It\'snothisownincomehe\'snursing，andsohedoesn\'tcarehowsmallhemakesit，providedonlythathisinvestmentswouldbealwayscalledsafe。
Nowtherearewaysofbeingsafewithoutspendinganytroubleortimeuponit；andthosearethewaysatrusteewilltake。Forexample，\'andherehearoseandunhookingafileofcurrentquotationsfromthewall，placeditinmylapasIsatbesidehim。\'nowhereareGovernmentthree\'ssellingat1083-8。TheyareassafeastheUnitedStates；andifI
advisedyoutobuythem，itwouldcostmenothought，andmycharacterforsafetywouldrunnoriskofablemish。Thatisthesortofbondthatatrusteerecommends。Butseewhatincomeitgivesyou。Roughlyspeaking，abouttwenty-eightthousanddollars。\'\"
\"\'Thatwouldnotdoatall，\'saidI，thinkingofEthelandOctober。\"
\"\'Certainlynotforyou，\'returnedMr。Beverly，gaily。Ifyouwereatimorousoldmaid，now，whowouldreallylikeallhermoneyinherstockingingoldpieces，onlyshe\'sashamedtosayso！Butayoungfellowlikeyouwithnoresponsibility，nowife，andbutcher\'sbillit\'squiteanotherthing！\'\"
\"\'Quite，\'saidI，\'oh，quite！\'\"
\"Richard，\"interruptedEthel，\"doyouhavetomakeyourselfoutsosimple？\"
\"Mydear，youforgetthatIsaidIshouldinventnothing，butshouldkeepmyselftoactualexperiences。ThepartofmystorythatiscomingnowisonewhereIshouldbeverygladtodrawuponmyimagination。\"
\"Mr。Beverlynowranhisfingerupanddownvariouscolumns。\'Hereagain，\'saidhe，\'isatypicaltrusteebond，andnetsyouafewthousanddollarsmoreatpresentprices。NewYorkCentralandHudsonRiver3
1-2\'s。OrhereareWestShore4\'sat1135-8。Butyouseeitscalesdowntoprettymuchthesamething。Thesortofbondthatatrusteewillcallsafedoesnotbringtheownermorethanaboutthreeandone-halfpercent。\'\"
\"\'Why，therearesomesixpercentbonds！\'Isaid；andIpointedthemouttohim。\"
\"\'Sellingat1377-8，yousee，\'saidMr。Beverly。\'Deductingthetax，thereyouarescaleddownagain。\'Hepencilledsomeswiftcalculations。
\'There，\'saidhe。AndInearlyunderstoodthem。\'NowI\'mnotheretostopyourbuyingthatsortofpetticoatandcanary-birdwafer，\'continuedMr。
Beverly。\'It\'stheregulartrusteemove，andnobodycouldcriticiseyouifyoumadeit。It\'swhatIcallthoughtlesssafety，anditbringsyouabout31-2percent，asIhavealreadyshownyou。Anybodycandoit。\'\"
ThesewordsofMr。BeverlymademefeelthatIdidnotwanttodowhatanybodycoulddo。\'ThereisanotherkindofsafetywhichIcallthoughtfulsafety，\'saidhe。\'Thoughtful，becauseitrequiresyoutoinvestigatepropertiesandtheirearnings，andgenerallytouseyourindependentjudgmentafteragooddealofwork。Andallthisatrusteegreatlydislikes。Itrewardsyouwithfiveandevensixpercent，butthatisnostimulustoatrustee。\'\"
\"SomethinginmehadleapedwhenMr。Beverlymentionedsixpercent。
AgainIthoughtofEthelandOctober，andwhatadifferenceitwouldbetobeginourmodesthousekeepingonsixtyinsteadoffortythousanddollarsayear，outsideofwhatIwasearning。Mr。Beverlynowrangabell。\'Youhappentohavecome，\'saidhe，\'onamorningwhenIcanreallydosomethingforyououtofthecommon。Bringme（itwasaclerkheaddressed）oneofthosePetuniacirculars。Nowhereyoucanseeataglanceforyourself。\'HebeganreadingtheprospectusrapidlyaloudtomewhileIfolloweditsparagraphswithmyowneye。Hisstrong，well-polishedthumb-nailranheavilybutspeedilydownthecolumnsoffiguresandsuchwordsasgrossreceipts，increaseofpopulation，sinkingfund，redeemableat105after1920，churnedvigorouslyandmeaninglesslythroughmybrain。ButIwasnotgoingtolethimknowthattounderstandthecircularIshouldhavetotakeitawayquietlytomydeskinNassauStreet，andspendanhourwithitalone。\"
