374 TIMBER BONDS 



We appraise tiie market value of the redwood, 

 sugar pine and white pine timber — 2,833,- 

 930,000 feet— at 12.00 per 1.000 feet $5,761,860.00 



Fir. cedar, spruce and hemlock timber — 4.931,- 



632,000 feet at ?1.00 per 1,000 feet 4,931.632.00 



?10,699,492.00 



The value of the standing timber at the above conserva- 

 tive appraisal is $10,699,942.00. or more than three and 

 one-half times ihe amount of this bond issue, without tak- 

 ing into account the mill properties at Coos Bay, costing 

 over $4t)0,000, or the additional railroad and mill prop- 

 erties to be constructed with the proceeds of this bond 

 issue. 



Our cruisers report that all of the lands in Coos. Curry 

 and Douglas Counties. Oregon, are so located that every 

 acre can be logged to advantage either by water or by rail- 

 road, and it is all tributary to the saw mills on Coos Bay. 

 at Marshfield. Oregon. The Coquille River and branches, 

 and the Umpqua River and branches intersect the whole 

 tract. A large part of the land in Coos County is located 

 on tide water bayous. 



Tlie greater part of the land in Humboldt County. Cali- 

 fornia, is located upon the bottom lands of Redwood and 

 Prairie creeks: a very small percentage is on mountain 

 slopes which verge toward these creeks. The Southern 

 Pacific Railroad's new coast line from Portland to San 

 Francisco, now building from Drain, Oregon, to ilarsh- 

 Qeld. Oregon, and from there surveyed to Trinidad, Cali- 

 fornia, will pass through these lands. 



The main body of the land in El Dorado County, Cali- 

 fornia, is located on a plateau and is favorably situated 

 for logging operations. 



For further information in regard to this property we 

 refer to letter of C. A. Smith, president, attached hereto. 



TITLES AND MORTGAGE. 



The titles to the lands covered by this mortgage have 

 been carefully examined and certified by our counseL Mr. 

 Samuel Adams, of Chicago, under whose legal direction 

 the mortgage and bonds were prepared. See letter attached 

 of ex-Governor John Lind and A. Ueland, attorneys, of 

 Minneapolis. Minn., certifying to the titles of a great part 

 of these lands. 



GUARANTY. 



The payment of the principal and interest of these bonds 



is unconditionally guaranteed by endorsement on each bond 

 by 3Ir. C. A. Smith, of Minneapolis, Minn. Mr. Smith. 



