398 TIMBER BONDS 



does not burn readily, and under ordinary circumstances 

 the fire will die out of itself when it reaches these points 

 of resistance. * * * There have been a great many 

 fires recently in Wisconsin and Michigan, but they have 

 been entirely in underbrush, grass and old choppings." 



In considering the fire risk on the B. & S. Heinemann 

 Timber Co.'s property, it should be borne in mind in the 

 first place that the timber is almost entirely composed of 

 hardwood and therefore not susceptible to fire, and sec- 

 ondly that the tracts are interspersed with substantial 

 farm holdings which would render it impossible for a dev- 

 astating fire to damage any large portion of the timber. 



TIMBER BONDS AS AN INVESTMENT. 



Timber is one of the most valuable natural resources 

 of this country. Its value has been largely underesti- 

 mated, and in the past years considerable waste has taken 

 place. Those who some years ago saw the increasing value 

 of timber have amassed immense fortunes by purchasing 

 timber lands and holding them until the present time. 

 There is probably no commodity which has shown such a 

 substantial and steady increase in value as has virgin 

 timber. Our experience, covering a number of years and 

 based upon investigations of many timber loans, convinces 

 us that bonds secured upon carefully selected virgin tim- 

 ber, the property of well established and operating cor- 

 porations, form a security which is rarely equalled for 

 safety. 



In addition to the actual physical security behind the 

 present issue of over three times the amount of the bonds, 

 Messrs. Heinemann, who personally guarantee payment of 

 the bonds and interest, are lumbermen of many years' ex- 

 perience, and own and operate additional lumber com- 

 panies, which have an excellent record of earnings cover- 

 ing a number of years. 



We call special attention to the letters of Mr. B. Heine- 

 mann and Mr. S. Heineman, President and Secretary 

 respectively, of the B. & S. Heinemann Timber Company, 

 on the last page of this circular. 



Wausau, Wis., July 24, 1909, 

 Messrs. McCoy & Company, 105 S. LaSalle Street, Chi- 

 cago, 111. 



Gentlemen: — In accordance with your request that I 

 give you some information regarding my connection with 

 the timber and lumber industries, I would state that I 

 have been connected with the timber and timber-land busi- 

 ness for the past twenty odd years, and for the past four- 



