LOAN VALUE 457 



price of cut over land depends on its location, 

 the nature of the soil and climate, the uses to 

 which the land is adaptable, the nearness to a 

 market for agricultural and garden products 

 and the industry and thrift of the neighboring 

 population. The land is surely a sound asset 

 and should be considered. 



In the South cut over land may be used for 

 growing sugar cane, corn, cotton, rice, farm 

 products or another crop of timber, depending 

 on the climate and nature of the soil. The 

 South must produce all the cotton used in 

 America and it is the only part of the country 

 where rice and cane can be grown. The value 

 of cut over land in the South is enormous, and 

 must be borne in mind by bond buyers. In 

 many cases the land alone would more than 

 pay the bond issues on the property and leave 

 the timber, logging equipment, railroads and 

 mills as additional security A southern tim- 

 ber bond is among the safest forms of invest- 

 ment that can be found 



Humanity must be fed and housed. Timber 

 and cotton are the great shelter crops of 

 America. The land that now grows timber and 

 when logged off will grow cotton, cane, rice 

 or corn, is surely the soundest security in the 

 world. 



In floating bond issues at present the bond 

 dealer will loan the timberman from thirty to 

 fifty per cent of the value of his stumpage and 

 make the operator include land, logging equip- 



