by Anonymous
CHAPTER XIV
NED'S BUSINESS VENTURE
Meanwhile Ned Wilding was speeding on the fast train toward New York.The first part of the journey was no novelty to him, as he had been overthat part of the line before. Soon, however, he noticed a change in thescenery and was kept busy watching the landscape as it seemed to flypast the windows.
"I wonder if I'll have time to attend to that little matter of businessbefore I go to Uncle Kenfield's house," said Ned to himself as he leanedback in his seat and pulled a bundle of papers from his pocket. "Let'ssee what the address is."
Ned began to turn over the pages of a booklet which he selected fromamong his bundle of documents.
"Skem & Skim, 111 Broadway," he read. "I'll just drop down there beforeI go to uncle's house and buy my stock. Just think of me being astockholder in the Mt. Olive Oil Well Corporation, Limited. Capital tenmillion dollars, surplus and undivided profits five millions. It mustbe a great concern."
Ned gave himself up to pleasant thoughts and looked out of the window.Perhaps he saw himself a millionaire riding in his private car. For Nedwas going to do some business on his own account--the first he had everdone.
When he learned that he was to visit his aunt and uncle in New York hedecided to put into operation a plan he had long had in mind; eversince, in fact, he got the thousand dollars damages which were paid tohim and his chums by Mr. Ricka, as told in the first volume of this"Darewell Chums Series."
Mr. Wilding, after much solicitation on Ned's part, had allowed his sonto take one hundred dollars of the money to invest in any way he sawfit, subject to certain restrictions.
"I'll not let you buy gold bricks with it, of course," Mr. Wilding hadsaid, "and I advise you not to invest it in alleged counterfeit money or'green goods.' But anything else in reason you may do. It's your firstreal business venture, and it will be good for you to learn byexperience. I had to when I was a boy."
"How about buying oil stock?" Ned had asked. "I have been reading thatup lately."
Mr. Wilding smiled behind the paper he was reading.
"I warned you against gold bricks," he said.
"Oh, but this is a legitimate oil business," Ned replied. "The companyadvertises in the best magazines, and is only selling stock low for afew days. By February first it is going to five dollars a share. It'sonly fifty cents now. Why, they have testimonials from prominent men,and an expert writes that the oil wells of the Mt. Olive concern are therichest ever seen. They have one well that runs a hundred barrels a dayand they haven't it half bored yet."
"Ned," said Mr. Wilding, and he spoke a little gravely, "I'm not goingto stand in your way. I've allowed you to take that hundred dollars toinvest as you please. Now I'm not going to advise you. If I did I mightas well invest the money myself. I want you to learn to be a businessman and the best way to learn is by experience, though it isn't alwaysthe easiest way. If you want to buy stock in that oil company do so. Ifyou get 'bitten' you do so with your eyes open."
"Don't you think it's a good investment, father?"
"I'm not going to say. Sometimes those concerns pay well, and againthey do not. It's an operation such as business men enter into everyday, and in this case, as far as you are concerned, it is legitimate,since you are going to buy the stock outright, and not speculate in itby buying on a margin. As I said, I will not advise you. Buy that stockif you want to, and I'll say nothing which ever way the cat jumps. It'syour money and you will have to foot the bill. I wouldn't risk more thana hundred dollars though."
"That will give me two hundred shares at fifty cents each," Ned replied,figuring on the back of an envelope. "If it goes to five dollars a shareI'll make nine hundred dollars profit. That would be fine!"
"So you've decided to buy it, eh?"
"I think so. I'll get it when I go to New York to Uncle Kenfield'shouse."
"Very well, Ned. You may do so. Only remember one thing, just repeat toyourself that old proverb about counting your chickens before they'rehatched."
"Oh, well, I may not make nine hundred dollars, but I'm bound to clearsome profit. The stock can't go much below fifty cents a share," Nedremarked hopefully.
"That's your lookout," his father replied. "Now that you've got itsettled I'll draw a hundred dollars of your thousand and give it to youbefore you start for New York."
