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Richard　and　Ethel　both　sat　straight　up；　but　remained　speechless。



〃Pardon　my　interruption；〃　said　Mrs。　Davenport；　smiling。　〃I　didn't　want　to

miss　a　single　point　in　this　storydo　go　on！〃



Richard　was　obliged　to　burst　out　laughing；　in　which　Ethel；　after　a

moment；　followed　him；　though　perhaps　less　heartily。　And　as　he　continued；

his　blush　subsided。



〃With　my　Uncle　Godfrey's　legacy　I　was　no　longer　dependent　upon　my　salary；

or　my　pen；　or　my　father's　purse；　and　I　decided　that　with　the　money

properly　invested；　I　could　maintain　a　modest　establishment　of　my　own。

Ethel　agreed　with　me　entirely；　and；　after　a　little；　we　disclosed　our

plans　to　our　families；　and　they　met　with　approval。　This　was　in　April；　and

we　thought　of　October　or　November　for　the　wedding。　It　seemed　long　to

wait；　but　it　came　near　being　so　much　longer；　that　I　grow　chilly　now　to

think　of　it。〃



〃Of　course；　I　went　steadily　on　with　my　work　at　the　office　in　Nassau

Street；　nor　did　I　neglect　my　writing　entirely。　My　attention；　however；　was

now　turned　to　the　question　of　investing　my　fortune。　Just　round　the　corner

from　our　office　was　the　firm　of　Blake　and　Beverly；　Stocks　and　Bonds。

Thither　my　steps　began　frequently　to　turn。　Mr。　Beverly　had　business　which

brought　him　every　week　to　the　room　of　our　president；　and　so　having　a　sort

of　acquaintance　with　him；　I　felt　it　easier　to　consult　him　than　to　seek

any　other　among　the　brokers；　to　which　class　I　was　a　well　nigh　total

stranger。　He　very　kindly　consented　to　be　my　adviser。　I　was　well　pleased

to　find　how　much　I　had　underrated　the　interest…bearing　capacity　of　my

windfall。　'Four　per　cent！'　he　cried；　when　I　told　him　this　was　the　extent

of　my　expectations。　'Why；　you're　talking　like　a　trustee。'　And　then　seeing

that　his　meaning　was　beyond　me；　he　explained　in　his　bluff；　humorous

manner。　'All　a　trustee　cares　for　you　know；　is　his　reputation　for　safety。

It's　not　his　own　income　he's　nursing；　and　so　he　doesn't　care　how　small　he

makes　it；　provided　only　that　his　investments　would　be　always　called　safe。

Now　there　are　ways　of　being　safe　without　spending　any　trouble　or　time

upon　it；　and　those　are　the　ways　a　trustee　will　take。　For　example；'　and

here　he　arose　and　unhooking　a　file　of　current　quotations　from　the　wall；

placed　it　in　my　lap　as　I　sat　beside　him。　'now　here　are　Government　three's

selling　at　108　3…8。　They　are　as　safe　as　the　United　States；　and　if　I

advised　you　to　buy　them；　it　would　cost　me　no　thought；　and　my　character

for　safety　would　run　no　risk　of　a　blemish。　That　is　the　sort　of　bond　that

a　trustee　recommends。　But　see　what　income　it　gives　you。　Roughly　speaking；

about　twenty…eight　thousand　dollars。'〃



〃'That　would　not　do　at　all；'　said　I；　thinking　of　Ethel　and　October。〃



〃'Certainly　not　for　you；'　returned　Mr。　Beverly；　gaily。　If　you　were　a

timorous　old　maid；　now；　who　would　really　like　all　her　money　in　her

stocking　in　gold　pieces；　only　she's　ashamed　to　say　so！　But　a　young　fellow

like　you　with　no　responsibility；　no　wife；　and　butcher's　billit's　quite

another　thing！'〃



〃'Quite；'　said　I；　'oh；　quite！'〃



〃Richard；〃　interrupted　Ethel；　〃do　you　have　to　make　yourself　out　so

simple？〃



〃My　dear；　you　forget　that　I　said　I　should　invent　nothing；　but　should　keep

myself　to　actual　experiences。　The　part　of　my　story　that　is　coming　now　is

