Mr. Rufus C. Kirk

Horatio, Arkansas

Dear Mr. Kirk:

Mr. Beunos Sikes came over today and gave George and me a check for $500.00, and we released the Kirk store site from our mortgage. Mr. Sikes left with me an instrument signed by you, advising that any of the balance of the $150.00 left after the title cleared would be delivered to George and me.

I pointed out to Mr. Sikes that I had been to about $10.00 expense in getting that quitclaim deed from that fellow in Little Rock. You paid me the $25.00 that I paid the man; but I had one or two telephone calls to Little Rock, and one or two telephone calls to you about the tax matter, and then I prepared the quitclaim deed and conducted the correspondence with Mr. Shuman, and this was all outside of the George R. Kirk collection matter. So for these telephone calls and expenses and other items in getting your tax matter straightened up, I think $10.00 is a reasonable charge. I mentioned to you when you were over here the other day that there was about $10.00 incidental expense in the matter, and I thought you would be back over here with Mr. Sikes so we could discuss the matter together. Since you didn’t come, I am writing you about it.

Now, when Mr. Sikes paid us the $500.00 today, I took $10.00 for the expenses in connection with the tax matter; and that left $490.00 that was credited on your indebtedness to George and me, and I am showing you now how this calculates. We hold a note of $700.00 due December 1, 1937, and a note of $715.50 due December 1, 1938. Up until today, the only credit on either of these notes was the $500.00 that you paid to us in the hotel at Ashdown on December 23, 1937; and that was applied as a credit on the note and interest due December 1, 1937. Here is the way it calculates:

From the net of $490.00 above mentioned as paid today, we credited the $326.95 as the amount necessary to pay in full the note of $700.00 that was due December 1, 1937.

After making this credit, there was left a balance of $163.05, which applied as a credit on the note of $715.50 that was due December 1, 1938. So you now owe George Kirk and E.F. McFaddin the said note of $715.50 and interest thereon, less the credit of $163.05 made on said note today.

And George Kirk and E.F. McFaddin agreed with you that we would carry this balance until July 1, 1939, to give you an opportunity to pay it.

Now, the above is the calculation and the agreement, and I hope between now and the first of July that you will strike oil and get to be a rich man, and that the payment of this balance will be one of the easiest matters before you.

With kindest personal regards, I am

Yours very truly,

 

E. F. McFaddin

 

 

EFM mc