THE SYNDICATE
I do not wish to take credit for things which gave me pleasure in the
doing, or to appear altruistic in my dealings with the people employed
at Four Oaks. I tell of our business and other relations because they
are details of farm history and rightfully belong to these pages. If I
dealt fairly by my men and established relations of mutual confidence
and dependence, it was not in the hope that my ways might be approved
and commended, but because it paid, in more ways than one. I wanted my
men to have a lively interest in the things which were of importance to
me, that their efforts might be intelligent and direct; and I was glad
to enter into their schemes, either for pleasure or for profit, with
such aid as I could give. Cordial understanding between employee and
employer puts life into the contract, and disposes of perfunctory
service, which simply recognizes a definite deed for a definite
compensation. Uninterested labor leaves a load of hay in the field to be
injured, just because the hour for quitting has come, while interested
labor hurries the hay into the barn to make it safe, knowing that the
extra half-hour will be made up to it in some other way.
It pays the farmer to take his help into a kind of partnership, not
always in his farm, but always in his consideration. That is why my
farm-house was filled with papers and magazines of interest to the men;
that is why I spent many an evening with them talking over our
industries; that is why I purchased an organ for them when I found that
Mrs. French, the dairymaid, could play on it; that is why I talked
economy to them and urged them to place some part of each month's wage
in the Exeter Savings Bank; and that is why, early in 1898, I formulated
a plan for investing their wages at a more profitable rate of interest.
I asked each one to give me a statement of his or her savings up to
date. They were quite willing to do this, and I found that the aggregate
for the eight men and three women was $2530. Anderson, who saved most of
his wages, had an account in a city savings bank, and did not join us in
our syndicate, though he approved of it.
The money was made up of sums varying from $90, Lena's savings, to $460
owned by Judson, the buggy man. My proposition was this: Pool the funds,
buy Chicago, Rock Island, and Pacific stock, and hold it for one or two
years. The interest would be twice as much as they were getting from
the bank, while the prospect of a decided advance was good. I said to
them:--
"I have owned Chicago, Rock Island, and Pacific stock for more than
three years. I commenced to buy at fifty-seven, and I am still buying,
when I can get hold of a little money that doesn't have to go into this
blessed farm. It is now eighty-one, and it will go higher. I am so sure
of this that I will agree to take the stock from each or all of you at
the price you pay for it at any time during the next two years. There is
no risk in this proposition to you, and there may be a very handsome
return."
They were pleased with the plan, and we formed a pool to buy thirty
shares of stock. Thompson and I were trustees, and the certificate stood
in our names; but each contributor received a pro-rata interest; Lena,
one thirtieth; Judson, five-thirtieths; and the others between these
extremes. The stock was bought at eighty-two. I may as well explain now
how it came out, for I am not proud of my acumen at the finish. A little
more than a year later the stock reached 122, and I advised the
syndicate to sell. They were all pleased at the time with the handsome
profit they had made, but I suspect they have often figured what they
might have made "if the boss hadn't been such a chump," for we have seen
the stock go above two hundred.
This was not the only enterprise in which our colony took a small share.
The people at Four Oaks are now content to hold shares in one of the
great trusts, which they bought several points below par, and which pay
1¾. per cent every three months. Even Lena, who held only one share of
the C., R.I., & P. five years ago, has so increased her income-bearing
property that she is now looked upon as a "catch" by her acquaintances.
If I am correctly informed, she has an annual income of $105,
independent of her wages.