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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　about　those　inventions；

Richard；　for　I　have　procured　the　prospectuses。　And　I　wish　that　I　could

have　told　you　my　own　feeling　about　them　before　you　bought　any　of　the

stock。'〃



〃'I　do　not　think　you　can　fully　have　taken　it　in；　Ethel。'〃



〃'I　trust　that　it　may　not　have　fully　taken　you　in；'　she　replied。　'Have

you　noticed　what　those　stocks　are　selling　for　at　present？'〃



〃Of　course　I　had　noticed　this。　I　had　paid　63　for　Standard　Egg；　and　it　was

now　48；　while　11　was　the　price　of　Patent　Pasteurized　Feeder；　for　which　I

had　paid　20。　But　this；　Mr。　Beverly　assured　me；　was　a　normal　and　even

healthy　course　for　a　new　stock。　'Had　they　gone　up　too　soon　and　too　high；'

he　explained；　'I　should　have　suspected　some　crooked　manipulation　and

advised　selling　at　once。　But　this　indicates　a　healthy　absorption

preliminary　to　a　natural　rise。　I　should　not　dream　of　letting　mother　part

with　hers。'〃



〃The　basis　of　Standard　Egg　was　not　only　a　monopoly　of　all　the　hens　in　the

United　States；　but　a　machine　called　a　Separator；　for　telling　the　age　and

state　of　an　egg　by　means　of　immersion　in　water。　Perfectly　good　eggs　sank

fast　and　passed　out　through　one　distributor；　fairly　nice　eggs　did　not

reach　the　bottom；　and　were　drawn　off　through　another　sluice；　and　so　on。

This　saved　the　wages　of　the　egg　twirlers；　whose　method　of　candling　eggs；

as　it　was　called；　was　far　less　rapid　than　the　Separator。　And　when　I

learned　that　one　house　in　St。　Louis　alone　twirled　50；000　eggs　in　a　day；

the　possible　profits　of　the　Egg　Trust　became　clear　to　me。　But　they　were

not　so　clear　to　Ethel。　She　said　that　you　could　not　monopolise　hens。　That

they　would　always　be　laying　eggs　and　putting　it　in　the　power　of

competitors　to　hatch　them　by　incubators。　Nor　did　she　have　confidence　in

the　Pasteurised　Feeder。　'Even　if　you　get　the　parents　to　adopt　it；'　she

said；　'you　cannot　get　the　children。　If　they　do　not　like　the　taste　of　the

milk　as　it　comes　out　of　the　bottle　through　the　Feeder；　they　will　simply

not　take　it。'〃



〃'Well；'　I　answered；　'old　Mrs。　Beverly　is　holding　on　to　hers。'〃



〃When　I　said　this；　Ethel　sat　with　her　mouth　tight。　Then　she　opened　it　and

said：　'I　hate　that　woman。'〃



〃'Hate　her？　Why；　you　have　never　so　much　as　laid　eyes　on　her。'〃



〃'That　is　not　at　all　necessary。　I　consider　it　indecent　for　a　grey　haired

woman　with　grandchildren　to　be　speculating　in　the　stock　market　every　week

like　a　regular　bull　or　bear。'〃



〃Every　point　in　this　outburst　of　Ethel's　seemed　to　me　so　unwarrantable

that　I　was　quite　dazed。　I　sat　looking　at　her；　and　her　eyes　filled　with

tears。　'Oh　Richard！'　she　exclaimed；　'she　will　ruin　you；　and　I　hate　her！'〃



〃'My　dear　Ethel；'　I　replied；　'she　will　not。　And　only　see　how　you　are

making　it　all　up　out　of　your　head。　You　have　never　seen　her；　but　you　speak

of　her　as　a　grey…haired　grandmother。'〃



〃'She　must　be；　Richard。　You　have　told　me　that　Mr。　Beverly　is　a　married

man　and　about　forty…five。　No　doubt　he　has　older　sisters　and　brothers。　But

if　he　has　not；　his　mother　can　hardly　be　less　than　sixty…five；　and　he　has

probably　been　married　for　several　years。　He　might　easily　have　a　daughter

coming　out；　next　winter；　and　a　son　at　Harvard　or　Yale；　and　if　their

grandmother's　hair　is　not　grey；　that　is　quite　as　unnatural　as　her

speculating　in　monopolised　eggs　in　this　way　at　her　age。　She　must　be　a

very　unladylike　person。'〃



〃Ethel；　I　saw；　was　excited。　Therefore　I　made　no　more　point　of　her

theories　concerning　the　appearance　and　family　circle　of　old　Mrs。　Beverly。

But　in　justice　to　myself　I　felt　obliged　to　remind　her；　first；　that　I　was

investing；　not　speculating；　and　second；　that　it　was　Mr。　Beverly's　advice

I　was　following；　and　not　that　of　his　mother。　'Had　he　not　spoken　of　her；'

I　said；　'I　should　have　remained　unaware　of　her　existence。'〃



〃'She　is　at　the　bottom　of　it　all　the　same；'　said　Ethel。　'Everything　you

have　bought　has　been　because　she　bought　it。'〃



〃'That　is　not　quite　the　right　way　to　put　it；'　I