“Well, I opened an account for you with our firm. You were credited with the amount. I then gave an order to buy one hundred bonds of $1,000 each. We paid 96 for them.” “I don’t follow you quite, Mr. Colwell. I told you”—another arch smile—“I was so stupid!” “It means that for each $1,000–bond $960 was paid. It brought the total up to $96,000.” “But I only had $35,000 to begin with. You don’t mean I’ve made that much, do you?” “Not yet, Mrs. Hunt. You put in $35,000; that was your margin, you know; and we put in the other $61,000 and kept the bonds as security. We owe you $35,000, and you owe us $61,000, and——” “But—I know you’ll laugh at me, Mr. Colwell—but I really can’t help thinking it’s something like the poor people you read about, who mortgage their houses, and they go on, and the first thing you know some real-estate agent owns the house and you have nothing. I have a friend, Mrs. Stilwell, who lost hers that way,” she finished, corroboratively. “This is not a similar case, exactly. The reason why you use a margin is that you can do much more with the money that way than if you bought outright. It protects your broker against a depreciation in the security purchased, which is all he wants. In this case you theoretically owe us $61,000, but the bonds are in your name, and they are worth $96,000, so that if you want to pay us back, all you have to do is to order us to sell the bonds, return the money we have advanced, and keep the balance of your margin; that is, of your original sum.” “I don’t understand why I should owe the firm. I shouldn’t mind so much owing you, because I know you’d never take advantage of my ignorance of business matters. But I’ve never met Mr. Wilson nor Mr. Graves. I don’t even know how they look.” “But you know me,” said Mr. Colwell, with patient courtesy. “Oh, it isn’t that I’m afraid of being cheated, Mr. Colwell,” she said hastily and reassuringly; “but I don’t wish to be under obligations to any one, particularly utter strangers; though, of course, if you say it is all right, I am satisfied.” “My dear Mrs. Hunt, don’t worry about this matter. We bought these bonds at 96. If the price should advance to 110, as I think it will, then you can sell three fifths for $66,000, pay us back $61,000, and keep $5,000 for emergencies in savings banks drawing 4 per cent interest, and have in addition 40 bonds which will pay you $2,000 a year.” “That would be lovely. And the bonds are now 96?” “Yes; you will always find the price in the financial page of the newspapers, where it says BONDS. Look for _Man. Elec. 5s_,” and he showed her. “Oh, thanks, ever so much. Of course, I am a great bother, I know——” “You are nothing of the kind, Mrs. Hunt. I’m only too glad to be of the slightest use to you.”