CHAPTER XVL 



TECHNICAL TEEMS. 



In handling Timber Bonds, the Bond Dealer 

 comes in close contact with the practical Log- 

 ger and Millman, and unless he has made a 

 specialty of timber bonds, he is often at a loss 

 to follow the conversation of the lumberman. 

 This inability to interpret the language of the 

 industry has caused the failure of many bond 

 negotiations for issues which were perfectly 

 sound. The only reason for the non-production 

 of these issues is the fact that the parties on 

 either side of the transaction did not under- 

 stand the technical expressions of the other 

 well enough to feel at home and trade with con- 

 fidence. After a conference with the practical 

 logger or millman, the bond buyer feels he is 

 getting beyond his depth, and while the busi- 

 ness is attractive, he is afraid to venture where 

 he does not clearly understand the ground, 

 when in reality all he needs is a text book such 

 as he can find on almost any other subject ex- 

 cept timber bonds. 



The trade words and terms keep cropping 

 out in letters, reports and newspaper articles 

 until the bond dealer gets the idea that the 

 timber bond is to be originated only by spe- 

 cialists and brought out exclusively by the un- 

 derwriter who makes a business of creating 



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