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 delivery, would cost you $150. (Many sets are in fact so contracted for). Besides this, yoll will retaiu your interest in the Company, and participate in future cash dividends, if such dividends there be. In like manner, a set of the-Sunset Edition De Luxe (regular pay-on-delivery price $110), may be engaged upon advance payment of $80, of which $20 down and $20 January 1st each year till paid in full. You will receive a 'certificate for a three-quarter share .of stock in The Birds of California Publishing Company, and a guarante of the set of books as .a dividend. A set of the Large Paper Edition De Luxe goes for an advance payment .of $50 ($12.50 down and $12.50 per annum till paid) and carries'a half share. of stock, with guarantee. Finally, a set of the Booklovers' Edition may be secured by advance payment of $35 of which $8.75 down and like payment for three succeeding Januaries, with issue of a one- third share of stock. These plans all.represent a substantial saving of money, and their previous use has al- ready guaranteed the success of the tindertaking. Moreover, the life of our author is fully insetred in favor of our stockholders to a point above the actual paid-in risk, and will be so insured until such time as his manuscript and photos are completed, ready for press. There is thus no known possibility of loss. Thirty-nine of the Cooper Club members whose names appear above have so sub.- scribed, and are paying for their stock on the insraiment plan. Our present offer to the , remaining members is still more liberal in view .of the'now assured results. The days of uncertainty have passed. We do not s.ay much about cash dividerids. There ought to be a good chance of such returns, for we mean to put the popular edition on a permanent basis. But we are not asking for your money in order that we may return it in cash dividends. We are ask- ing you to invest in books, and we are undertaking, guaranteeing, to give you books- from 30'to 50 per cent better than you pay for, because you pay for them now. Or if you are "afraid of a stock proposition," you may engage the books upon pre.- cisely the same terms of payment, and the secretary of our company will carry the stock as a personal risk; that is, you wilI be asked to accept his personal receipt and guarantees for moneys received instead of ours. He will own the stock and you will get tle books. Our Patrons, following the lead of Mr. Crocker, preferred to do this, and are now required so to do. You are welcome to either arrangement, but we think you are missing a good thing if you "pass up" our stock. To recapitulate: Any member of the Cooper Ornithological Club may obtain a copy of the Stockholders' Edition for $100 (payable in four payments of $25 each), or a Sunset Edition for $80 (four payments of $20 each), or a Large Paper for $50 (four payments of $12.50 each), or a Booklovers' for $35 (four payments of $8.75 each), with or without issue of stock. Subscriptions will be filed promptly in the order received. This offer is good till Juue 1st, 1913 only, and will automatically expire before that date whenever the remainder of the 110 shares is exhausted. No more copies of any edition will be sold thereafter at-less than full price. Non-members are welcome to subscribe at the current rate ($110 for Stockholders; $85 for Sunset--no reduction on Large Paper. and Booklovers), paying for the same in- four insraiments, as above, zvith or without ixsue of stock as desired--till June 1st, at which time the prices will advance to $1.20, and 9t3, respectively. Subscriptions at the regular rates, payable on delivery of books, are always welcome until the limit set for each edition is reached. All subscriptions for stock or for books at reduced rates must be accompanied by remittance of one-fourth. Order blanks and fm-ther information will be cheerfully furnished. We request that inquirers specify the particular edition in which they are interested. Very truly yours, THE BIRDS OF CALIFORNIA PUBLISHING COMPANY, San Franlisco, Los Angeles, and Santa Barbara. Address all correspondence to the 3'anta Barbara office. Directors:A. B. Howell, M. C. O. C., Covina; H. S. Swarth, M.C.O.C., Log Angeles; Wm. E. Colby, Berkeley, President; F. E. Newbury, M.C.O.C., San Francisco; H. W. Carriger, M.C.O.C., Oakland, Vice President; W. Lee Chambers, M.C.O.C., Los Angeles: W. Leon Dawson, M.C.O.C., Santa Brbara, Secretary, Treasurer and General Manager.