mother(母亲)-第3章
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is certainly some consolation to reflect how slight a loss a million dollars
is counted to…day in New York。 And I did not lose all of it。〃
〃I met Ethel at the train on her return from Florida； and crossed with
her on the ferry from Jersey City to Desbrosses Street。 There I was obliged
to see her drive away in the carriage with her father。〃
〃Mr。 Field；〃 said Mrs。 Davenport； 〃what hour did that train arrive at
Jersey City？〃
Richard looked surprised。 〃Why； seven…fifteen P。 M。；〃 he replied。 〃The
tenth of March。〃
〃Dark！〃 Mrs。 Davenport exclaimed。 〃Mr。 Field； you and Ethel were
engaged before the ferry boat landed at Desbrosses Street。〃
Richard and Ethel both sat straight up； but remained speechless。
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〃Pardon my interruption；〃 said Mrs。 Davenport； smiling。 〃I didn't want
to miss a single point in this storydo go on！〃
Richard was obliged to burst out laughing； in which Ethel； after a
moment； followed him； though perhaps less heartily。 And as he continued；
his blush subsided。
〃With my Uncle Godfrey's legacy I was no longer dependent upon my
salary； or my pen； or my father's purse； and I decided that with the money
properly invested； I could maintain a modest establishment of my own。
Ethel agreed with me entirely； and； after a little； we disclosed our plans to
our families； and they met with approval。 This was in April； and we
thought of October or November for the wedding。 It seemed long to wait；
but it came near being so much longer； that I grow chilly now to think of
it。〃
〃Of course； I went steadily on with my work at the office in Nassau
Street； nor did I neglect my writing entirely。 My attention； however； was
now turned to the question of investing my fortune。 Just round the corner
from our office was the firm of Blake and Beverly； Stocks and Bonds。
Thither my steps began frequently to turn。 Mr。 Beverly had business which
brought him every week to the room of our president； and so having a sort
of acquaintance with him； I felt it easier to consult him than to seek any
other among the brokers； to which class I was a well nigh total stranger。
He very kindly consented to be my adviser。 I was well pleased to find how
much I had underrated the interest…bearing capacity of my windfall。 'Four
per cent！' he cried； when I told him this was the extent of my expectations。
'Why； you're talking like a trustee。' And then seeing that his meaning was
beyond me； he explained in his bluff； humorous manner。 'All a trustee
cares for you know； is his reputation for safety。 It's not his own income
he's nursing； and so he doesn't care how small he makes it； provided only
that his investments would be always called safe。 Now there are ways of
being safe without spending any trouble or time upon it； and those are the
ways a trustee will take。 For example；' and here he arose and unhooking a
file of current quotations from the wall； placed it in my lap as I sat beside
him。 'now here are Government three's selling at 108 3…8。 They are as safe
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as the United States； and if I advised you to buy them； it would cost me no
thought； and my character for safety would run no risk of a blemish。 That
is the sort of bond that a trustee recommends。 But see what income it gives
you。 Roughly speaking； about twenty…eight thousand dollars。'〃
〃'That would not do at all；' said I； thinking of Ethel and October。〃
〃'Certainly not for you；' returned Mr。 Beverly； gaily。 If you were a
timorous old maid； now； who would really like all her money in her
stocking in gold pieces； only she's ashamed to say so！ But a young fellow
like you with no responsibility； no wife； and butcher's billit's quite
another thing！'〃
〃'Quite；' said I； 'oh； quite！'〃
〃Richard；〃 interrupted Ethel； 〃do you have to make yourself out so
simple？〃
〃My dear； you forget that I said I should invent nothing； but should
keep myself to actual experiences。 The part of my story that is coming
now is one where I should be very glad to draw upon my imagination。〃
〃Mr。 Beverly now ran his finger up and down various columns。 'Here
again；' said he； 'is a typical trustee bond； and nets you a few thousand
dollars more at present prices。 New York Central and Hudson River 3 1…2's。
Or here are West Shore 4's at 113 5…8。 But you see it scales down to pretty
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。
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'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
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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 m
