Daily Arizona silver belt., 1910-01-22

said Newmark dryly. This is your own affair, and do not urge it on you. If we raise as much as $75,0O0 on that upper peninsula stumpage it will be all it can stand. for next year We must make a third payment on it. If you take that money 1t is of course proper that you pay the interest on it. And if there's any possibility of the fore closure of the mortgage it is only right that you run all the risk of loss-nOt myself"
 Certainly" said Orde.
 Prom another point of view" went on Newmark. you are practically mortgaging your interest in the Boom company for $T5.00O. That would make, on the usual basis of a mort gage, your share worth above $200,- GOO, and S400,000 is high valuation of our property"
 ''That looks more than decent on your part" said Orde.
 "Of course it's none of my business 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 get this?" asked Orde at length.
 q couldn't promise it for longer than five years" replied Newmark.
 That would make about Sl5,OO0 a year and interest. Well. don't see why I cant carry that easily on our present showing and prospects"
 If nothing untoward happens" in sisted Newmark.
 Its not much risk" said Orde hope fully. "There's nothing surer than lumber. What do our earnings figure anyway
 Were driving 15O,OOO,OOO at a profit of about 60 cents d thousand. That's S9O,oOO-in five years $450,0O0. We ought to clean up S5 d thousand on our mill. That's about a hundred thou sand on what we've got left"
 And that little barge business nets us about twelve or fifteen thousand year"
 For the five years about SG0.OO0 more. Let's see-thats a total of. say. $GOO,0OO in five years"
 "We will have to take up in that time" said Newmark. two payments on timber. the note on the First Ma tionaI, the Commercial note. the lia- bilities on the Boom company-S300.- GOO all told"
 Correct" said Orde Good enough. l ought to get along on a margin like that"
 He set to figuring. The results he eyed doubtfulIy. Each year he must pay in interest the sum of S7.5O0 Each year he would have to count on a proportionate saving of S15.OO0 to. ward payment of the notes. In addi- tion, he must live.
 But Orde was fond of risks.
 "Never mind. It's for Bobby" said he to himself. And maybe the rate of interest will go down. and I'll be able to borrow on the California tract if anything does go wrong"
 He stepped across the hall into Fay lor's office.
 Frank began Orde immediately, "I came to see you about that Califor- mia timber matter. Now. what 1 want is this"- He proceeded to outline care fully the agreement between himself and Newmark. while the lawyer took notes and occasionally interjected Q question.
 "All right" said the latter when the details had been mastered. 'I'll draw the necessary notes and papers"
 NOW" went on Orde, producing the bundle of papers from his pocket. there's the abstract of title. l wish you'd look it over. It's long one. but not complicated, as near as l can make out Trace seems 10 have ac- quired this tract mostly from the orig inal homcsteaders and the like. who. of course, take title direct from the government. 1 want you to look 1t over, to be sure everythlng's ship shape.
 "One other thing" concluded Orde. q want this investment to get no far