PREFACE. 



This book treats the Timber Bond from a 

 purely practical basis. No attempt is made 

 to advance theories. When given careful con- 

 sideration, the criticism of the present sinking 

 fund practice and title examinations will be 

 acknowledged sound by all concerned. No ef- 

 fort has been spared to make the chapters short 

 and the language used simple and clear. The 

 circulars and mortgages quoted are given in 

 full that they may be safely followed for guides 

 and comparisons. 



I wish to express my thanks to Mr. Edward 

 E. Barthell of Nashville, Tennessee, for the 

 mortgages, to Mr. Calvin Fentress of Lyon, 

 Gary & Company, Chicago, for ideas and criti- 

 cims, to Mr. H. S. Sackett, U. S. Forest Service, 

 for information and data, and to the Bond 

 Houses for circulars and suggestions. 



T. S. McGeath. 



Chicago, July 5, 1911. 



