wonder if I had better sell. Of course there won't be war; we're always having these scares, and they always come to nothing. But if dealers are anxious, prices may fall a good bit yet, and I should find it difficult to pay my differences."
Archie poured himself out his first tumbler. He held it in his hand a moment, not tasting it, now that he had got it. Delay, when the delay was voluntary, would but add deliciousness to the moment when his mouth and throat would feel that cold sting.…
"I don't understand," he said, watching the bubbles stream up from the sides and bottom of his glass.
His father threw down the paper.
"It's as simple as heads and tails," he said. "I've bought a quantity of Russian mining shares, without paying for them, in the hope that they will go up. If they do, I shall sell at the higher price and pocket the difference. But if they go down I shall have to pay the difference at the next account. If the shares are each worth £8 now, and at the next account are only standing at £6, I shall have to pay £2 on each share. If I like, I can telegraph to my broker to sell now, while they're at £8. I shall have a loss because I bought them at £9, but I shall no longer be running any risks. But it's thirsty work talking. Just fill my glass again."
"But then, if the scare dies down again, I suppose your shares will go up," said Archie.
His father laughed.
"Sound business head you've got, Archie," he said. "You've got the hang of it; it's just heads and tails. Never you speculate: it's a rotten business. I've got into the habit now, but I recommend you not to take to it. It's easy enough to take to it, but it's the devil to break it. Same with other things. Make a habit of virtue, and you'll never go to the deuce."
He watched Archie a moment, who with head thrown
