BOND CIRCULARS 385 



TITLES. 



The titles to the Company's property, in so far as the 

 timber lands are concerned, are just two transfers from the 

 Federal Government, and all their titles are good. 



MANAGEMENT. 



The officers and directors of the Company are as fol- 

 lows: 



Dr. W. H. Sawyer, Hillsdale, Mich., Vice-President. 

 Charles F. Wade, Albuquerque, N. M., General Manager. 

 Wm. M. Reynolds, Cleveland, Ohio, Secretary. 



DIRECTORS. 



C. A. Black, Detroit, Mich. H. D. Goulders, Cleveland, O. 

 J. M. Mulkey, Detroit, Mich. Frank Billings, Cleveland,©. 

 George Peck, Detroit, Mich. P. L. Webb, Warren, O. 

 F. M. Stewart, Hillsdale, Laurence DeGolyer, Chicago, 



Mich. 111. 



A. F. Freeman, Ann Arbor, A. R. Fay, Chicago, 111. 



Mich. H. M. Picking, East Orange, 



J. H. Wade, Ann Arbor, Mich. N. J. 

 C. H. Winchester, Elkhart, N. J. Haywood, New York 



Ind. City. 



C. A. Otis, Cleveland, O. 



These men are all experienced business men, and a 

 number of them have had large experience in the opera- 

 tion of timber properties. 



INVESTIGATION. 



All the conditions calculated to affect the value of 

 these securities have been examined into by our Mr. C. 

 A. Otis, and we have had expert advice of Mr. George E. 

 Breece, President of the West Virginia Timber Company, 

 Charleston, W. Va. They unhesitatingly recommend these 

 bonds. 



The Company, in the acquisition of the propertly, had 

 the advice of Mr. Martin McDermott, formerly of Luding- 

 ton, Michigan, now of Ashland, Wisconsin, who is connect- 

 ed with the Edward Hines Lumber Company. 



RECAPITULATION. 



We wish to direct your particular attention to the fol- 

 lowing strong points in connection with this issue: 



