had rented. Newmark had just come down.

"Hullo, Joe," greeted Orde, his teeth flashing in contrast to the tan of
his face. "I'm done. Anything new since you wrote last?"

Newmark had acquired his articles of incorporation and sold his stock.
How many excursions, demonstrations, representations, and arguments that
implied, only one who has undertaken the floating of a new and untried
scheme can imagine. Perhaps his task had in it as much of difficulty as
Orde's taming of the river. Certainly he carried it to as successful a
conclusion. The bulk of the stock he sold to the log-owners themselves;
the rest he scattered here and there and everywhere in small lots, as
he was able. Some five hundred and thousand dollar blocks even went to
Chicago. His own little fortune of twenty thousand he paid in for the
shares that represented his half of the majority retained by himself and
Orde. The latter gave a note at ten per cent for his proportion of the
stock. Newmark then borrowed fifteen thousand more, giving as security
a mortgage on the company's newly acquired property--the tugs, booms,
buildings, and real estate. Thus was the financing determined. It
left the company with obligations of fifteen hundred dollars a year in
interest, expenses which would run heavily into the thousands, and an
obligation to make good outside stock worth at par exactly forty-nine
thousand dollars. In addition, Orde had charged against his account a
burden of two thousand dollars a year interest on his personal debt. To
offset these liabilities--outside the river improvements and equipments,
which would hold little or no value in case of failure--the firm held
contracts to deliver about one hundred million feet of logs. After some
discussion the partners decided to allow themselves twenty-five hundred
dollars apiece by way of salary.

"If we don't make any dividends at first," Orde pointed out, "I've got
to keep even on my interest."

"You can't live on five hundred," objected Newmark.

"I'll be on the river and at the booms six months of the year," replied
Orde, "and I can't spend much there."

"I'm satisfied," said Newmark thoughtfully, "I'm getting a little better
than good interest on my own investment from the start. And in a few
years after we've paid up, there'll be mighty big money in it."

He removed his glasses and tapped his palm with their edge.

"The only point that is at all risky to me," said he, "is that we have
only one-sea