The result was that William netted fifty - seven dollars thirty - two cents, a profit of fifty - two dollars thirty - two cents on his original investment. William put twenty - five dollars on deposit with the bank at two and a half per cent, bought himself a camera for eleven dollars, gave five dollars to the Young Men's Christian Association, who had broadened their activities to help the new flood of immigrants, bought his mother some Aowers, and put the remaining few dollars into his pock t. The market in match - box labels collapsed even before Ne school term ended. It was to be the firstof many such occasions that William got out at the top of'the market. The grandmothers would have been proud of him; it was not unlike the way their husbands had made their fortunes in the panic of 1873.

When the holidays came, William could not resist finding out if it was possible to obtain a better return on his invested capital than the two and a half per cent yielded by his savings account. For the next three months he invested - again through Grandmother Kane - in stocks highly recommended by the Wall Street journal. During the next term at school he lost over half of the money he had made on the match - box labels. It was the only time in his life that he relied on the expertise of the Wall Street journal, or on information available at any street corner.

Angry with his loss of over twenty dollars William decided that it must be recouped during the Easter holidays. On arriving home he worked out which parties and functions his mother would expect him to attend, and found he was left with only fourteen free days, just enough time for his new venture. He sold all his remaining Wall Street Journal shares, which netted him only twelve dollars. With this money he bought himself a flat piece of wood, two sets of wheels, axles and a piece of rope, at a cost, after some bargaining, of five dollars. He then put on a flat cloth cap and an old suit he had outgrown and went off to the local railroad station. He stood outside the exit, looking hungry and tired, informing selected travellers that the main hotels in Boston were near the railroad station, so that there was no need to take a taxi or the occasional surviving hansom carriage as he, William, could carry their luggage on his moving board for twenty per cent of what the taxis charged; he added that the walk would also do them good. By working six hours a day, he found he could make roughly four dollars.

Five days before the new school term was due to start, he had made back all his original losses and a further ten dollars profit. He then hit a problem. The taxi drivers were starting to get annoyed with him. William assured them that he would retire, aged nine, if each one of them would give him fifty cents to cover the cost of his home - made trolley - they agreed, and he made another eight dollars fifty cents. On the way home to Beacon Hill, William sold his trolley for five dollars to a school friend two years his senior, who was soon to discover that the market had passed its peak; moreover, it rained for every day of the following week.

On the last day of the holidays, William put his money back on deposit in the bank, at two and a half per cent. During the following term this decision caused him no anxiety as he watched his savings rise steadily. The sinking of the Lusitanza and Wilson's declaration of war against Germany in April of 1917 didn't concern William. Nothing and no one could ever beat America, he assured his mother. William even invested ten dollars in Liberty Bonds to back his judgment, By William's eleventh birthday the credit column of his ledger book showed a profit of four hundred and twelve dollars. He had given his mother a fountain pen and his two grandmothers brooches from a local jewellery shop.

The fountain pen was a Parker and the jewellery arrived at his grandmothers' homes in Shreve, Crump and Low boxes, which he had found after much searching in the dustbins behind the famous store. To do the boy justice, he had not wanted to cheat his grandmothers, but he had already learned from his match - box label experience that good packaging sells products. The grandmothers, who noted the missing Shreve, Crump and Low hallmark still wore their brooches with considerable pride.

The two old ladies continued to follow William's every move and had decided that when he reached the age of twelve, he should proceed as planned to St.

Paul's School in Concord, New Hampshire. For good measure the boy rewarded them with the top mathematics scholarship, unnecessarily saving the family some three hundred dollars a year. William accepted the scholarship and the grand - mothers returned the money for, as they expressed it, 'a less fortunate child'. Anne hated the thought of William leaving her to go away to boarding school, but the grandmothers insisted and, more importantly, she knew it was what Richard would have wanted. She sewed on William's name tapes, marked his boots, checked his clothes, and finally packed his trunk refusing any help from the servants. When the time came for William to go his mother asked him how much pocket money he would like for the new term ahead of him.