448 TIMBER BONDS 



9. The loan is at the rate of $1.40 per thousand on the 

 timber. 



10. Under the trust deed the Timber Company is re- 

 quired to pay to the trustee $5.00 per thousand feet for tim- 

 ber desired to be cut; from this provision it will be seen 

 that the whole loan will be paid before one-third of the 

 timber pleged is cut. 



11. The guarantor, Mr. E. V. Dunlevie is reputed to be 

 worth, outside of this property, considerably more than the 

 total amount of this loan. 



12. Frequent inspection of the property is provided for 

 at the expense of the borrower. 



13. It is well known that yellow pine timber of the 

 South has not suffered from fire hazard. 



14. The valuations, titles and legal matters have been 

 passed on by competent parties; the timber and its value 

 by our own cruisers and the titles and legal matters by W. 

 W. Gurley, of Chicago, and E. E. Barthell, of Nashville, 

 Tenn. 



15. The whole property lies within thirty-five miles of 

 Savannah, Ga., and the sea coast, and has two trunk lines 

 adjacent, one passing on each side and within a few miles 

 of the property. 



Map showing the exact location, copy of the Mortgage or 

 Deed of Trust, and detailed statement of the cruise may be 

 had on request. 



All statements made in this circular are based upon in- 

 formation which we regard as reliable and upon which we 

 acted in the purchase and valuation of the securities of- 

 fered; such offerings being made subject to prior sale. 



LYON, GARY & COMPANY, 



204 Dearborn St., 



Chicago. 



