BOND CIRCULARS 397 



the basis of the amount of timber found on each forty acres 

 as certified to by Mr. J. P. Brayton in his report. 



GUARANTEE. 

 The bonds are unconditionally guaranteed, both as to 

 principal and interest, by endorsement on each bond by 

 Mr. B. Heinemann and Mr. S. Heineman, jointly and sev- 

 erally. Their net personal worth, exclusive of any equity 

 in the property under this mortgage, is more than twice 

 the amount of the entire bond issue. 



LEGALITY. 



The titles to the lands covered by this mortgage have 

 been carefully examined and certified to by our counsel, 

 Mr. Horace S. Oakley, of Chicago, under whose legal direc- 

 tion the trust deed and bonds have been drawn. Mr. Oak- 

 ley's opinion is on file in our office, and we shall be glad to 

 furnish copies of same on request. 



FIRE HAZARD. 



One of the most frequent and popular arguments used 

 by investors against the purchase of timber bonds is that 

 of fire hazard, which is not unnatural, as it is popularly 

 supposed by many that every year enormous amounts of 

 valuable timber are consumed by forest fires. This belief, 

 however, is not borne out by actual facts. A careful inves- 

 tigation made during the fall of 1908 by the "American 

 Lumberman" proved conclusively that standing virgin tim- 

 ber is seldom damaged to any extent by forest fires, that 

 the fires so currently reported in the public press during 

 periods of drought occur almost solely in the undergrowth 

 of cut-over lands and in slashings. In substantiation of 

 the foregoing we quote the following extracts from the 

 "American Lumberman" of September 19, 1908, as follows: 



"It may be stated with confidence that the accounts of 

 forest fires given in the daily press are greatly exaggerated 

 from the timber owner's standpoint. Every one who has 

 built a bonfire with the leaves he has raked from his 

 lawn knows what a tremendous smudge a little fire will 

 produce, but when several states are covered with smoke, 

 as has been the case during the last week, the conclusion 

 naturally is that so much smoke must be the result of con- 

 siderable fire. * * * It should be remembered that fire 

 seldom, if ever, destroys the timber through which it 

 parses. * * * Fires thus far have been confined almost 

 entirely to cut-over lands and brush lands. * * * Fire 

 seldom invades extensively green timber of the sort which 

 enters into the calculation of lumbermen. Green timber 



