“Thank you for the ‘if,’” Margie retorted, “but I don’t care for a husband almost old enough to be my grandfather, after being accustomed to seeing a real nice, handsome young man about the house.”
“He has money,” said Lucia, “and that is what most girls are dying to marry. Papa says he is making a fortune if he is as deep in the market as some folks say.”
“I hope he is,” said Margie. “He ought to have something besides a wooden face, and a bald head, and the same set of speeches and manners for all occasions. What a splendid sphinx he would make, or an old monument! Maybe he isn’t quite antique enough, but for vivacity he isn’t any more remarkable than a stone statue. Just think of what Phil has saved us from!”
And still E. & W. went up. The discovery of valuable mineral deposits on the line of one of its branches sent the stock flying up several points in a single day, and soon afterward a diversion of some large grain-shipments from a parallel line helped it still further. That the grain was carried at a loss did not trouble any one,--probably because only the directors knew it, and it was not their business to make such facts public. And with each rise of the stock Marge sold out, so as to have a larger margin with which to operate.
At the first of the year E. & W. declared a dividend so large, for a security that had been far below par, that even prudent investors began to crowd to the street and buy the stock to put into their safes. The effect of this was to send shares up so rapidly and steadily that Marge had difficulty in re-purchasing at the price at which he sold; but he did so well that more than six thousand shares now stood in his name on the books of his broker. Six thousand shares represented about half a million dollars, at the price which E. & W. commanded. Marge admitted to himself that it did not mean so much to him, for he had not a single certificate in his pocket or anywhere else. But what were stock certificates to a man who operated on a margin? They were good enough for widows and orphans and other people incapable or unwilling to watch the market and who were satisfied to draw annually whatever dividends might chance to be declared. To Marge the stock as it appeared on his broker’s books signified that he had cleared nearly fifty thousand dollars on it within two months; and all this money was reinvested--on margin--in the same stock, with the probability of doubling itself every month until E. & W. should go quite a way beyond par. Were it to creep up only five per cent, a month--it had been doing more than twice as well--he could figure up a cool million of gain before the summer dulness should strike the market. Then he would sell out, run over to Europe, and take a rest: he felt that he would have earned it by that time.