BOND CIRCULARS 439 



trict. Mr. McHenry is also a director in numerous banks 

 and trust companies. 



FIRE HAZARD. 



Virgin timber located in the southern states is abso- 

 lutely free from devastating fires. This statement is mere- 

 ly a matter of record and will be verified by lumbermen 

 and others familiar with southern timber. In this respect 

 it differs entirely from northern stumpage. 



Any serious damage by fire is impossible, because there 

 is no undergrowth in these forests to hold or carry a dam- 

 aging fire and trees are long-bodied and free from limbs 

 from twenty-five or thirty feet above the ground. This is 

 one of the most important facts in connection with this 

 security. 



TITLES AND MORTGAGES. 



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

 gage have been examined and certified to by our counsel, 

 Adams & Candee, of Chicago, under whose legal direction 

 the bonds and mortgage were prepared. 



DATES OP PAYMENT. 



These bonds are issued in denominations of $1,000 and 

 $500 each, and are due and payable each six months from 

 September 1, 1910, to September 1, 1916 (see first page). 



Price 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. 



EXHIBIT NO. 20. 



McCOY & COMPANY, 



105 Soutlt La Salle St., 



CHICAGO. 



We offer at par and accrued interest, subject to prior sale: 



$320,000 Six Per Cent First Mortgage Gold Bonds of 



the 



KRAUSE & MANAGAN LUMBER CO., LTD., 

 Westlake, Louisiana. 



