BOND CIRCULARS 423 



reliable, and while not guaranteed, have been accepted and 

 acted upon by us in the purchase and appraisal of the 

 bonds and the property securing the same. 



Bonds are offered subject to prior sale. 



Bonds will be delivered where desired, express prepaid, 

 with exchange. 



Telegrams may be sent at our expense. 



CHARLES M. SMITH & COMPANY, 



Bankers 



First National Bank Bldg., Chicago, 111. 



EXHIBIT NO. 15. 



Lyon, Gary & Company, 204 Dearborn St., Chicago, 111. 



$40,000 Fischer Lumber Co. 6 per cent First Mortgage 



Serial Gold Bonds. 

 Dated January 2, 1911, maturing semi-annually July 1, 1912, 



to January 1, 1916. Redeemable at 103 and interest, in 



whole or in part on any interest day, on 90 days' notice. 



Principal and interest payable in Chicago or Portland, 



Ore., on July 1st and January 1st. 

 Coupon Bonds at $1,000 each; may be registered as to 



principal. Union Trust Company of Chicago and John 



K. Lyon, Trustees. 



MATURITIES. 



$5,000 July 1, 1912 $5,000 July 1, 1914 



5,000 Jan. 1, 1913 5,000 Jan. 1, 1915 



5,000 July 1, 1913 5,000 July 1, 1915 



5,000 Jan. 1, 1914 5,000 Jan. 1, 1916 



Principal and interest guaranteed by endorsement of Fred 

 Fischer, Sr., Henry Fischer, Fred Fischer, Jr., Walter 

 Fischer and Carl E. Fischer; all being stockholders and 

 directors of the company. 

 The security for the bonds may be summarized at fol- 

 lows: 



1. First Mortgage lien on 1140 acres of land owned in 

 fee, situated in the Counties of Linn and Lane, in the State 

 of Oregon, upon which there are approximately 72,000,000 

 feet of standing and living yellow fir timber. 



2. The timber may be conservatively valued at $1.25 

 per thousand feet or a total valuation of approximately 

 $90,000. 



3. There is also conveyed by the mortgage as further 

 security to the loan, a saw and planing mill plant and log- 

 ging equipment, which may be conservatively valued at 

 $30,000. 



