

My drinking assumed more serious proportions, continuing all day and almost every night. The remonstrance's of my friends terminated in a row and I became a lone wolf. There were many unhappy scenes in our sumptuous apartment. There had been no real infidelity, for loyalty to my wife, helped at times by extreme drunkenness, kept me out of those scrapes.

In 1929 I contracted golf fever. We went at once to the country, my wife to applaud while I started out to overtake Walter Hagen. Liquor caught up with me much faster than I came up behind Walter. I began to be jittery in the morning. Golf permitted drinking every day and every night. It was fun to carom around the exclusive course which had inspired such awe in me as a lad. I acquired the impeccable coat of tan one sees upon the well-to-do. The local banker watched me whirl fat checks in and out of his till with amused skepticism.

Abruptly in October 1929 hell broke loose on the New York stock exchange. After one of those days of inferno, I wobbled from a hotel bar to a brokerage office. It was eight o'clock five hours after the market closed. The ticker still clattered. I was staring at an inch of the tape which bore the inscription xyz-32. It had been 52 that morning. I was finished and so were many friends. The papers reported men jumping to death from the towers of High Finance. That disgusted me. I would not jump. I went back to the bar. My friends had dropped several million since ten o'clock so what? Tomorrow was another day. As I drank, the old fierce determination to win came back.

Next morning I telephoned a friend in Montreal. He had plenty of money left and thought I had better go to Canada. By the following spring we were living in our accustomed style. I felt like Napoleon returning from Elba. No Saint Helena for me! But drinking caught up with me again and my generous friend had to let me go. This time we stayed broke.

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