The several things on which he did not speculate sufficiently were the life or health of Mr. Ross; the chance that some obnoxious neighborhood growth would affect the territory he had selected as residence territory; the fact that difficult money situations might reduce real estate values—in fact, bring about a flurry of real estate liquidation which would send prices crashing down and cause the failure of strong promoters, even such promoters for instance, as Mr. Samuel E. Ross.
For several months he studied the situation as presented by his new guide and mentor, and then, having satisfied himself that he was reasonably safe, decided to sell some of the holdings which were netting him a beggarly six per cent, and invest in this new proposition. The first cash outlay was twenty thousand dollars for the land, which was taken over under an operative agreement between himself and Ross; this was run indefinitely—so long as there was any of this land left to sell. The next thing was to raise twelve thousand five hundred dollars for improvements, which he did, and then to furnish some twenty-five hundred dollars more for taxes and unconsidered expenses, items which had come up in carrying out the improvement work which had been planned. It seemed that hard and soft earth made a difference in grading costs, that trees would not always flourish as expected, that certain members of the city water and gas departments had to be “seen” and “fixed” before certain other improvements could be effected. Mr. Ross attended to all this, but the cost of the proceedings was something which had to be discussed, and Lester heard it all.
After the land was put in shape, about a year after the original conversation, it was necessary to wait until spring for the proper advertising and booming of the new section; and this advertising began to call at once for the third payment. Lester disposed of an additional fifteen thousand dollars worth of securities in order to follow this venture to its logical and profitable conclusion.
Up to this time he was rather pleased with his venture. Ross had certainly been thorough and business-like in his handling of the various details. The land was put in excellent shape. It was given a rather attractive title—”Inwood,” although, as Lester noted, there was precious little wood anywhere around there. But Ross assured him that people looking for a suburban residence would be attracted by the name; seeing the vigorous efforts in tree-planting that had been made to provide for shade in the future, they would take the will for the deed. Lester smiled.
The first chill wind that blew upon the infant project came in the form of a rumor that the International Packing Company, one of the big constituent members of the packing house combination at Halstead and Thirty-ninth streets, had determined to desert the old group and lay out a new packing area for itself. The papers explained that the company intended to go farther south, probably below Fifty-fifth Street and west of Ashland Avenue. This was the territory that was located due west of Lester’s property, and the mere suspicion that the packing company might invade the territory was sufficient to blight the prospects of any budding real estate deal.
Ross was beside himself with rage. He decided, after quick deliberation, that the best thing to do would be to boom the property heavily, by means of newspaper advertising, and see if it could not be disposed of before any additional damage was likely to be done to it. He laid the matter before Lester, who agreed that this would be advisable. They had already expended six thousand dollars in advertising, and now the additional sum of three thousand dollars was spent in ten days, to make it appear that In wood was an ideal residence section, equipped with every modern convenience for the home-lover, and destined to be one of the most exclusive and beautiful suburbs of the city. It was “no go.” A few lots were sold, but the rumor that the International Packing Company might come was persistent and deadly; from any point of view, save that of a foreign population neighborhood, the enterprise was a failure.
To say that Lester was greatly disheartened by this blow is to put it mildly. Practically fifty thousand dollars, two-thirds of all his earthly possessions, outside of his stipulated annual income, was tied up here; and there were taxes to pay, repairs to maintain, actual depreciation in value to face. He suggested to Ross that the area might be sold at its cost value, or a loan raised on it, and the whole enterprise abandoned; but that experienced real estate dealer was not so sanguine. He had had one or two failures of this kind before. He was superstitious about anything which did not go smoothly from the beginning. If it didn’t go it was a hoodoo—a black shadow—and he wanted no more to do with it. Other real estate men, as he knew to his cost, were of the same opinion.
Some three years later the property was sold under the sheriff’s hammer. Lester, having put in fifty thousand dollars all told, recovered a trifle more than eighteen thousand; and some of his wise friends assured him that he was lucky in getting off so easily.
CHAPTER L
While the real estate deal was in progress Mrs. Gerald decided to move to Chicago. She had been staying in Cincinnati for a few months, and had learned a great deal as to the real facts of Lester’s irregular mode of life. The question whether or not he was really married to Jennie remained an open one. The garbled details of Jennie’s early years, the fact that a Chicago paper had written him up as a young millionaire who was sacrificing his fortune for love of her, the certainty that Robert had practically eliminated him from any voice in the Kane Company, all came to her ears. She hated to think that Lester was making such a sacrifice of himself. He had let nearly a year slip by without doing anything. In two more years his chance would be gone. He had said to her in London that he was without many illusions. Was Jennie one? Did he really love her, or was he just sorry for her? Letty wanted very much to find out for sure.
The house that Mrs. Gerald leased in Chicago was a most imposing one on Drexel Boulevard. “I’m going to take a house in your town this winter, and I hope to see a lot of you,” she wrote to Lester. “I’m awfully bored with life here in Cincinnati. After Europe it’s so—well, you know. I saw Mrs. Knowles on Saturday. She asked after you. You ought to know that you have a loving friend in her. Her daughter is going to marry Jimmy Severance in the spring.”
Lester thought of her coming with mingled feelings of pleasure and uncertainty. She would be entertaining largely, of course. Would she foolishly begin by attempting to invite him and Jennie? Surely not. She must know the truth by this time. Her letter indicated as much. She spoke of seeing a lot of him. That meant that Jennie would have to be eliminated. He would have to make a clean breast of the whole affair to Letty. Then she could do as she pleased about their future intimacy. Seated in Letty’s comfortable boudoir one afternoon, facing a vision of loveliness in pale yellow, he decided that he might as well have it out with her. She would understand. Just at this time he was beginning to doubt the outcome of the real estate deal, and consequently he was feeling a little blue, and, as a concomitant, a little confidential. He could not as yet talk to Jennie about his troubles.
“You know, Lester,” said Letty, by way of helping him to his confession—the maid had brought tea for her and some brandy and soda for him, and departed—”that I have been hearing a lot of things about you since I’ve been back in this country. Aren’t you going to tell me all about yourself? You know I have your real interests at heart.”
“What have you been hearing, Letty?” he asked, quietly.
“Oh, about your father’s will for one thing, and the fact that you’re out of the company, and some gossip about Mrs. Kane which doesn’t interest me very much. You know what I mean. Aren’t you going to straighten things out, so that you can have what rightfully belongs to you? It seems to me such a great sacrifice, Lester, unless, of course, you are very much in love. Are you?” she asked archly.
Lester paused and deliberated before replying. “I really don’t know how to answer that last question, Letty,” he said. “Sometimes I think that I love her; sometimes I wonder whether I do or not. I’m going to be perfectly frank with you. I was never in such a curious position in my life before. You like me so much, and I—well, I don’t say what I think of you,” he smiled. “But anyhow, I can talk to you frankly. I’m not married.”