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Benjamin Rask is born into a line of successful tobacco traders. His father, Solomon, and his mother, Wilhelmina, spend much of their time away from their home in New York City, leaving Rask to be raised by nannies and tutors. From an early age, Rask is obedient, asocial, precocious, and above all dispassionate.
When Rask is 18, both of his parents die unexpectedly. The loss hardly affects him; he’s only interested in examining the financials of his father’s estate. Solomon’s lawyers take this as a sign of precocity. Rask has no interest in running the family tobacco business and delegates its operation to a longtime manager. Rask matriculates to college, where he becomes even more impassive: “[H]e was an inept athlete, an apathetic clubman, an unenthusiastic drinker, an indifferent gambler, a lukewarm lover. He, who owed his fortune to tobacco, did not even smoke” (11). Rask is the opposite of his charming, gregarious, tobacco-loving father.
After graduating Rask spends a few years without direction, during which he grows dissatisfied with his life. At the beginning of the depression of 1893, Rask’s money manager, John S. Winslow Jr., buys gold bonds through less-than-legal means, multiplying Rask’s fortune. For the first time in Rask’s life, something interests him: investing. He quickly learns about investments and begins directing Winslow’s strategy. Rask soon fires Winslow—who balks at the high-risk investments Rask favors—and begins trading on his own. Firing Winslow (whose family managed the Rask fortune for generations) makes Rask feel that he has finally taken charge of his life.
Rask sells his family business and properties and moves into a hotel. He creates and quickly expands a trading operation that garners him a reputation on Wall Street as an investing savant. Unlike other investors, Rask loves investment itself rather than the wealth it yields: “The isolated, self-sufficient nature of speculation spoke to his character and was a source of wonder and an end in itself, regardless of what his earnings represented or afforded him. Luxury was a vulgar burden” (16). Aware of the eccentric figure he cuts by spurning luxury, Rask adopts the trappings of a wealthy man: He builds a beaux arts mansion on Fifth Avenue, joins clubs and boards, and donates to charities. Behind this façade, Rask’s true interest remains in capital itself—a living thing composed of ever-changing, intricate patterns.
Rask capitalizes on the economic panic of 1907, multiplying his fortune and cementing his reputation as an investing genius. He becomes increasingly asocial as his fortune grows and delegates much of his socializing to his right-hand man, Sheldon Lloyd. As the typically ostentatious financier, Lloyd is the perfect front man for the eccentric Rask.
Come World War I, Rask invests heavily in emerging technologies related to war. Although absorbed by his work, Rask seeks acknowledgment for his achievements. He contemplates marriage.
The Brevoorts are an old-money Albany family who maintains the cachet of their name despite their dying fortune. Catherine Brevoort is a renowned hostess who throws fashionable parties. Her husband, Leopold, is an intellectual respected for his moral authority. Together they have a precocious daughter, Helen. Having failed to garner recognition for his books on political philosophy, Leopold begins tutoring the five-year-old Helen in a wide range of subjects, from mathematics to mythology. She and her father develop a close creative and intellectual bond; these first years of tutorship are the happiest years of Helen’s life.
This happiness fades as Leopold becomes obsessed with an esoteric theology, springing from the teachings of Emanuel Swedenborg, that he forces the nine-year-old Helen to study. Not wanting to displease her father, Helen acquiesces to his curriculum, becoming an obedient, muted version of herself. Helen becomes severely anxious and has insomnia.
The Brevoorts’ fortune dwindles to the point that they begin renting rooms in their mansion, costing them their prestige. They flee Albany for a tour of Europe. There, Catherine secures a series of elegant accommodations with their network of American friends. Leopold’s obsession with occultism ostracizes him, and he finds himself ignored in favor of his precocious 11-year-old daughter. When Leopold is away Catherine exploits Helen’s intellectual talents as party entertainment, having her memorize and recite long passages in multiple languages. A fight ensues after Leopold discovers Catherine’s exploitation.
World War I strands the Brevoorts in Zurich. There, Leopold’s mind deteriorates: “[His] thoughts curved and curled on themselves, forming a circle that Helen could not enter and he was unable to leave” (44). Catherine takes Leopold to Bad Pfäfers to check him into a psychiatric hospital, leaving the teenage Helen in Zurich. She enjoys being without her parents for two weeks. During this period, she meets Lloyd, who is in Zurich on business for Rask. Lloyd courts Helen for her prestigious name. When she returns, Catherine encourages the courtship, recognizing that Lloyd is powerful enough to secure their escape from war-torn Europe. Catherine successfully orchestrates her plan, and she and Helen return to New York with Lloyd.
Back in New York Catherine schemes to have Lloyd introduce Helen to Rask. At a gala at Rask’s mansion, Catherine ingratiates herself to Rask and seeds in him an interest in Helen. Rask and Helen meet in an empty room away from the party. There, Helen realizes her mother has succeeded in her scheme to marry her daughter to Rask. Paradoxically, however, Helen sees that with Rask she will gain the freedom her parents deny her.
The first chapters of Bonds introduce its two central characters: Benjamin Rask and Helen Brevoort. The shared structure of the first two chapters—a chronology of each family focused on its only children—establishes a parallel between Rask and Helen. They share a similar disposition: intelligent, obedient, and asocial.
The style contributes to the characterization of Helen and in particular Rask. The distant third-person narration and the absence of dialogue and scenes keeps the reader at a remove from the characters’ minds, contributing to their inscrutability. The only line of dialogue in these chapters—the word “I” uttered by Rask when he first meets Helen (53)—is a statement both of his loneliness and of the atomized world the book depicts. In this scene in the room away from the party (which is arguably the only time the narration becomes localized enough to qualify as a scene), Rask and Helen struggle to communicate. More than just nervousness, this interaction hints at the impossibility of either of these characters truly making themselves known to the other. This distance defines their marriage in the coming pages.
Rask’s obsession with investment hints at the theme of Narrative Truth and Finance as Artifice that will come into play in the later sections of the book. Before Rask discovers this lone obsession, he is described as a man without desire: “Those who accused him of being excessively frugal failed to understand that, in truth, he had no appetites to repress” (11). With his mind beyond the reach of the distant third-person narration and without desire, Rask appears inhuman—an empty vessel. This primes his character to personify the inhuman depiction of capital that Bonds presents. The connections that are meaningful to Rask aren’t bonds with people but the matrix of connections he finds in the stock market: “The isolated, self-sufficient nature of speculation spoke to his character and was a source of wonder and an end in itself, regardless of what his earnings represented or afforded him” (16). Thus, the title refers both to interpersonal bonds, or the lack thereof, and to financial bonds as a synecdoche for Rask’s obsession with finance as a whole.
Rask’s relationship to investment also raises the relationship between wealth and morality. The further he delves into the stock market, the further removed he becomes from the world. As he continues investing, he journeys deeper into a self-contained system of abstraction parallel to concrete reality. Unlike reality, capital is clean, which attracts Rask: “[H]e viewed capital as an antiseptically living thing. It moves, eats, grows, breeds, falls ill, and may die. But it is clean. […] The larger the operation, the further removed he was from its concrete details” (16). Of course, this is only how it appears to Rask; his investments do resound in the real world. For example, at the beginning of World War I, Rask invests heavily in war technology. Though he conducts these investments from a distance without knowledge of their gritty particulars or real-world ramifications, they nonetheless are subject to moral judgment.