Part 77

“The same remark applies to any mortgage,” rejoined Orde.

“Exactly.”

“For how long a time could I get this?” asked Orde at length.

“I couldn't promise it for longer than five years,” replied Newmark.

“That would make about fifteen thousand a year?”

“And interest.”

“Certainly--and interest. Well, I don't see why I can't carry that easily on our present showing and prospects.”

“If nothing untoward happens,” insisted Newmark determined to put forward all objections possible.

“It's not much risk,” said Orde hopefully. “There's nothing surer than lumber. We'll pay the notes easily enough as we cut, and the Boom Company's on velvet now. What do our earnings figure, anyway?”

“We're driving one hundred and fifty million at a profit of about sixty cents a thousand,” said Newmark.

“That's ninety thousand dollars--in five years, four hundred and fifty thousand,” said Orde, sucking his pencil.

“We ought to clean up five dollars a thousand on our mill.”

“That's about a hundred thousand on what we've got left.”

“And that little barge business nets us about twelve or fifteen thousand a year.”

“For the five years about sixty thousand more. Let's see--that's a total of say six hundred thousand dollars in five years.”

“We will have to take up in that time,” said Newmark, who seemed to have the statistics at his finger-tips, “the two payments on our timber, the note on the First National, the Commercial note, the remaining liabilities on the Boom Company--about three hundred thousand all told, counting the interest.”

Orde crumpled the paper and threw it into the waste basket.

“Correct,” said he. “Good enough. I ought to get along on a margin like that.”

He went over to his own desk, where he again set to figuring on his pad. The results he eyed a little doubtfully. Each year he must pay in interest the sum of seven thousand five hundred dollars. Each year he would have to count on a proportionate saving of fifteen thousand dollars toward payment of the notes. In addition, he must live.

“The Orde family is going to be mighty hard up,” said he, whistling humorously.

But Orde was by nature and training sanguine and fond of big 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 put on his hat, thrust a bundle of papers into his pocket, and stepped across the hall into Taylor's office.

The lawyer he found tipped back in his revolving chair, reading a printed brief.

“Frank,” began Orde immediately, “I came to see you about that California timber matter.”

Taylor laid down the brief and removed his eye-glasses, with which he began immediately to tap the fingers of his left hand.

“Sit down, Jack,” said he. “I'm glad you came in. I was going to try to see you some time to-day. I've been thinking the matter over very carefully since the other day, and I've come to the conclusion that it is too steep for me. I don't doubt the investment a bit, but the returns are too far off. Fifteen thousand means a lot more to me than it does to you, and I've got to think of the immediate future. I hope you weren't counting on me--”

“Oh, that's all right,” broke in Orde. “As I told you, I can swing the thing myself, and only mentioned it to you on the off chance you might want to invest. Now, what I want is this--” he proceeded to outline carefully the agreement between himself and Newmark while the lawyer took notes and occasionally interjected a question.