Great Fortunes: Andrew V. Stout Part 3
In the midst of his prosperity Mr. Stout made one mistake. A friend with whom he had been interested in building wished to procure some money from the bank, and Mr. Stout was induced, with considerable reluctance, to indorse his note for five thousand dollars. One false step in business, as in other affairs of life, leads to another, and, in order to save this money, Mr. Stout was forced to renew his indorsements until his liabilities amounted to twenty-three thousand dollars. To his dismay he was now informed by the builder for whose sake he had incurred this risk, that he (the builder) had failed, without making provision for the payment of the notes, and that Mr. Stout would have to account to the bank for them.
“Several methods of relief were open to Mr. Stout. He was worth seventeen thousand dollars, which he had earned by nights of toil, by economy, and by daily and earnest attention to business. To pay the notes would not only sweep away every penny that he had, but would leave him six thousand dollars in debt. He had never realized one cent from the money, and his name was used simply to accommodate the builder. Besides, he was not of age, though nobody suspected that fact, and he could repudiate his debts as a minor. He took no counsel, made no statement of his affairs to any one, shut himself up in his own room, and considered thoughtfully what he should do, and then followed out the decision that he had reached. Having become bankrupt in money, he concluded he would not be so in character. He had earned seventeen thousand dollars, and could earn seventeen thousand dollars more. He did confide in one friend. He went to a relative, and asked him to lend him six thousand dollars, the sum necessary to take up all the notes. The relative was astonished at the request, and insisted upon knowing the facts in the case. Mr. Stout made a full and frank statement. It was met with the remark, ‘Well, Andrew, I thought you would be a rich man, but if this is the way you do your business, you will never be worth any thing,’ But Mr. Stout did not want preaching, he wanted money; and as the relative seemed to hesitate about loaning the money, as no security was offered, Mr. Stout curtly told him he could do as he pleased about it; he could get the money somewhere, and pay the notes. The money was promised, and he went on his way.