one　where　I　should　be　very　glad　to　draw　upon　my　imagination。〃



〃Mr。　Beverly　now　ran　his　finger　up　and　down　various　columns。　'Here

again；'　said　he；　'is　a　typical　trustee　bond；　and　nets　you　a　few　thousand

dollars　more　at　present　prices。　New　York　Central　and　Hudson　River　3

1…2's。　Or　here　are　West　Shore　4's　at　113　5…8。　But　you　see　it　scales　down

to　pretty　much　the　same　thing。　The　sort　of　bond　that　a　trustee　will　call

safe　does　not　bring　the　owner　more　than　about　three　and　one…half　per

cent。'〃



〃'Why；　there　are　some　six　per　cent　bonds！'　I　said；　and　I　pointed　them　out

to　him。〃



〃'Selling　at　137　7…8；　you　see；'　said　Mr。　Beverly。　'Deducting　the　tax；

there　you　are　scaled　down　again。'　He　pencilled　some　swift　calculations。

'There；'　said　he。　And　I　nearly　understood　them。　'Now　I'm　not　here　to　stop

your　buying　that　sort　of　petticoat　and　canary…bird　wafer；'　continued　Mr。

Beverly。　'It's　the　regular　trustee　move；　and　nobody　could　criticise　you

if　you　made　it。　It's　what　I　call　thoughtless　safety；　and　it　brings　you

about　3　1…2　per　cent；　as　I　have　already　shown　you。　Anybody　can　do　it。'〃

These　words　of　Mr。　Beverly　made　me　feel　that　I　did　not　want　to　do　what

anybody　could　do。　'There　is　another　kind　of　safety　which　I　call

thoughtful　safety；'　said　he。　'Thoughtful；　because　it　requires　you　to

investigate　properties　and　their　earnings；　and　generally　to　use　your

independent　judgment　after　a　good　deal　of　work。　And　all　this　a　trustee

greatly　dislikes。　It　rewards　you　with　five　and　even　six　per　cent；　but

that　is　no　stimulus　to　a　trustee。'〃



〃Something　in　me　had　leaped　when　Mr。　Beverly　mentioned　six　per　cent。

Again　I　thought　of　Ethel　and　October；　and　what　a　difference　it　would　be

to　begin　our　modest　housekeeping　on　sixty　instead　of　forty　thousand

dollars　a　year；　outside　of　what　I　was　earning。　Mr。　Beverly　now　rang　a

bell。　'You　happen　to　have　come；'　said　he；　'on　a　morning　when　I　can　really

do　something　for　you　out　of　the　common。　Bring　me　（it　was　a　clerk　he

addressed）　one　of　those　Petunia　circulars。　Now　here　you　can　see　at　a

glance　for　yourself。'　He　began　reading　the　prospectus　rapidly　aloud　to　me

while　I　followed　its　paragraphs　with　my　own　eye。　His　strong；

well…polished　thumb…nail　ran　heavily　but　speedily　down　the　columns　of

figures　and　such　words　as　gross　receipts；　increase　of　population；　sinking

fund；　redeemable　at　105　after　1920；　churned　vigorously　and　meaninglessly

through　my　brain。　But　I　was　not　going　to　let　him　know　that　to　understand

the　circular　I　should　have　to　take　it　away　quietly　to　my　desk　in　Nassau

Street；　and　spend　an　hour　with　it　alone。〃



〃'What　is　your　opinion　of　Petunia　Water　sixes？'　he　inquired。〃



〃'They　are　a　lead…pipe　cinch；'　I　immediately　answered；　and　he　slapped　me

on　the　knee。〃



〃'That's　what　I　think！'　he　cried。　'Anyhow；　I　have　taken　20；000　for

mother。　Do　what　you　like。'〃



〃'Oh　well；'　said　I；　delighted　at　this　confidence；　I　think　I　can　afford　to

risk　what　you　are　willing　to　risk　for　your　mother；　Mrs。　Beverly。　Where　is

Petunia；　did　you　say？'〃



〃He　pulled　down　a　roller　map　on　the　wall　as　you　draw　down　a　window…blind；

and　again　I　listened　to　statements　that　churned　in　my　brain。　Petunia　was

a　new　resort　on　the　sea　coast　of　New　Hampshire。　One　railway　system　did

already　connect　it　with　both　Portsmouth　and　Portland；　but　it　was　not　a

