414 TIMBER BONDS 



(4) The unusually large net surplus of the Com- 

 pany. 



(5) The serial feature which rapidly reduces the 

 bonded indebtedness, and enhances the margin of safety. 



(6) The strong sinking fund provisions. 



(7) The excellent reputation which timber bonds 

 of this character enjoy. 



The above bonds are offered subject to prior sale and 

 advance in price. 



Telegraphic orders may be sent at our expense. Bonds 

 will be shipped express prepaid, to any responsible bank, 

 payable in Chicago or New York funds with exchange. 



All statements herein are official or based on in- 

 formation which we regard as reliable, and while we do 

 not guarantee them, they are the data upon which we 

 have acted in the purchase of these securities. 



McCOY & COMPANY, 



105 South LaSalle St., 



CHICAGO. 



EXHIBIT NO. 13. 



Clark L. Poole & Co., Bankers, Commercial National 

 Bank Bldg., Chicago. 



SIX PER CENT. TIMBER LAND BONDS. 



Secured by a first and closed mortgage on about 12,000 

 acres of redwood timber lands, owned in fee simple, 

 located in Mendocino County, California, adjoining 

 the Pacific Ocean, containing over five hundred mil- 

 lion (500,000,000) feet, log scale, of standing 

 merchantable timber. 



We appraise the market value of the property covered 

 by this bond issue at $1,350,000, or two and one- 

 half times the amount of this bond issue. 



Redwood timber has never been destroyed by fire. There 

 is no fire hazard in redwood timber. 



We own and offer, subject to prior sale: $500,000 first 

 mortgage six per cent, serial gold bonds of the Men- 

 docino Redwood Company, capital $750,000, of San 

 Francisco, California. 



R. T. Buzard, president, San Francisco, California. 



E, S. Collins, vice-president, Ostrander, Washington. 



G. E. Tuman, secretary and treasurer, Fruitvale, Cali- 

 fornia. 



Dated July 1, 1910. Coupon bonds $500 and $1,000 

 each. Principal may be registered. Bonds mature: 



