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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
name