356 TIMBER BONDS 



the men connected with the management, of the following 

 companies: 



Linn & Lane Timber Company. 



C. A. Smith Lumber and Manufacturing Company. 

 C. A. Smith Timber Company of Oregon. 

 Smith-Powers Logging Company. 



C. A. Smith Lumber Company of Minneapolis, Minn. 

 C. A. Smith Timber Company of Minneapolis, Minn., etc. 

 From reliable statements submitted Mr. Smith's net 

 worth is shown to be many times the amount of this bond 

 issue. 



TIMBER ESTIMATES: Careful estimates of the tim- 

 ber on this property were made for us by J. P. Braj'ton, a 

 well known and competent cruiser. Messrs. Lyon, Gary & 

 Co., have in turn, through their own expert cruisers, 

 checked this report to their complete satisfaction. Mr. 

 Brayton's detailed estimate, and Lyon, Gary & Company's 

 check of same may be seen at our office, or a resume will 

 be sent on request. 



Average 

 Per Acre 

 Acres Feet Log Scale 



Coos, Curry, Douglas and 



Lincoln Counties 35.000 1.970,000,000 56,000 



Linn and Lane Counties. .35,000 2,402,000,000 68,000 

 The above estimates consist in detail of the following: 



Feet 



Fir 3,803,000,000 



Cedar 57,700,000 



Port Orford Cedar 104,270,000 



Hemlock 315,565,000 



Larch and White Pine 19,265.000 



Spruce 63.895,000 



Other Timber 7,755,000 



4,351,450,000 

 having a value, based on a conservative price of $1.00 per 

 thousand feet, in excess of $4,300,000. These estimates are 

 based upon log scale, uncut merchantable timber. The 

 timber is of good quality, and the situation is favorable 

 from a logging and lumbering standpoint. The mill at 

 Coos Bav, also under the mortgage, is valued at over 

 $200,000." 



TITLES AND MORTGAGE: The titles to the lands 

 covered by this mortgage have been carefully examined 

 on the ground from the records themselves by our coun- 

 sel. All legal details relating to the examination of titles, 

 preparation of the trust deed, etc., have been in charge of 



