le,' 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 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
bill--it'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. 'Thoughtful, because it requires you
to investigate properties and their earnings, and generally t