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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。'〃
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〃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
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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。
Beverly's mother got some； and all your hesitation fled。 And now I see that
the Gulf； Galveston； and Little Rock is going to build a branch that may
make Philippi a perfectly evaporated town。 If you sold these bonds to…day；
how much would you lose？'〃
〃I did not enjoy telling Ethel how much； but I had to。 'Only fifteen
thousand dollars；' I said。〃
〃'Only！' said Ethel。 'Well； I hope his mother will lose a great deal more
than that。'〃
〃It is seldom that Ethel taps her foot； but she had begun to tap it now；
and this inclined me to avoid any attempt at a soothing reply； in the hope
that silence might prove still more soothing； and that thus we might get
away from old Mrs。 Beverly。〃
〃'She cannot possibly be less than sixty…five；' Ethel presently
announced。 'And she is far more likely to be seventy。'〃
〃I thought it best to agree to any age that Ethel chose to give the old
lady。〃
〃'Do you suppose；' Ethel continued； 'that she does it by telephone？'〃
〃'My dearest；' I responded； 'he must do it all for her； of course； you
know。'〃
〃'I doubt that very much； Richard。 And she strikes me as being the sort
of character for whom a mere telephone would not be enough excitement。
The nerves of those people require more and more stimulants to give them
any sensation at all。 I believe that she sits in his private office and watches
the ticker。'〃
〃'Why not give her a ticker in her bedroom while you are about it；
Ethel？' I suggested。〃
〃But Ethel could not smile。 'I think that is perfectly probable；' she
answered。 And then； 'Oh； Richard； isn't it mean！' At this I took her hand；
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and shebut again I abstain from dwelling upon those circumstances of
the en