"Then I'll tell you. You buy fifty shares of stock, costing, say,
fifty dollars a share."

"That would be twenty-five hundred dollars."

"Yes, if you bought it right out. But you don't. You give the broker
whatever per cent. he requires, say a dollar a share--most of them
don't do it so cheap--and he buys the stock on your account. If it
goes up one or two points, say to fifty-one or fifty-two, he sells
out, and the profit goes to you, deducting twenty-five cents a share
which he charges for buying and selling. Besides that, he pays you
back your margin."

"That's splendid. But doesn't it ever go down?"

"I should say so. If it goes down a dollar a share, then, of course,
you lose fifty dollars."

Conrad looked serious. This was not quite so satisfactory.

"It is rather risky, then," he said.

"Of course, there's some risk; but you know the old proverb, 'Nothing
venture, nothing have.' You must choose the right stock--one that is
going up."

"I don't know anything about stock," said Conrad.

"I do," said Fred. "If I had money I know what I'd buy."

"What?" asked Conrad eagerly.

"Pacific Mail."

"Do you think that's going up?"

"I feel sure of it. I overheard my boss and another broker talking
about it yesterday, and they both predicted a bull movement in it."

"Does that mean it's going up?"

"To be sure."

"I should like to buy some."

"Have you got money to plank down as a margin?"

Conrad had in his pocketbook fifty dollars which he had collected for
Mrs. Hamilton, being a month's rent on a small store on Third Avenue.
It flashed upon him that with this money he could make fifty dollars
for himself, and be able to pay back the original sum to Mrs. Hamilton
as soon as the operation was concluded.

"Could you manage it for me, Fred?" he asked.

"Yes, I wouldn't mind."

"Then I'll give you fifty dollars, and you do the best you can for me.
If I succeed I'll make you a present."

"All right. I hope you'll win, I am sure [illegible]"

Not giving himself time to think of the serious breach of trust he was
committing, Conrad took the money from his pocket and transferred it
to his companion.

"It won't take long, will it?" he asked anxiously.

"Very likely the stock will be bought and sold to-morrow."

"That will be splendid. You'll let me know right off?"

"Yes; I'll attend to that."

Conrad went home and reported to Mrs. Hamilton that the tenant had not
paid, but would do