382 TIMBER BONDS 



Law Office of John Lind and A. Ueland, 401 New York 

 Life Building, Minneapolis. 



May 5. 1908. 

 Clark L. Poole & Co.. 



Bankers, 



Chicago, 111. 

 Gentlemen : 



In answer to your favor of May 3rd, permit us to state 

 that we have no hesitancy in recommending the bonds is- 

 sued by the C. A. Smith Timber Company to our friends 

 and clients for investment. Some years ago we examined 

 the titles to nearly all of the lands in the State of Califor- 

 nia, and to some of those in the State of Oregon covered by 

 the trust deed to secure these bonds. The titles examined 

 we found good. We are also familiar with the character 

 and value of the timber on these lands, and we regard the 

 estimates and valuations contained in your prospectus as 

 well warranted and conservative. We believe the security 

 absolutely good, and we also regard Mr. C. A. Smith's per- 

 sonal guaranty of the bonds sufficient in itself to insure 

 their prompt payment when due. Yours truly, 



(Signed) JOHN LIND and A. UELAND. 



CLARK L. POOLE & CO.. 



Bankers, Timber Bonds, 



Long Distance Telephone, Central 4844. First National 



Bank Bldg., Chicago. 



EXHIBIT NO. 7. 

 No. 304. 



OTIS & HOUGH, INVESTMENT BANKERS. 



Cleveland. Ohio. 



We own and offer subject to sale or change in price: $425,- 

 000 First Mortgage 6 Per Cent Serial Gold Bonds of 



AMERICAN LUMBER COMPANY. 



Detroit Trust Company, Detroit, Michigan, Trustee. 



DESCRIPTION OF BONDS. 

 Dated September 1st, 1909. Denominations $500 and $1,000. 

 Principal and semi-annual interest (January and July 

 1st) payable at the Office of the Detroit Trust Company, 



