s wouldn't patronize a rink run by you."

Old Dutcher's eyes twinkled. It did not displease him to know that the
Carleton boys hated him. In fact, it seemed as if he rather liked it.

"Besides," went on Ned, "you couldn't afford the time. You couldn't be
on the pond for eight hours a day and until ten o'clock at night. I
can, as I've nothing else to do just now. If I had, I wouldn't have to
be trying to make money by a skating-rink."

Old Dutcher scowled. Ten dollars was ten dollars and, as Ned had said,
he knew very well that he could not run a rink by himself. "Well," he
said, half reluctantly, "I suppose I'll let you go ahead. Only
remember I'll hold you responsible if anything happens."

Ned went home in high spirits. By the next day he had placards out in
conspicuous places--on the schoolhouse, at the forge, at Mr. Rogers's
store, and at Winterby Corners--announcing that he had rented Mr.
Dutcher's pond for a skating-rink, and that tickets for the same at
twenty-five cents a week for each skater could be had upon application
to him.

Ned was not long left in doubt as to the success of his enterprise. It
was popular from the start. There were about fifty boys in Carleton
and Winterby, and they all patronized the rink freely. At first Ned
had some trouble with two or three rowdies, who tried to evade his
rules. He was backed up, however, by Old Dutcher's reputation and by
the public opinion of the other boys, as well as by his own undoubted
muscle, and soon had everything going smoothly. The rink flourished
amain, and everybody, even Old Dutcher, was highly pleased.

At the end of the season Ned paid Old Dutcher his ten dollars, and had
plenty left to pay for books and tuition at the business college in
Trenton. On the eve of his departure Mr. Rogers, who had kept a keen
eye on Ned's enterprise, again picked him up on the road.

"So you found a way after all, Ned," he said genially. "I had an idea
you would. My bookkeeper will be leaving me about the time you will be
through at the college. I will be wanting in his place a young man
with a good nose for business, and I rather think that you will be
that young man. What do you say?"

"Thank you, sir," stammered Ned, scarcely believing his ears. A
position in Mr. Rogers's store meant good salary and promotion. He had
never dared to hope for such good fortune. "If you--think I can give
satisfaction--"

"You manipulated Old Dutcher, and you've earned enough in