\ 



which he can figure how much money there is in it at the 

 st umpage rat e s as lie d 



As t is now if a man is not familiar with a cer- 

 tain district, c:nd it is simply advertised, for sale, there 

 is no inducement or reason for hin to ma;:o a cruise and 

 oponrl money to see how much it will run in the different 

 species. A private owner to sell his timber to advantage 

 would certainly dress the proposition up in the most at- 

 tractive form to the investor - and to my mind the teynote 

 is to definitely state as many of the factors which will 

 enter into the proposition as possible, so tha'j at once you 

 will seize upon the interest and imagination of the invest- 

 or in his office in San Francisco; and you won r t have to 

 depend on his going down to loo!!: at the timber* 



I don T t feel that the Sierra Sugar Pine Company 

 contract is an ideal one. I think "better will "be made; "but 

 it is a very fair compromise "between that certainty, that 

 degroo of definiteness which the purchaser must require (at 

 the same time leaving the G-overnnent free to exorcise its 

 discretion) , and the requirements of the practice of for- 

 estry. 



In our contract a guarantee is made within certain 

 limits on the matter of species. Without that I don T t 

 thinlr we would have "been justified in going into the propo- 

 sition. You gentlemen are looliing from the inside out, so 



41 



