XI 



facility for examining them will be offered to those who 

 may call at the Company's office for that purpose. 



Nearly all the white pine between the Alleghanies and 

 the Rocky Mountains is in Michigan and a portion of Wis- 

 consin and a small part of Minnesota. It is estimated by the 

 best judges that the 500,000 acres thus to be offered at 

 auction embrace more than one half of all the pine lands in 

 Michigan which are equal to these in position and value. 



The amount of pine annually cut in Michigan is about 

 500 millions of feet, which, at an average of 10,000 feet to 

 the acre, gives 50,000 acres as the area annually cut over. 

 Thus in ten years— even if there should be no increase in 

 the amount cut — all the other pine lands in the state that are 

 equal in position and in quality and quantity of timber to those 

 of this Company, would be stripped, if those now offered 

 should be reserved from sale for that period. 



There has never before been so favorable an opportunity 

 for purchasing well selected pine lands as that now offered, 

 and no such opportunity will ever come again. 



No one who has paid any attention to the subject doubts 

 about the enormous prospective value of pine timber lands ; 

 but few have considered how rapidly such lands are being 

 depleted, and how soon and how surely a large advance in 

 price must take place. 



'^The lands at the sale will be offered as they have been 

 arranged in groups, and will all be put up at the same time, but 

 no single group will be offered : or if the Directors so decide, 

 the groups upon one or more rivers will be offered at once. 

 In either case the person bidding the highest premium will be 

 entitled to select a single gro"up ormore, or all of those offered 

 as he may determine. Thus a choice of groups will be given, 

 without a direct competition upon any single group. 



The biddings will be per acre for choice of groups ; so 

 that if one is the highest bidder at five cents per acre, and 

 buys 500 acres he will pay $25 as a premium above the minimum 

 price of the group or groups which he may select. 



The stockholders will have no advantage over outside 

 bidders except that the premiums which may be paid for 



