CHAPTER VII. 



EXAMINATION OF PROPERTY. 



The timber is estimated either by public 

 cruisers or the private cruisers of the bond 

 buyers or the underwriters. The following de- 

 scription of examining a timber property for 

 the purpose of a bond issue is taken from the 

 booklet issued by Messrs. Clark L. Poole & 

 Company, Chicago. This house has sold around 

 $40,000,000.00 worth of timber bonds. They 

 have never had a default of interest or prin- 

 cipal : 



""Wlien a lumber company desires to make 

 a bond issue based on its timber lands and 

 sawmill plant as security, we require of it a 

 general statement showing the valuation of the 

 property, the number of acres of timber land, 

 varieties of timber, the estimated amount of 

 lumber it will produce and other information of 

 a general nature, including the amount and pur- 

 pose of the bond issue desired. If the security 

 seems ample to make such bond issue safe and 

 investigation into the credit and standing of 

 the company is satisfactory, we agree to accept 

 the bond issue if our own independent prelimin- 

 ary investigation results in bearing out the 

 statement furnished by the company that has 

 made application for the bond issue. 



'*At this point the real work of making the 



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