EXAMINATION OF PROPERTY 35 



of the timber is consumed; these deposits to 

 be applied to the payment of the principal of 

 the bonds as the several serijJs, semi-annually 

 or annually, become due. The mortgage makes 

 provision for keeping careful check upon the 

 cutting of timl)er and accounting for the same 

 to the mortgage trustee. 



Organizing the timber estimating crews is 

 the second stage in the making of a timber land 

 bond issue. It is left to the cruiser in charge 

 and the bond house. Each crew consists of two 

 men, an estimator and a compass man. The 

 number of crews depends on the acreage of the 

 timber holdings and the rapidity with which it 

 is desired to have the estimate completed. In 

 the case of a recent bond issue made by us on 

 Southern timber lands, there were 124,000 acres 

 of pine and cypress timber to be examined in 

 a period of six months. Seven crews were put 

 out into the tield, making a total of 14 men em- 

 ployed besides Mr. Straight. These men have 

 estimated timber for the Chicago & Northwest- 

 ern Railroad Company, the Duluth & South 

 Shore Railroad Company, Longyear Land 

 Company, Marquette, Michigan, Cleveland 

 Cliff Iron Company, Negaunee, Michigan, and 

 many others. 



An example of the method of work done in 

 all bond issues handled is the work on a recent 

 bond issue. As the surveys were not in good 

 condition, the lines not being plain, the serv- 

 ices of a county surveyor were secured. He 



