416 TIMBER BONDS 



TIMBER ESTIMATES. 



The estimates on this tract, made in detail by Mr. A. 

 W. Elam, were checked and the properties purchased 

 under the supervision of Mr. George B. Tuman, timber 

 expert. During the past fifteen years Mr. Tuman has 

 estimated and superintended the purchase of coast timber 

 aggregating thirteen billion five hundred million feet, for 

 the following large lumber companies: 



Big Lagoon Lumber Company, owning four billion feet 

 of redwood timber. 



Cottoneva Lumber Company (formerly New York & 

 Pennsylvania Redwood Company), owning about two bil- 

 lion feet of redwood timber. 



Curtis, Collins & Holbrook Company, owning over two 

 and one-half billion feet of sugar and white pine timber in 

 California. 



Rogue River Timber Company, owning over three bil- 

 lion feet of sugar and white pine and fir timber in Oregon. 



And about twelve smaller companies owning at least 

 one-half billion feet each. 



We have also had these estimates checked by our own 

 cruiser, Mr. W. E. Straight, who reports the estimates 

 conservative, the timber of excellent quality, green and 

 thrifty and the whole situation favorable from a logging 

 and operating standpoint. 



The detail estimates are on file with the Trustee, the 

 Central Trust Company of Illinois, and in our office, and 

 are summarized as follows: 



Redwood 412,015,000 feet 



Fir 89,335,000 feet 



Total 501,350,000 feet 



after allowing 20 per cent, for breakage, but owing to the 

 lay of the land the breakage will not amount to more than 

 10 per cent. Average per acre, about 42,000 feet. 



The above estimates are based on log scale of uncut 

 merchantable timber 24 inches and up. Our Mr. Straight 

 reports that the average height of the trees is about 200 

 feet, but in estimating the timber only seven 16-foot logs 

 were counted. The average diameter of the timber is 41/2 

 feet inside of bark five feet above the ground and the logs 

 will average about 450 board feet to the 16-foot log. 



VALUE OF PROPERTIES. 



We appraise the market value of this timber at $2.50 

 per thousand feet, or $1,253,375.00, or over two and one- 

 half times the entire amount of this bond issue. Other 



