458 TIMBER BONDS 



ment, railroads and mills in the mortgage as 

 further security This basis is fair enough for 

 some sections and operations, but on the whole 

 it is too low. The timberman who has a well 

 located property, and whose operations will 

 show a clean record of profits for several years 

 last past, should be able to borrow about sev- 

 enty-five per cent of the value of his timber 

 owned in fee simple, and in addition, about fifty 

 per cent of the value of his fixed improvements, 

 such as railroads and mills. 



