PROMISSORY NOTE

     Houston, Texas
     July 20, 1993


          For value received, the undersigned (hereinafter called
     "Employee"), together with the undersigned Co-Borrower hereby
     promises(s) to pay to MAXXAM Inc., a Delaware corporation, or order at
     the principal offices of MAXXAM Inc., the sum of Fifty Thousand
     Dollars ($50,000), together with interest on the unpaid principal
     balance at the rate of six percent (6%) per annum.  Interest shall be
     payable monthly in arrears on the twentieth day of each month.

          This note shall be payable in full, without presentment, grace,
     demand or notice upon the earliest to occur of:

               (i)  July 20, 1998, or

               (ii) immediately upon employee's separation from Employment
     with MAXXAM Inc.

          Should default be made in payment of any sum due hereunder the
     whole sum of principal and accrued interest shall become immediately
     due and payable.  After default, interest shall accrue on all unpaid
     amounts due at the highest rate then lawful in the State of Texas. 
     Principal and interest shall be payable in lawful money of the United
     States.  If action be instituted on this note, the undersigned agree
     to pay such sums as a court of competent jurisdiction may fix as
     reasonable attorney's fees.


                                             EMPLOYEE



                                             Byron L. Wade

                                             CO-BORROWER



                                             Carol Wade