Edwin Lefevre

“ Mrs. Buxton indulged in some shopping—the stores were fascinating—and supplied her with endless conversational topics, and she had enough to Occupy her mind in New York without bothering about stocks or bankers or returning to brokers' offices. She took the train for Indianapolis the next evening. He did not see her again in nearly two years.
It was a curious coincidence that John D. Mitchell should receive a letter from Mrs. Buxton, eighteen months later, telling him not to send her the check for the usual quarterly dividend, on the very same day that Lakeside stock sold at 380. ”

“ How may I be of service to you?"
"I think you knew my husband, Colonel Channing. He was Frederick Buxton, superintendent of the Pittsburg, Indianapolis, and Chicago Railroad."
"Ah, yes," with a polite smile that invited family confidences. He did not remember the name or the man.
"Before he died he bought three hundred shares of Lakeside stock for me, which I hold." Mrs. Buxton felt faintly that she was not businesslike. But she had not time to act a part; so she was what she wished to be, unconsciously. Women would be sensible if they allowed themselves to be natural. ”

“ Mrs. Buxton once told a friend, with a deprecating smile at the pride she felt in being a fellow stockholder of theirs, "the Stuyvesants own most of it!" They didn't; but there were many Mrs. Buxtons in the United States. In American finance, as in politics, it is not always the majority who rules.
So Beekman III. began to buy Lakeside stock, and he bought and bought until he had accumulated 30,000 shares. The price rose to 115, as Mr. Mitchell wrote to Mrs. Buxton. To be enabled to sell out his stock at 120, the Stuyvesant brokers pushed the price up to 130 and tried to unload. ”

“ It solaced her greatly to martyrize herself in her own estimation before them by having to attend to her own business affairs—as if her cross was not sufficiently heavy without that extra hundredweight. ”

“ Of course it will help the Midland enormously. The Lakeside can earn ten per cent. year in and year out. We can issue three-and-a-half per cent. bonds because the Midland's credit is so good, and give $20,000 in bonds for every $10,000 of stock. The bonds ought to sell readily at 95 or 96."
"That will mean 192 for Lakeside stock," observed Beekman III., nodding his head approvingly, because he had figured on the higher price. Then he permitted himself to smile. So did Theophilus. Both smiles were Stuyvesant smiles—facial chuckles marvellously like the old Pirate's, Channing thought. ”

“ The stock is now selling at 380."
"Is it?" said Mrs. Buxton, politely, endeavoring to appear interested.
"Yes. The Stuyvesants want it badly, and they are willing to pay for it. It's worth more to them than to-any one else. I really think you would do well to sell it."
"Change it for the bonds?"
"Oh dear no," laughed the broker. "Sell it for cash and buy any bonds you wish—good railroad bonds that will net you four per cent. or a trifle over. If you do that, you can get very nearly $5000 a year on your money." ”

“ To lead a horse to water is one thing; to make him drink is ten thousand. To advance the price of a stock by means of the boosting power of the dollars requires no great art. To make the public buy it at the high price requires many arts, some of them black. The devil, the Spaniards say, can do so many clever things not because he is devilishly clever, but because he is devilishly old; and Beekman III. was very young.
So the price was put up to 150, and then the Lakeside stock began to pour on the market. It was too high a price for a five-per-cent. stock, experts thought. ”

“ Mrs. Frost vouchsafed her sorrow over not being at home the previous day. Mrs. Buxton assured her that any sorrow was mild compared to Mrs. Buxton's, who had hoped to enjoy a friendly chat. She had been sorely tried all that week. She thereupon told Mrs. Frost all about the affair, and ended:
"You see, Mrs. Frost, if I take the $60,000 in bonds—they are really very good, safe bonds, I assure you—I need never bother about that investment, and I can attend to other matters with a clear mind." She had no other investments, excepting a few hundreds in the savings-bank. ”

“ A professional litigant or two talked of obtaining perpetual injunctions, but their price was so absurdly cheap that Colonel Channing didn't haggle, but paid spot cash. The bond operation was perfectly legal. Why mar the era of good feeling?
There was no doubt that the Great Midland had done a good stroke. But many far-seeing holders of Lakeside stock had faith in the road, and thought that some day the stock would pay them more than seven per cent. The newspapers took sides on the matter. To convert or not to convert became a burning question. ”

“ Fred always thought a great deal of that Lakeside stock. He said it would be very valuable some day, and I feel I ought to keep it for his sake. Though I suppose the bonds are very good too. You know, bonds are the safest thing in the world." She had been a financier these many centuries. ”

“ He hoped she was not fatigued and that the firm could be of service to her.
"I thought I'd come myself to see you about my Lakeside stock, Mr. Mitchell," she explained—without a business air, Mrs. Frost being many miles away.
"Why, didn't you receive our letter?"
"Yes; but I made up my mind to come. I was undecided, so I concluded the best thing to do was to see Colonel Channing and ask his advice."
Mitchell remembered that Fred Buxton had been a well-known railroad man, and assumed that Mrs. Buxton knew the Colonel. Responsibility shortens life. ”

“ Her manner showed clearly that she herself invariably did so. The judicial is the only attitude that women cannot make convincing, however great their histrionic ability.
"Yes," pursued Mrs. Buxton, naturally unimpressed by the other's wisdom, "but that sur-plus! Why, my dear, I might get a Christmas present some time of hun—of thousands of dollars!" She thrilled herself into unshakable determination never to convert her stock.
"That would be fine," Mrs. Frost assured her, without warmth. ”