BOND CIRCULARS 355 



The timber in Coos, Curry, Douglas aud Lincoln Coun- 

 ties is scattered among my other holdings over a consider- 

 able area, and the timber in Linn and Lane Counties is 

 separated from that in the other counties by a distance of 

 from 100 to 125 miles. The timber is so separated that, In 

 my opinion, it is hardly conceivable that an amount of the 

 timber sufficient to imperil the bond issue could be de- 

 stroyed by any accident. 



The timber is located between the western slope of the 

 Sierras and the Pacific Coast, and this country is subject 

 to heavy rains and fog which, to a large extent, eliminate 

 the fire hazard. Danger from fire has been further greatly 

 lessened by the greater care now being exercised by all 

 the larger lumbermen to protect their interests. In addi- 

 tion to the Government fire patrol my companies and other 

 large holders of timber have organized our own patrol sys- 

 tems which work in unison. Provision is made in the Trust 

 Deed for the maintenance of a fire patrol system under 

 penalty. 



. In view of the fact that I personally guarantee both 

 principal and interest of the Linn & Lane 6 per cent Bonds 

 it may interest you to know that in addition to our output 

 on the Coast my Minnesota companies now have an output 

 of 75,000,000 feet per year and by the time the Minnesota 

 lands are cut we expect to have in operation on my sugar 

 pine properties in California a mill with a capacity of 

 from 40,000,000 to 50,000.000 feet per year. In other words, 

 our companies are now producing over 200,000,000 feet of 

 lumber per annum and we are planning to maintain at 

 least this standard of production. 



Aside from small interests owned by men connected with 

 the management, I own all of the capital stock of the 

 Linn & Lane Timber Company and the C. A. Smith Lumber 

 & Manufacturing Co.. and the C. A. Smith Timber Co. of 

 Oregon. I am also principal owner of the C. A. Smith Lum- 

 ber Co. and the C. A. Smith Timber Co. of Minneapolis, 

 two very successful and profitable concerns. I own. in 

 addition, upwards of 100,000 acres of timber land in Califor- 

 nia and Oregon, unencumbered and have interests in other 

 manufacturing and mercantile companies, banks, etc. 



Yours very truly, 

 July 2, 1910. C. A. SMITH. 



GUARANTEE: Mr. Charles A. Smith, the guarantor 

 of both the principal and interest of these bonds, and his 

 allied companies are among the largest timber owners and 

 lumber manufacturers in the United States. He is presi- 

 dent of, and with other members of his immediate family 

 principal owner, aside from some small interests owned by 