\"\'WhatisyouropinionofPetuniaWatersixes？\'heinquired。\"
\"\'Theyarealead-pipecinch，\'Iimmediatelyanswered；andheslappedmeontheknee。\"
\"\'That\'swhatIthink！\'hecried。\'Anyhow，Ihavetaken20，000formother。Dowhatyoulike。\'\"
\"\'Ohwell，\'saidI，delightedatthisconfidence，IthinkIcanaffordtoriskwhatyouarewillingtoriskforyourmother，Mrs。Beverly。WhereisPetunia，didyousay？\'\"
\"Hepulleddownarollermaponthewallasyoudrawdownawindow-blind，andagainIlistenedtostatementsthatchurnedinmybrain。PetuniawasanewresortontheseacoastofNewHampshire。OnerailwaysystemdidalreadyconnectitwithbothPortsmouthandPortland，butitwasnotaverydirectconnectionatpresent。Yetinspiteofthis，thepopulationhadincreased23andseven-tenthspercentinfiveyears，andnowanelectricrailwaywasinconstructionthatwoulddoublethepopulationinthenextfiveyears。Thiswaslessthanwhathadhappenedtootherneighbouringresortsunderidenticalconditions；yetwiththingsastheynowwere，thecompanywasearningtwopercentonitsstock，whichwasbeingputintoimprovements。Thestockwassellingat30，andifadividendwaspaidnextyear，itwouldgotopar。ButMr。Beverlydidnotcounselbuyingthestock。\'Ididnotletmotherhaveany，\'hesaid，\'thoughItooksomemyself。Butthebondsaredifferent。You\'regettingthelastthatwillbesoldatpar。Inthreedaystheywillbeplacedbeforethepublicat1021/2andinterest。\'\"
\"IwaswellpleasedwhenIleftMr。Beverly\'soffice。InafewdaysIwasstillmorepleasedtolearnthatIcouldsellmyPetuniasixesfor104ifsowished。ButIdidnotwishit；andMr。Beverlytoldmethatheshouldnotsellhismother\'sunlesstheywentto110。\'Inthatcase，\'saidhe，\'itmightbeworthwhiletocapitaliseherpremium。\'\"
\"Ilikedtheideaofcapitalisingone\'spremium。Ifyouhadfiftybondsthatcostyoupar，andsoldthemat110，youwouldthenbuyatparfifty-fivebondsofsomeotherrisingkind，andgoondoingthisuntilI
namednolimitforthisprocess；butmydelightedmindsawvisionsofeightyandahundredthousandayearcomfortatleast，ifnotaffluenceinNewYorkandIexplainedtoEthelwhatthephrasecapitalisingone\'spremiummeant。IshowedherthePetunias，too，andwereadwhatitsaidonthecouponsaloudtogether。Ethelwasatfirstnotquitesatisfiedwiththearrangementofthecoupons。\'ThirtydollarsonJanuaryfirst，andthirtyonJulyfirst，\'shesaid。Thatseemsalongwhiletowaitforthosepayments，Richard。Andthereareonlytwoineveryyear，thoughyoupaythemathousanddollarsallatonce。Itdoesnotseemverypromptontheirpart。\'Itoldherthatthiswastherule。\'But，\'sheurged，\'don\'tyouthinkthatamanlikeMr。Beverlymightbeabletogetthemtomakeanexceptionifheexplainedthecircumstances？Otherpeoplemaybesatisfiedwithwaitingforlittlecrumbsinthisway，butwhyshouldwe？\'
Isoonmadeherunderstandhowitwas，however，andIexplainedmanyotherfactsaboutinvestmentsandthestockmarkettoher，asIlearnedthem。Itwasagreatpleasuretodothis。Wecametotalkaboutfinanceevenmorethanwetalkedofmywritings；forduringthatSpringI
investedagooddealmorerapidlythanIwrote。ThePetuniashadtakenonlyone-twentiethofamilliondollars；andthoughMr。Beverlywarnedmetorushhastilyintonothing，andpointedoutthegoodsenseofdistributingmyeggsinanumberofbaskets，stillwebothagreedthatthesoonerallmymoneywasbringingmefiveorsixpercent，thebetter。\"
