BOND CIRCULARS 377 



ever in redwood timber. The lands of the C. A. Smith 

 Timber Company, in Oregon, are located adjacent to the 

 Pacific Ocean in what is known as the fog belt. During 

 the greater part of the year the lands in this belt are 

 subject to heavy rains and dense fogs, which to a large 

 extent eliminates the fire hazard. These lands differ en- 

 tirely in this respect from the timber lands located on the 

 east side of the mountain range. 



In regard to the sugar and California white pine, we 

 quote from a bulletin issued by the Forest Service: "The 

 power of mature sugar pine to resist fire is sometimes 

 under-rated, for in this respect it far surpasses eastern 

 white pine and compares favorably with most of its asso- 

 ciates. Mature trees are very rarely killed by fire, unless 

 it should get into the crown, and although sugar pine has 

 a much thinner bark than either yellow pine or Douglas 

 spruce, it ranks well up in the list of fire resistance, the 

 trees usually continuing to flourish without apparent per- 

 manent injury long after the butt has been badly burned." 

 The danger from fire has been greatly lessened also by the 

 great care exercised by the lumbermen generally to protect 

 their timber holdings. The C. A. Smith Timber Company 

 and other large holders of timber lands on the coast have 

 organized fire patrol systems which co-operate with the fire 

 patrol system of the Government in the Forest Reserves to 

 guard against any possibility of fire. There are no indi- 

 cations of a destructive fire ever having gone through the 

 forests covered by this bond issue. Further particulars on 

 this subject will be sent upon request. • 



DATES OF PAYMENT. 



The bonds are issued in denominations of $1,000 and 

 $500 each, and are due and payable each six months. (See 

 first page.) All or any of the bonds may be paid at any in- 

 terest period prior to maturity on sixty days' notice at a 

 premium of 3 per cent and accrued interest. 



Prices of bonds for long or short time, par and accrued 

 interest, yielding six per cent. 



The above statements are based on information and data 

 believed by us to be trustworthy and reliable, and while 

 not guaranteed by us, have been accepted and acted upon by 

 us in the purchase and appraisal of the bonds and the 

 property securing the same. 



