BOND CIRCULARS 419 



sumed tbree to four times as fast as its natural increase. 

 The increase in population from 1880 to 1900 was 52 per 

 cent, but the increase in lumber consumption was 94 per 

 cent. During the period from 1899 to 1906 the increase in 

 production of redwood lumber (which is the principal 

 timber standing on these lands) was over 83 per cent and 

 the increase in the value of redwood was 64 per cent. 

 During the same period the increase in production of 

 fir timber was 186 per cent and the increase in value was 

 63 per cent." 



With an increasing demand for lumber products and 

 a decreasing supply of the raw material — standing timber 

 ■ — it is evident that the values of timber lands will con- 

 tinue to increase. There is today no commodity more 

 stable in price than standing timber, and consequently no 

 security upon which money can be loaned with greater 

 safety. 



FIRE HAZARD. 



It is a well known fact that a redwood forest has never 

 been destroyed by fire. There is no fire hazard whatever 

 in redwood timber. This statement will be verified by 

 lumbermen and other persons familiar with this timber. 

 The matter of fire hazard is not taken into consideration 

 by lumbermen and others who own or are considering the 

 purchase of redwood timber. This is one of the most im- 

 portant facts in connection with this security 



TITLES AND MORTGAGE. 



The titles to the land and timber covered by this mort- 

 gage have been carefully examined and certified by our 

 counsel, Adams & Candee, of Chicago, under whose legal 

 direction the mortgage and bonds were prepared. 



The bonds are issued in denominations of $500 and 

 $1,000 each and are due and payable serially from five to 

 nine years (see first page). All or any of the bonds may 

 be paid at any interest period prior to maturity on sixty 

 days' notice, at a premium of 3 per cent and accrued in- 

 terest. 



Prices of bonds for long or short time, par and accrued 

 interest, yielding six per cent. 



The above statements are based on information and 

 data believed by us to be trustworthy and reliable, and 

 while not guaranteed by us, have been accepted and acted 

 upon by us in the purchase and appraisal of the bonds 

 and the property securing the same. 



CLARK L. POOLE & CO., 



Bankers, 



Commercial National Bank Bldg., Chicago, 111. 



