按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
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。
12
… Page 13…
MOTHER
'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
13
… Page 14…
MOTHER
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 York
and 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。
14
… Page 15…
MOTHER
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？