about three to one
Your hypothesis was correct . The Farrels never did to-day a task that could be deferred until to-morrow . Well , you went out and looked over the security for that mortgage . You found it to be ample -- about three to one , as a very conservative appraisal . You discovered that all of the stockholders in the First National were old friends of my father and extremely reluctant to foreclose on him . As a newcomer ; you preferred not to antagonize your associates by forcing the issue upon them , so you waited until the annual election of stockholders , when you elected your own Board of Directors . Then this Board of Directors sold you the mortgage , and you promptly foreclosed it .