April 23. I!t21 HARDWOODRECORD 27 



/\ll hasic industries are bidding against each other fo;- more working capital. I he timber industr> needs 

 the good will and co-operation of all those interested in its welfare. To co-operate buy timber bonds. 



We offer subject to prior sale and change in price 



$400,000 



7% FIRST MORTGAGE SERIAL GOLD BONDS 



To Yield 8% 



The Tennessee Stave and Lumber Company 



Oneida, Tennessee 



Aiithorizfd Issue, $75l).Ul)0 Outstanding, $400,000. Denominations, $100. $500 and $1,000. 

 Dated January IS, 1921. Interest payable semi-annuallv. 



MATURITIES AND YIELD: 



Amount Due Yield Amount Due Yield Amount Due Yield 



$20,000 July 15, 1922 8'/r $25,000 July 15, 1925 8' v $25,000 Jan. 15, 1928 8'/ 



20,000 Jan. 15, 1923 87o 25,000 Jan. 15, 1926 8% 25,000 July 15, 1928 8% 



20,000 Julv 15, 1923 8% 25,000 July 15, 1926 8% 25,000 Jan. 15, 1929 8% 



20,000 Jan. 15, 1924 8% 25,000 Jan. 15, 1927 8% 25,000 Julv 15, 1929 B'A 



20,000 July 15, 1924 8% 25,000 July 15, 1927 8% 25,000 Jan. 15, 1930 8% 



25,000 Jan. 15, 1925 8% 25,000 July IS, 1930 8% 



The remaining $^?.Sn,()riO of bonds authorized may be issued only on our approval for certain purposes under restricted conditions. 

 Bonds may be registered as to principal. Callable on any interest payment dnte at 101 and interest. Principal and interest payable at 

 Continental and Commercial Trust and Savings Bank, Trustee, Chicago, Illinois. 



SUMMARY 



1. These bonds are secured by A FIRST LIEN ON: 



(a) 30.541 acres of land, all owned in fee simple except 4,802 acres, and arrangements have been made to 

 acquire all of these in fee simple except 402 acres. 26,241 acres are virgin timber lands in Fentress and 

 Scott Counties, Tenn , estimated to carry over 122,547,000 ft. of merchantable timber, approximately 

 75'^/f of w'hich is Oak (mostly White). Poplar and Hickory, the balance Birch, Beech, Chestnut, Hemlock, 



White and Yellow Pine. This property has been vakied at over _ $ 900,000 



(b) 2 band mills and accessories, one in operation at Oneida, Tc]in., the other now being completed at 

 Louvain, Tenn. Also one circular mill and tie mill, logging railroad cars, loaders, skidders, wagons, 

 animals, commissaries, dwellings, and the other necessary buildings and equipment having a present 

 estimated value of $175,000, but which upon completion of the second band mill will have a value esti- 



mated tobeinexcessof $ 250,000 



(c) $100,000 of notes of the Oneida & Western Railroad Company, bearing 8% interest, due $2,000 

 monthly beginning January 12, 1922, these notes being the purchase price given by the Railroad Company 



to the Lumlier Company for 4.8 miles of main line and sidings now being completed by the Lumber Com-^ inn n n 

 pany, all subject to the formal approval of the Interstate Commission. \'alued at $ 100,000 



(d) The entire $750,000 of capital stock of tlie Oneida & Western Railroad, a common carrier which runs 

 from Oneida. Tenn.. located on the main line of the Southern Railway about 200 miles south of Cincin- 

 nati, to a point beyond .Stockton, Tenn., a distance of 28 miles. The railroad has been valued in excess 

 of $750,000. has only current debts to about $17,000 outstanding, exclusive of its $100,000 debt pledged 

 under this mortgage. The railroad is broad gauge, standard construction, opens up a large territory and 



serves a large number of industries, including saw mills and coal mines, and is earning a fair return on its* ___ .„. 

 capital. Valued at $ 750, 000 



$2,000,000 



2. The stockholders of the Lumber and Railroad Companies have an investment in these properties of approximately 

 $1,500,000. 



3. The earnings of the Lumber and Railroad Companies for the past three years have averaged some Z'/i times the 

 interest on these bonds without regard to conversion but with greatly enlarged facilities of the Lumber Company, 

 the earnings and conversion should be materially increased. 



4. The properties are controlled and managed by men who have had a long and honorable record of successful man- 

 agement in this kind of timber. 



EST.*BI,ISHED 1891 



BAKER, FENTRESS COMPANY 



.>ir( tKSSOKS TO I.VON. (,\m & (((.Ml'.WV 



We oiTer lumbermen flexible, practical loans. For 30 years we have been identified with the timber indus- 

 try as owners, operators, buyers and sellers and managers of properties. As bankers to lumbermen, we have 

 loaned millions of dollars to successful, going companies with a record of successful performance. 



TIMBER SECURITIES CHICAGO 208 S. LA SALLE STREET 



The statements contained herein are not guaranteed but have been obtained from sources which we believe to be accurate and reliable. 



As a luniberman you know the intrinsic value of a lumber property. "\'ou and we believe there is no 

 better security than timber. All basic industries have their problems. Why not make your invest- 

 ments in securities which you best understand? May we not place your name on our mailing list? 



