CHAPTER I. 



TIMBER BONDS. 



Tlie underlying strength of the security be- 

 hind the Timber Bond is steadily forcing it into 

 great favor with bankers, institutions and in- 

 dividuals. When the exact nature of the in- 

 vestment is fully understood by people with 

 money the market for timber bonds will become 

 very broad and the six per cent bond will pass 

 out of existence. Even now, timber bonds are 

 being sold on a 5i/4% basis. These bonds are 

 issues which have been created with the great- 

 est care. The cruises of the timber and exam- 

 inations of the physical properties have been 

 made, or checked, by the private experts of the 

 issuing bond house. The titles have been ex- 

 amined at the county seats and abstracts veri- 

 fied by the original records. All the legal proce- 

 dure from the incorporation of the company 

 down to the delivery of the bonds has been cer- 

 tified by eminent attorneys. The books and 

 accounts have been audited by experts who 

 are celebrated for the thoroughness of their 

 investigations and their insight into affairs. 

 The work of floating these issues has been su- 

 perintended from its inception, either by ex- 

 perts of the negotiating bond house, or the 

 underwriters referred to in chapter three of 

 this book. 



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