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And it might be just as well to find but what his
real reasons are for selling.
The investigation cannot be too rigid, and the con
ditions of t"he mortgage should be thoroughly under
stood; the amount, the rate of interest, and the date
when it expires, not forgetting the rent, the length
of the lease, whether it can be renewed or not, and
upon what terms, and if it is liable to be increased.
Then ascertain the amount of legitimate business
done, the value of the stock on hand—not watered—
the condition of the fittings or furnishings, and what
repairs and improvements are necessary. Then fig
ure up the daily expenses—and it is best to allow a
fairly liberal estimate for these.
When you have finished the material you have in
hand will enable you to decide just about what kind
of an investment you are making.
If the place doesn't figure as worth the money,
don't delude yourself with the idea that you can
build it up into a paying investment, even though you
have talent in that direction. It is always easier to
buy than it is to sell, and there is many a leak in an
apparently prosperous saloon.
It might be just as well to' find out if the owner
had any judgments against him, or if he were about
to be proceeded against legally, as well as the reputa
tion of his saloon.'If it has a bad name in the
neighborhood, find out why.
The liquor in stock may or may not be paid for,
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