Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1910-03-15

81 talked last evening with a maj
from Detroit named Thayer. VIII
thinks he may advance $4,000 on ,
mortgage on our northern peninsula
stumpage. For that, Of course, we Wi
give the firms note with interest at II
per cent. will turn this over to you
'That's"- began Orde.
"Hold on" interrupted Newmark
AS collateral security you will de
posit for me your stock in the Boon
company. indorsed In blank. II yol
do not pay the full amount of th'
firms note to Thayer, then the stool
will be turned In to me-"
81 see." said Orde.
"Now. don't misunderstood me,
said Newmark dryly. This Is you
own affair. and do not urge it on you
If we raise as much as $4,000 on tina
upper peninsula stumpage 1t will b.
all It can stand. for next year we mus
make a third payment on 1t. II yol
take that money 1t is Of course prope
that you pay the interest on 1t. Ant
If there's any possibility Of the fore
closure Of the mortgage 1t is only righ
that you run all the risk Of loss-no
myself"
Certainly" said Orde.
From another point Of view," wen
on Newmark. you are PRACTICAL!
mortgaging your interest in the Boon
company for $4,000. That would
make, on the usual basis Of mort
gage, your share worth above $500,
600, and 100000 is high valuation
Of our property"
"That looks more than decent OF
your part" said Orde.
"Of course it's none Of my bushes!
what you intend to do with this
went on Newmark, "but unless you're
sure you can meet these notes l should
strongly advise against It."
"For how long time could l ge
this?" asked Orde at length.
IT couldn't promise 1t for longer thar
five years." replied Newmark.
"That would make about $4,000
year and interest. Well. don't SCI
why can't carry that easily on oul
present showing and prospects"
'Tf nothing untoward happens" in
sisted Newmark.
ats not much risk" said Orde hope
fully. "There's rothing surer thar
lumber. What do olr earnings figure
lnywayT
Were driving 15O.OOO,ooO at profit
Of about 90 cents a thousand. That's
S9O,OOO-in fve years $450,0OO. We
ought to clean up IS thousand Oh
our mill. That's about hundred thou
sand on what we've got left"
"And that little barge business nett
us about twelve or fifteen thousand
year"
"For the FIVE years about 100000
more. Let's see-that's total of. say
100000 in FIVE years."
1--WE will have to take up In tha
time," said Newmark, two payments
on timber. the note on the First Ma
tional the Commercial note, the LA
bilities on the Boom company-$3OO,
900 all told"
Correct" said Orde. Good enough
ought to get along on a margin like
that"
He set to figuring. The results hi
eyed doubtfully. Each year he mus
pay in interest the sum Of $500
Each year he would have to count OF
proportionate saving Of $4,000 to
ward payment Of the notes. In add
ton, he must live.
But Orde was fond of risks.
"Never mind. It's for Bobby" sale
he to himself. "And maybe the rat'
Of interest will 60 down, and I'll b'
able to borrow on the California trac
II anything does 60 wrong"
he stepped across the hall into Tay
lor's Office.
"Frank," began Orde Immediately
II came to see you about that Califor
mia timber matter. Now. what wan
is this He proceeded to outline care
fully the agreement between nimsei
and Newmark, while the lawyer tool
notes and occasionally interjected
question.
Gall right" said the latter when tn
details had been mastered. "I1l draw
the necessary notes and papers"
"Now," went on Orde, producing tn
bundle Of papers from his pocke!
"here's the abstract Of title. ] wisl
you'd look 1t over. It's long one
but not complicated, as near as l cal
make out. Trace seems to have &C
quired this tract mostly from the orig
inal homesteaders and the like. who
of course, take title direct from tn
government l want you to look
over, to be sure everything's ship
shape.
"One other thing" concluded Ordt
"I want this investment to get no faf