第5章

"IhavecometothinkthatitmightbewellwerewomentaughttheelementsofinvestingastheyarenowtaughtFrenchandMusic。IwouldnothavetheFrenchandMusicdropped，butIwouldaddtheother。ItmightbemoreofaprotectiontowomenthanbeingabletoreadaFrenchnovel，andperhapssomedayweshallhaveitso。ButofcourseithadbeenlefttotallyoutofEthel"seducation；andatfirstshemerelyreceivedmyinstructionandtookmyopinions。Itwasnotlong，however，beforeshebegantoentertainsomeofherown，obligingmenotinfrequentlytoreasonwithher。Iverywellrememberthefirstoccasionthatthishappened。"

"Wehadbeenasusualtalkingaboutstocks，aswewalkedontheRiversideDriveonaSundayafternooninMay。Ethelhadbeenforsomemomentssilent。"Richard，"shefinallybegan，"ifIhadhadthenamingofthesethings，Ishouldneverhavecalledthemsecurities。Insecuritiescomesagreatdealnearerwhattheyare。Whatrighthasathingthatsaysonitsfaceitisworthathousanddollarstogobobbingupanddowninthewaymostofthemdo？Ithinkthatsecuritiesisalmostsarcastic。AndhaveyounoticedthepriceofthosePetunias？""

"Ihad，ofcourse，noticedit；butIhadnotmentionedittoEthel。"I

readthepapersnow，"sheexplained，"morningandevening。Ofcoursethemarketisoffalittleonaccountofthebankstatement。ButthatisnotenoughtoaccountforthePetunias。""

""Ethel，youarenervous，"Isaid。"Anditisthepaperswhichmakeyouso。ThePetuniasareafirstlienonthewholeproperty，ofwhichtheassessedvaluation""

""Whatisthegood，"sheinterrupted，"ofafirstlienonsomethingwhichdependsonpoliticsforitsexistence，ifthepoliticianschangetheirminds？Didyounotseethatbillthey"rethinkingofpassing？"IwasstartledbywhatEtheltoldme，forthearticleinthepaperhadescapedmynotice。ButMr。Beverlyexplainedittomeinacoupleofminutes。

"Ha！"hejoviallyexclaimed，onmyenteringhisofficeonMondaymorning；

"youwanttoknowaboutPetunias。Theyopenedat85Isee。"Hethenranthetapefromthetickerthroughhiscleanstronghands。"Heretheyareagain。Fivethousandsoldat83。Now，iftheygoto70，I"llverylikelytaketenthousandmoreformother。It"sallFrankSmith"sbluff，youknow。Hewantsajagofthewater-worksstock，morethantheysaytheyagreedheshouldhave。Sohe"sshakingthisbilloverthem，whichwouldallowthecitytobuilditsownwater-plant，andofcourserunthepresentcompanyoutofbusiness。Notathinginit！Allbluff。He"llgetthestock，Isuppose。What"sthat？"hebrokeofftoaclerkwhocamewithamessage。"Wants500preferreddoeshe？Buyer30？Verywell，hecan"thaveit。Saysofromme。Now，"heresumedtome，"takeacigarbytheway。Anddon"tbuyanymorePetuniasuntilItellyoutherightmoment。

DoyouseewhereyourAmalgamatedElectrichasgoneto？""

"Ihadseenthis。Ithadscoreda20-pointrisesincemypurchaseofit；

andIfeltverysorrythatIhadnottakenMr。Beverly"sadviceandboughtathousandshares。IthadbeenonadaywhenIhadfeltunaccountablycautious，andIhadtakenonlytwohundredandfiftysharesofAmalgamatedElectric。Therearedayswhenoneiscautiousanddayswhenoneisventuresome；andtheyseemtohavenothingtodowithresults。"

""They"regoingtoincreasethedividend，"saidMr。Beverly，asIsmokedhisexcellentcigar。"It"sgoodfortwentypointshigherbytheendoftheweek。Ihadjustgotmotherafewmoreshares。""

