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 to use your
independent judgment after a good deal of work. And all this a trustee
greatly dislikes. It rewards you with five and even six per cent, but
that is no stimulus to a trustee.'"

"Something in me had leaped when Mr. Beverly mentioned six per cent.