It was this transaction Ned had in mind as he was on his way to thegreat city. He read the account of the oil concern from circulars whichhad been mailed to him in Darewell a few weeks ago. There were bigsheets of statistics, prospectuses glittering with gold printing, finelyengraved sample stock certificates and a mass of figures that showed theimpossibility of the Mt. Olive oil wells producing any less than thehighest possible number of barrels per day.
"If this turns out all right I'll get the other boys to invest some oftheir money," Ned said to himself.
Ned reached New York safely about noon. He had his dinner in a restaurantnear the station and then, leaving his trunk until he could have it sentto his uncle's house, and carrying only a small valise, he went to theoffice of the oil concern.
He had little difficulty in finding it, once a policeman had directedhim to Broadway. He was hardly prepared for the beautifully furnishedoffice into which he stepped. There was heavy carpet on the floor, thechandeliers, glowing with electric lights, seemed of solid gold. Therewere brass and mahogany railings, big rosewood desks, telephones on thedesks, stock tickers clicking in one corner, and three girls clicking ontypewriters in another corner. On every side were evidence of a big andrushing business.
"Well, sir, what can we do for you? Who are you from?" asked a clerk,from behind a brass grating, as Ned entered.
"I came to buy some stock," the boy replied.
"Who for? Speak quick! This is our busy day!"
"For myself," Ned replied.
"Come, no joking. I haven't any time to waste. Got an order from abroker? Hand it over with the check."
"I haven't any order and I haven't any check," Ned made reply, somewhatsharply, for the clerk's manner nettled him. "I came in here to buy somestock on my own account. I've got the cash here, but if you don'twant--"
"What is it?" asked a large, pompous man, with a florid face and a whitemoustache, coming from an inner office.
"This boy says he wants to buy some stock," the clerk replied.
The florid man looked at Ned sharply.
"You mean this gentleman comes in here to invest in the Mt. Olive OilWell Corporation," the florid man went on quickly. "Certainly, my dearsir," and he shot a meaning look at the clerk. "Skem & Skim will behappy to transact any business you may entrust them with. Step in here,please," and he held the door open for Ned to enter the inner office.
That was even more richly furnished than the outer one. Ned sat in anupholstered chair that seemed to smother him, so far down did it let himsink.
"Now, my dear sir, what can we do for you?" and the man looked at Ned.
"I have a hundred dollars to invest in your oil well."
The man seemed a little disappointed.
"Hum, yes, of course. Well, at the present market rate that will giveyou two hundred shares. You are in luck, my dear sir. We are going toput the price at a dollar a share in the morning. In fact we were goingto advance it this afternoon. I will have your certificate made out atonce." He took the money, which Ned held out, and touched a button onhis desk. A young man entered. "Make out a certificate for two hundredshares for this gentleman, er--let's see--I'm afraid I didn't catch yourname when you mentioned it."
As Ned had not mentioned it the gentleman's inability to catch it mighteasily be forgiven.
Ned supplied the necessary information, and the clerk withdrew. Anotherentered a moment later. He seemed much excited:
"Just had a wire from Colonel Janders," he said. "The Black Cat well hasincreased fifty barrels a day, Mr. Skem!"
"Good!" exclaimed the florid gentleman. "Tell Mr. Skim at once, and putthe stock up to a dollar a share. Yo
u got in just in time," he added,turning to Ned, and our hero thought so himself.
As the last clerk withdrew another one came in.
"Got an order from Mr. Johnson for five thousand shares," he announced."Shall I let him have 'em at fifty?"
"Sorry to disoblige Mr. Johnson, who is a very good friend of mine,"said Mr. Skem, "but I shall have to charge him a dollar. I guess he'llpay it. The stock will go to two dollars a share before the end of theweek."
The first clerk came back with a finely engraved certificate, on whichthe name "Edward Wilding" was written in a flourishing hand.
"There you are," said Mr. Skem. "I hope you will take some more stocksoon. If you invest before the end of the week I will, as a specialfavor to you, make the price seventy-five cents."
Ned had half a mind to invest another hundred dollars, but he thought hehad better write to his father first. Then, with the preciouscertificate in his pocket, he started for his uncle's house, planning tostop on the way and order his trunk sent up.