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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 totally out of Ethel's education； and at first she merely
received my instruction and took my opinions。 It was not long； however；
before she began to entertain some of her own； obliging me not
infrequently to reason with her。 I very well remember the first occasion
that this happened。〃
〃We had been as usual talking about stocks； as we walked on the Riverside
Drive on a Sunday afternoon in May。 Ethel had been for some moments
silent。 'Richard；' she finally began； 'if I had had the naming of these
things； I should never have called them securities。 Insecurities comes a
great deal nearer what they are。 What right has a thing that says on its
face it is worth a thousand dollars to go bobbing up and down in the way
most of them do？ I think that securities is almost sarcastic。 And have
you noticed the price of those Petunias？'〃
〃I had； of course； noticed it； but I had not mentioned it to Ethel。 'I
read the papers now；' she explained； 'morning and evening。 Of course the
market is off a little on account of the bank statement。 But that is not
enough to account for the Petunias。'〃
〃'Ethel； you are nervous；' I said。 'And it is the papers which make you
so。 The Petunias are a first lien on the whole property； of which the
assessed valuation'〃
〃'What is the good；' she interrupted； 'of a first lien on something which
depends on politics for its existence； if the politicians change their
minds？ Did you not see that bill they're thinking of passing？' I was
startled by what Ethel told me； for the article in the paper had escaped
my notice。 But Mr。 Beverly explained it to me in a couple of minutes。
'Ha！' he jovially exclaimed； on my entering his office on Monday morning；
'you want to know about Petunias。 They opened at 85 I see。' He then ran
the tape from the ticker through his clean strong hands。 'Here they are
again。 Five thousand sold at 83。 Now； if they go to 70； I'll very likely
take ten thousand more for mother。 It's all Frank Smith's bluff； you
know。 He wants a jag of the water…works stock； more than they say they
agreed he should have。 So he's shaking this bill over them； which would
allow the city to build its own water…plant； and of course run the
present company out of business。 Not a thing in it！ All bluff。 He'll get
the stock； I suppose。 What's that？' he broke off to a clerk who came with
a message。 'Wants 500 preferred does he？ Buyer 30？ Very well； he can't
have it。 Say so from me。 Now；' he resumed to me； 'take a cigar by the
way。 And don't buy any more Petunias until I tell you the right moment。
Do you see where your Amalgamated Electric has gone to？'〃
〃I had seen this。 It had scored a 20…point rise since my purchase of it；
and I felt very sorry that I had not taken Mr。 Beverly's advice and
bought a thousand shares。 It had been on a day when I had felt
unaccountably cautious； and I had taken only two hundred and fifty shares
of Amalgamated Electric。 There are days when one is cautious and days
when one is venturesome； and they seem to have nothing to do with
results。〃
〃'They're going to increase the dividend；' said Mr。 Beverly； as I smoked
his excellent cigar。 'It's good for twenty points higher by the end of
the week。 I had just got mother a few more shares。'〃
〃I left Mr。 Beverly's office the possessor of two thousand shares of
Amalgamated Electric； and also entirely reassured about my Petunias。 He
always made me feel happy。〃
〃His keen laughing brown eyes； and crisp well…brushed hair； and big
somewhat English way of chaffing （he had gone to Oxford； where he had
rowed on a winning crew） carried a sense of buoyant prosperity that went
with his wiry figure and good smart London clothes。 His face was almost
as tawny as an Indian's with the outdoor life that he took care to lead。
I was always flattered when he could spare any time to clap me on the
shoulder and crack a joke。〃
〃Amalgamated Electric had risen five more points before the board closed
that afternoon。 This was the first news that I told Ethel。〃
〃'Richard；' said she； 'I wish you would sell that stock to…morrow。'〃
〃But this I saw no reason for； and on Tuesday it had gained seven points
further。 Ethel still more strongly urged me to sell it。 I must freely
admit that。〃 And the narrator paused reflectively。
〃Thank you； Richard；〃 said Ethel from the sofa。 〃And I admit that I could
give you no reason for my request； except that it all seemed so sudden。
Andyesthere was one other thing。 But that was even more silly。〃
〃I believe I know what you mean；〃 replied Richard； 〃and I shall come to
it presently。 If any one was silly； it was not you。〃
〃I did not sell Amalgamated Electric on Wednesday； and on Thursday a
doubt about the increased dividend began to be circulated。 The stock；
nevertheless； after a forenoon of weakness； rallied。 Moreover a check for
my first dividend came from the Pollyopolis Heat； Ligh