“It's a shame, so it is, doggies!” he laughed at the tried pack. “We'll get one to-morrow.”
So he took his shotgun to the swamp, and after a half hour's wait, succeeded in killing the hare. From that moment he was the hero of those ecstacized canines. They tangled about him everywhere. He hardly dared take a step for fear of crushing one of the open faces and expectant, pleading eyes looking up at him. It grew to be a nuisance. Wallace always claimed his trip was considerably shortened because he could not get away from his admirers.
Financially the Company was rated high, and yet was heavily in debt. This condition of affairs by no means constitutes an anomaly in the lumbering business.
The profits of the first five years had been immediately reinvested in the business. Thorpe, with the foresight that had originally led him into this new country, saw farther than the instant's gain. He intended to establish in a few years more a big plant which would be returning benefices in proportion not only to the capital originally invested, but also in ratio to the energy, time, and genius he had himself expended. It was not the affair of a moment. It was not the affair of half-measures, of timidity.
Thorpe knew that he could play safely, cutting a few millions a year, expanding cautiously. By this method he would arrive, but only after a long period.
Or he could do as many other firms have done; start on borrowed money.
In the latter case he had only one thing to fear, and that was fire. Every cent, and many times over, of his obligations would be represented in the state of raw material. All he had to do was to cut it out by the very means which the yearly profits of his business would enable him to purchase. For the moment, he owed a great deal; without the shadow of a doubt mere industry would clear his debt, and leave him with substantial acquisitions created, practically, from nothing but his own abilities. The money obtained from his mortgages was a tool which he picked up an instant, used to fashion one of his own, and laid aside.
Every autumn the Company found itself suddenly in easy circumstances. At any moment that Thorpe had chosen to be content with the progress made, he could have, so to speak, declared dividends with his partner. Instead of undertaking more improvements, for part of which he borrowed some money, he could have divided the profits of the season's cut. But this he was not yet ready to do.