very　direct　connection　at　present。　Yet　in　spite　of　this；　the　population

had　increased　23　and　seven…tenths　per　cent　in　five　years；　and　now　an

electric　railway　was　in　construction　that　would　double　the　population　in

the　next　five　years。　This　was　less　than　what　had　happened　to　other

neighbouring　resorts　under　identical　conditions；　yet　with　things　as　they

now　were；　the　company　was　earning　two　per　cent　on　its　stock；　which　was

being　put　into　improvements。　The　stock　was　selling　at　30；　and　if　a

dividend　was　paid　next　year；　it　would　go　to　par。　But　Mr。　Beverly　did　not

counsel　buying　the　stock。　'I　did　not　let　mother　have　any；'　he　said；

'though　I　took　some　myself。　But　the　bonds　are　different。　You're　getting

the　last　that　will　be　sold　at　par。　In　three　days　they　will　be　placed

before　the　public　at　102　1/2　and　interest。'〃



〃I　was　well　pleased　when　I　left　Mr。　Beverly's　office。　In　a　few　days　I　was

still　more　pleased　to　learn　that　I　could　sell　my　Petunia　sixes　for　104　if

so　wished。　But　I　did　not　wish　it；　and　Mr。　Beverly　told　me　that　he　should

not　sell　his　mother's　unless　they　went　to　110。　'In　that　case；'　said　he；

'it　might　be　worth　while　to　capitalise　her　premium。'〃



〃I　liked　the　idea　of　capitalising　one's　premium。　If　you　had　fifty　bonds

that　cost　you　par；　and　sold　them　at　110；　you　would　then　buy　at　par

fifty…five　bonds　of　some　other　rising　kind；　and　go　on　doing　this　untilI

named　no　limit　for　this　process；　but　my　delighted　mind　saw　visions　of

eighty　and　a　hundred　thousand　a　yearcomfort　at　least；　if　not　affluence

in　New　Yorkand　I　explained　to　Ethel　what　the　phrase　capitalising　one's

premium　meant。　I　showed　her　the　Petunias；　too；　and　we　read　what　it　said

on　the　coupons　aloud　together。　Ethel　was　at　first　not　quite　satisfied

with　the　arrangement　of　the　coupons。　'Thirty　dollars　on　January　first；

and　thirty　on　July　first；'　she　said。　That　seems　a　long　while　to　wait　for

those　payments；　Richard。　And　there　are　only　two　in　every　year；　though　you

pay　them　a　thousand　dollars　all　at　once。　It　does　not　seem　very　prompt　on

their　part。'　I　told　her　that　this　was　the　rule。　'But；'　she　urged；　'don't

you　think　that　a　man　like　Mr。　Beverly　might　be　able　to　get　them　to　make

an　exception　if　he　explained　the　circumstances？　Other　people　may　be

satisfied　with　waiting　for　little　crumbs　in　this　way；　but　why　should　we？'

I　soon　made　her　understand　how　it　was；　however；　and　I　explained　many

other　facts　about　investments　and　the　stock　market　to　her；　as　I　learned

them。　It　was　a　great　pleasure　to　do　this。　We　came　to　talk　about　finance

even　more　than　we　talked　of　my　writings；　for　during　that　Spring　I

invested　a　good　deal　more　rapidly　than　I　wrote。　The　Petunias　had　taken

only　one…twentieth　of　a　million　dollars；　and　though　Mr。　Beverly　warned　me

to　rush　hastily　into　nothing；　and　pointed　out　the　good　sense　of

distributing　my　eggs　in　a　number　of　baskets；　still　we　both　agreed　that　the

sooner　all　my　money　was　bringing　me　five　or　six　per　cent；　the　better。〃



〃I　have　come　to　think　that　it　might　be　well　were　women　taught　the

elements　of　investing　as　they　are　now　taught　French　and　Music。　I　would

not　have　the　French　and　Music　dropped；　but　I　would　add　the　other。　It

might　be　more　of　a　protection　to　women　than　being　able　to　read　a　French

novel；　and　perhaps　some　day　we　shall　have　it　so。　But　of　course　it　had

been　left　totall