"IleftMr。Beverly"sofficethepossessoroftwothousandsharesofAmalgamatedElectric，andalsoentirelyreassuredaboutmyPetunias。Healwaysmademefeelhappy。"

"Hiskeenlaughingbrowneyes，andcrispwell-brushedhair，andbigsomewhatEnglishwayofchaffing（hehadgonetoOxford，wherehehadrowedonawinningcrew）carriedasenseofbuoyantprosperitythatwentwithhiswiryfigureandgoodsmartLondonclothes。HisfacewasalmostastawnyasanIndian"swiththeoutdoorlifethathetookcaretolead。

Iwasalwaysflatteredwhenhecouldspareanytimetoclapmeontheshoulderandcrackajoke。"

"AmalgamatedElectrichadrisenfivemorepointsbeforetheboardclosedthatafternoon。ThiswasthefirstnewsthatItoldEthel。"

""Richard，"saidshe，"Iwishyouwouldsellthatstockto-morrow。""

"ButthisIsawnoreasonfor；andonTuesdayithadgainedsevenpointsfurther。Ethelstillmorestronglyurgedmetosellit。Imustfreelyadmitthat。"Andthenarratorpausedreflectively。

"Thankyou，Richard，"saidEthelfromthesofa。"AndIadmitthatIcouldgiveyounoreasonformyrequest，exceptthatitallseemedsosudden。

Andyestherewasoneotherthing。Butthatwasevenmoresilly。"

"IbelieveIknowwhatyoumean，"repliedRichard，"andIshallcometoitpresently。Ifanyonewassilly，itwasnotyou。"

"IdidnotsellAmalgamatedElectriconWednesday，andonThursdayadoubtabouttheincreaseddividendbegantobecirculated。Thestock，nevertheless，afteraforenoonofweakness，rallied。MoreoveracheckformyfirstdividendcamefromthePollyopolisHeat，Light，Power，Paving，Pressing，andPackingCompany。"

""Whatanumberofthingsitdoes！"exclaimedEthel，whenIshowedherthecompany"scheck。"

""Yes，"Ireplied，andquotedBrowningtoher:""Twenty-nineDistinctdamnations。Onesureiftheotherfails。"Beverly"smotherhasalotofit。""

"ButEtheldidnotsmile。"Richard，"shesaid，"Idowishyouhadmoreinvestmentswithordinarysimplenames，likeNewYorkandNewHaven，orChicagoandNorthwestern。"AndwhenItoldherthatIthoughtthiswasreallyunreasonable，shewasfirm。"Yes，"shereplied，"Idon"tlikethenamesnotmostofthem，atleast。DutchessandColumbiaTractionsoundsprettywell；andbesidesthat，ofcourseoneknowshowsuccessfultheseelectricrailwaysare。ButtaketheStandardEggTrust，andthePatentPasteurisedInfantRubberFeederCompany。""

""Why，Ethel！"Iexclaimed，"thosearebothbasedupongreatinventions，Mr。Beverly""

"Butsheinterruptedmeearnestly"Iknowaboutthoseinventions，Richard，forIhaveprocuredtheprospectuses。AndIwishthatIcouldhavetoldyoumyownfeelingaboutthembeforeyouboughtanyofthestock。""

""Idonotthinkyoucanfullyhavetakenitin，Ethel。""

""Itrustthatitmaynothavefullytakenyouin，"shereplied。"Haveyounoticedwhatthosestocksaresellingforatpresent？""

"OfcourseIhadnoticedthis。Ihadpaid63forStandardEgg，anditwasnow48，while11wasthepriceofPatentPasteurizedFeeder，forwhichI

hadpaid20。Butthis，Mr。Beverlyassuredme，wasanormalandevenhealthycourseforanewstock。"Hadtheygoneuptoosoonandtoohigh，"

heexplained，"Ishouldhavesuspectedsomecrookedmanipulationandadvisedsellingatonce。Butthisindicatesahealthyabsorptionpreliminarytoanaturalrise。Ishouldnotdreamoflettingmotherpartwithhers。""