按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
his best efforts； he could not succeed； without the aid of chance；
in striking a blow from which Orde could not recover。 The profits
of the first year were not quite up to the usual standard； but they
sufficed。 Newmark's finesse cut in two the firm's income of the
second year。 Orde roused himself。 With his old…time energy of
resource； he hurried the woods work until an especially big cut gave
promise of recouping the losses of the year before。 Newmark found
himself struggling against a force greater than he had imagined it
to be。 Blinded and bound； it nevertheless made head against his
policy。 Newmark was forced to a temporary quiescence。 He held
himself watchful； intent； awaiting the opportunity which chance
should bring。
Chance seemed by no means in haste。 The end of the fourth year
found Newmark puzzled。 Orde had paid regularly the interest on his
notes。 How much he had been able to save toward the redemption of
the notes themselves his partner was unable to decide。 It depended
entirely on how much the Ordes had disbursed in living expenses；
whether or not Orde had any private debts； and whether or not he had
private resources。 In the meantime Newmark contented himself with
tying up the firm's assets in such a manner as to render it
impossible to raise money on its property when the time should come。
What Orde regarded as a series of petty annoyances had made the
problem of paying for the California timber a matter of greater
difficulty than he had supposed it would be。 A pressure whose
points of support he could not place was closing slowly on him。
Against this pressure he exerted himself。 It made him a trifle
uneasy； but it did not worry him。 The margin of safety was not as
broad as he had reckoned； but it existed。 And in any case； if worse
came to worst； he could always mortgage the California timber for
enough to make up the differenceand more。 Against this expedient；
however； he opposed a sentimental obstinacy。 It was Bobby's； and he
objected to encumbering it。 In fact； Orde was capable of a
prolonged and bitter struggle to avoid doing so。 Nevertheless； it
was therean asset。 A loan on its security would； with what he had
set aside； more than pay the notes on the northern peninsula
stumpage。 Orde felt perfectly easy in his mind。 He was in the
position of many of our rich men's sons who； quite sincerely and
earnestly； go penniless to the city to make their way。 They live on
their nine dollars a week； and go hungry when they lose their jobs。
They stand on their own feet； and yetin case of severe illness or
actual starvationthe old man is there！ It gives them a courage to
be contented on nothing。 So Orde would have gone to almost any
lengths to keep free 〃Bobby's tract；〃 but it stood always between
himself and disaster。 And a loan on western timber could be paid
off just as easily as a loan on eastern timber； when you came right
down to that。 Even could he have known his partner's intentions；
they would； on this account； have caused him no uneasiness； however
angry they would have made him； or however determined to break the
partnership。 Even though Newmark destroyed utterly the firm's
profits for the remaining year and a half the notes had to run； he
could not thereby ruin Orde's chances。 A loan on the California
timber would solve all problems now。 In this reasoning Orde would
have committed the mistake of all large and generous temperaments
when called upon to measure natures more subtle than their own。 He
would have underestimated both Newmark's resources and his own grasp
of situations。*
* The author has considered it useless to burden the course of the
narrative with a detailed account of Newmark's financial manoeuvres。
Realising； however； that a large class of his readers might be
interested in the exact particulars； he herewith gives a sketch of
the transactions。
It will be remembered that at the time1878Orde first came in
need of money for the purpose of buying the California timber； the
firm； Newmark and Orde； owned in the northern peninsula 300；000；000
feet of pine。 On this they had paid 150；000； and owed still a like
amount。 They borrowed 75；000 on it； giving a note secured by
mortgage due in 1883。 Orde took this； giving in return his note
secured by the Boom Company's stock。 In 1879 and 1880 they made the
two final payments on the timber； so that by the latter date they
owned the land free of encumbrance save for the mortgage of 75；000。
Since Newmark's plan had always contemplated the eventual
foreclosure of this mortgage； it now became necessary further to
encumber the property。 Otherwise； since a property worth
considerably above 300；000 carried only a 75；000 mortgage； it
would be possible； when the latter came due； to borrow a further sum
on a second mortgage with which to meet the obligations of the
first。 Therefore Newmark； in 1881； approached Orde with the request
that the firm raise 70；000 by means of a second mortgage on the
timber。 This 70；000 he proposed to borrow personally； giving his
note due in 1885 and putting up the same collateral as Orde had
that is to say； his stock in the Boom Company。 To this Orde could
hardly in reason oppose an objection； as it nearly duplicated his
own transaction of 1878。 Newmark therefore； through Heinzman； lent
this sum to himself。
It may now be permitted to forecast events in the line of Newmark's
reasoning。
If his plans should work out； this is what would happen： in 1883 the
firm's note for 75；000 would come due。 Orde would be unable to pay
it。 Therefore at once his stock in the Boom Company would become
the property of Newmark and Orde。 Newmark would profess himself
unable to raise enough from the firm to pay the mortgage。 The
second mortgage from which he had drawn his personal loan would
render it impossible for the firm to raise more money on the land。
A foreclosure would follow。 Through Heinzman； Newmark would buy in。
As he had himself loaned the money to himselfagain through
Heinzmanon the second mortgage； the latter would occasion him no
loss。
The net results of the whole transaction would be： first； that
Newmark would have acquired personally the 300；000；000 feet of
northern peninsula timber； and； second； that Orde's personal share
in the stock company would flow be held in partnership by the two。
Thus； in order to gain so large a stake； it would pay Newmark to
suffer considerable loss jointly with Orde in the induced
misfortunes of the firm。
Incidentally it might be remarked that Newmark； of course； purposed
paying his own note to the firm when it should fall due in 1885；
thus saving for himself the Boom Company stock which he had put up
as collateral。
Affairs stood thus in the autumn before the year the notes would
come due。 The weath