第8章

And--yes--there 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 names--not 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 Ihad 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 Ilearned 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 replied. 'I was willing to buy these securities because Mr. Beverly thought so highly of them that he felt justified in--'""'There is no use,' interrupted Ethel, 'in our going round this circle as if we were a pair of squirrels. I do not ask you to hate that woman for my sake, but I cannot change my own feeling. Do you remember, Richard, about the City of Philippi Sewer Bonds? You did not want to buy them at first. You told me yourself that you thought new towns in Texas were apt to buzz suddenly and then die because all the people hurried away to some newer town and left the houses and stores standing empty. But Mr.