Wackenreuder

This appeal is from the judgment and from an order denying appellants’ motion for a new trial in an action for the foreclosure of a mortgage. The main point involved relates to the manner in which interest should be computed upon the principal of the note. It was computed by the court, in .fixing the amount of the judgment, at six per cent per annum, compounded monthly, and it is now claimed by appellants that only simple interest should have been allowed. The construction of the contract between the parties determines the question involved. The contract as to the original loan called for interest at the rate of eight per cent, compounded monthly. Proceedings of fore *472 closure were begun upon such contract, whereupon the mortgagor made a written proposition to plaintiff, whereby he proposed “to pay enough on the existing mortgage to reduce it to eight thousand dollars, and to then give a mortgage for the sum of eight thousand dollars, to bear interest at the rate of six per cent per annum.” Plaintiff answered the mortgagor's proposition by the following resolution of its board of directors: “Application No. 11, V. Wackenreuder, for a renewal of his loan of June 29, 1881, at six…