e
a reason for his master's absence that the visitors had departed without
a suspicion that they had been deliberately excluded. And as Newmark
made no friends and excited little interest, the attempts to cultivate
him gradually ceased.

"Orde," said Newmark, as the former entered the office, "I think I can
arrange this matter."

Orde drew up a chair.

"I talked last evening with a man from Detroit named Thayer, who thinks
he may advance seventy-five thousand dollars on a mortgage on our
northern peninsula stumpage. For that, of course, we will give the
firm's note with interest at ten per cent. I will turn this over to
you."

"That's--" began Orde.

"Hold on," interrupted Newmark. "As collateral security you will deposit
for me your stock in the Boom Company, indorsed in blank. If you do not
pay the full amount of the firm's note to Thayer, then the stock will be
turned in to me."

"I see," said Orde.

"Now, don't misunderstand me," said Newmark drily. "This is your own
affair, and I do not urge it on you. If we raise as much as seventy-five
thousand dollars 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, it is of course proper that you pay the interest on it."

"Certainly," said Orde.

"And if there's any possibility of the foreclosure of the mortgage, it
is only right that you run all the risk of loss--not myself."

"Certainly," repeated Orde.

"From another point of view," went on Newmark, "you are practically
mortgaging your interest in the Boom Company for seventy-five thousand
dollars. That would make, on the usual basis of a mortgage, your share
worth above two hundred thousand--and four hundred thousand is a 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, I
should strongly advise against it."

"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