Current Literature. 499 



lies in the personal and historical side, as exhibiting the early- 

 development of the personnell of the profession. It is full of 

 crudities, which might have been edited, but thereby would have 

 been lost the spontaneity of the expressions and the informality. 



It is significant to note that two alumni of the ill fated New 

 York State College of Forestry were present, among them the 

 first graduate of any forest school on this continent, and he a pro- 

 fessor in the Yale school of the most practical subject, logging. 

 The significance of this last fact comes home to those who recall 

 that the argument for the establishment of the Yale school an- 

 nounced in so many words by President Hadley was that the Cor- 

 nell school did not teach practical forestry, 



B. E. F. 



Timber Bonds as Investment Securities. Supplement to 

 Annals of American Academy of Political and Social Science. 

 May, 1912. 80 Pp. 



This supplement to the annals is one of unusual interest to 

 foresters inasmuch as it deals with the subject of investments in 

 timber lands. The supplement contains nine articles on various 

 phases of timber bonds, all written by experts in their particular 

 lines. The contents of this interesting number are : "Timber 

 Bond Features", by T. S. McGrath, author of the recent book on 

 Timber Bonds ; "The Science of Timber Valuation", by James D. 

 Lacey, of the well known firm of timber estimators with whom 

 there are several technically trained foresters formerly in the 

 employ of the Federal Forest Service; "Questions of Law En- 

 countered in Timber Bond Issues", by Edward E. Bartheil ; 

 "Timber Bonds as Investments", by Calvin Fentress ; "The Ac- 

 countant's Relation to Timber Bond Issues", by Arthur F. Jones ; 

 "Timber Bonds as Legal Investments for Michigan Savings 

 Banks", by W. A. Hamlin; "The Timber Cruiser: His Relation 

 to Timber Bonds", by Thomas R. Cummins ; "Timber Bonds as 

 Investments for Insurance Companies", by William K. Hoagland ; 

 "Waste Material as a Source of Profit and Added Security on 

 Timber Bonds", by W. J. Cummings ; altogether the volume will 

 be of decided interest to American foresters and can be read by 

 them with both interest and profit since it deals with very im- 



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