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-season contracts. If for any reason we hang up the drive, or fail to deliver promptly, we're going to get left the year following. And then it's B-U-S-T, bust.”
“Well, we'll just try not to hang her,” replied Orde.