TECHNICAL TERMS 461 



convincingly about the particular issue they 

 are offering. The timber bond is a very at- 

 tractive security, pays a good rate of inter- 

 est and is in great demand, but competition 

 gives the sales to the man who can talk in an 

 able manner and thus satisfy the buyer that 

 his is the most desirable issue for sale at the 

 moment. 



There is nothing more technical or difficult 

 about a timber bond than about a railroad bond 

 or a hydro-electric bond or an industrial bond. 

 The man who will devote a little study to in- 

 vestigating timber securities will grow to like 

 them better all the time and soon realize they 

 are as simple as any other bond. Timber bonds 

 have been looked on with distrust by the loan 

 officers and credit departments of banks and 

 there are some banks that will not take them as 

 collateral. This is because the officers are not 

 familiar with these securities and have had 

 no way of learning the full details and history 

 of a timber bond. The reports and data they 

 see are full of terms they do not understand 

 and naturally they avoid the use of such paper 

 as security for loans when they can place their 

 money on collateral they know thoroughly or 

 can learn all about. To overcome these obsta- 

 cles of technical terms and place the timber 

 bond in the high position it should occupy, a 

 chapter of definitions has been compiled for 

 this book. 



There is a large and growing market for 



