

BOND CIRCULARS 3T5 



with one exception, is the laxsK" _ - — 



ber lands in the Fnited States .:.- :i-:s .-: •.:::i..7 



owned by him are located adjo :--". :: i-i :z:^:~:z:'.^ L 



with the lands corered bj this :•:- : :;=:t i- : :ir v.-:t- 



standins thereon will come oat :"-: :i- 



mannfaetnred at the mills, now i : - -v 



stmcted from the proceeds oft: .-: Sn. i 



has been for the past twenty y^.- 



time, one of the largest and m : ^ : 



ers of white pine lumber in the r 



is president and sole owner, a = - 



owned by the mm diiedOj cc: .1 '.'-- —i-:.^-- 



ment, of the following compamie^ 



C. A. Smith Lnmber Gompany. V-- : 



C. A. Smith Timber Company v- , : z- 



C- A- Smith Timbo- Company 



C. A. Smith Lnmber & Maniri^ ^ - 1: --3.r5- 



field. Ore. 



Smith-Powers Logging CmnFi: 



The net worth of the guar r ~ t j : 1 ^ 



amount of tiiis bond issne. fSr- S~::i 1: 



tached hereto.) 



The mortgs.rT " : -; r ri a 



deposit with -JIt _:■:-; ;: 5' :_ ;^:i: :---. '.:z 



scale, tor all : 11 ^ : i": :___.- _^- .':;_ :~:~: 



baaed upon the r ; : r: ^ r - f - : -■::'! . 1 t . r ,: 5 . t r . - - :i: 

 pany is reqfuirr : t; - ::::- :i Lizi: -\::: ^_i: - :: :i^ 



Trustee for ea /i : : : r : n:::- : ; ^- 



of the timber :z : ir iiir _ ^ : n;: i : 1^ 

 to the payment : : : : e ::::;;. .: ; . 1 : ; : _ - : i ; 

 will operate to n-.-.r- :-'.. :'. 1t ; -i?^ :t:::t r-s:- 1; 

 15 per cent :- '':-"■ -■;-:. l; ::^--;:_ -ir .;r:yii7 :- :- 

 qtlired to •::-.--:'- z.\ :it _ ::s:^t ^:: .-.W -.. — -^ 



cut, and tt- : - i:; - 5 



are rigidly ^" -r::;.-- 



der theredr- : ' :-->:■;-=:' .:::::::;:;;; riAV::- 



Lng in S-- - 5 



for rec- - : ; ^ 



interes' ^iii^^i iscsos. ;ui ii sj^ic-^iu s;;:;™.ci£E.i ta 



exhaus: is. 



TIMBER VALrES 

 It is now a matter of common knowledse that stand- 

 ing timber is becoming more scarce and higher In mar b ^ 

 price. This increase in Talues has bem e^edally mailDed 

 within the last three years, owing to the rai^ depletion 

 of the forests to supply the constantly increasing demand 



