TIMBER BONDS 11 



furnish material for a complete survey of the 

 issues of timber securities now outstanding. 

 The circular form used by the same house for 

 different issues is nearly always after a set 

 style, but the values of stumpage, percentage 

 loaned, sinking funds and other vital points 

 differ in each circular. 



The legal opinions and legal procedure in 

 general must be closely watched when dealing 

 in timber securities. The forms of mortgage 

 given in this book are the best in existence to- 

 day and should be carefully studied. No in- 

 vestor should purchase a timber bond before 

 reading a copy of the legal opinion on the issue 

 and noting if the titles have been checked at the 

 county seats and the original records examined. 



Holders of timber bonds or those wishing to 

 invest in such securities can have the bonds 

 they own or want to purchase examined, ap- 

 praised and passed on by independent experts. 

 Capitalists can now take advantage of the high 

 returns on timber investments, and under 

 skilled guidance buy those that are sound and 

 safe. 



