CHAPTER XII. 



BOND CIRCULARS. 



The circulars given in tliis chapter condense 

 into small space the salient points of the is- 

 sues they describe. The circular explains the 

 leading features of the Trust deed, the nature 

 of the security, the maturities, the stumpage, 

 the mills, the shipping facilities, the invest- 

 ment of stockholders, the financial condition of 

 the borrower, the condition of the titles, the 

 sinking fund and other features. The circular 

 carries in brief form the best selling arguments 

 of the issuing house. The circular covers the 

 soundness, earning power and desirability of 

 each issue. The circulars given here are put 

 out by the most reliable timber bond houses 

 and represent the best practice in the business. 



The chief criticism that can be made against 

 them is that they do not state whether the titles 

 are passed on from abstracts or from the 

 original records. In order not to change the 

 form of a circular more than necessary each 

 one is headed Exhibit No. 1 to 22 inclusive, 

 and carries the firm name at its end. 



EXHIBIT NO. 1. 



Farwell Trust Company, Chicago. The subscription list 

 will open on November 14th. 1910. and close on or be- 

 fore November 17th, 1910. Price Brothers & Com- 

 pany, Limited. (Incorporated under the Laws of the 

 Province of Quebec. Canada.) Capital. $.5,000,000. 



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