mother-第4节

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！



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　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；　Light；　Power；　Paving；

Pressing；　and　Packing　Company。〃



〃'What　a　number　of　things　it　does！'　exclaimed　Ethel；　when　I　showed　her

the　company's　check。〃



〃'Yes；'　I　replied；　and　quoted　Browning　to　her：　''Twenty…nine　Distinct

damnations。　One　sure　if　the　other　fails。'　Beverly's　mother　has　a　lot　of

it。'〃



〃But　Ethel　did　not　smile。　'Richard；'　she　said；　'I　do　wish　you　had　more

investments　with　ordinary　simple　names；　like　New　York　and　New　Haven；　or

Chicago　and　Northwestern。'　And　when　I　told　her　that　I　thought　this　was

really　unreasonable；　she　was　firm。　'Yes；'　she　replied；　'I　don't　like　the

namesnot　most　of　them；　at　least。　Dutchess　and　Columbia　Traction　sounds

pretty　well；　and　besides　that；　of　course　one　knows　how　successful　these

electric　railways　are。　But　take　the　Standard　Egg　Trust；　and　the　Patent

Pasteurised　Infant　Rubber　Feeder　Company。'〃



〃'Why；　Ethel！'　I　exclaimed；　'those　are　both　based　upon　great　inventions；

Mr。　Beverly'〃



〃But　she　interrupted　me　earnestly　'I　know　abo