November 2S, 1921 



HARDWOOD RECORD 



65 



$500,000 



Connor Lumber and Land Company 



8% Guaranteed First Mortgage Bonds 



Dated November 1, 1921 Authorized $750,000 



Interest Payable Semi-annually, May 1 and Sept. 1 



Interest payable without deduction for Normal Federal 



1 These bonds are the direct first mortgage 

 obligation of the Connor Lumber and Land 

 Company, and are furthermore unconditionally 

 guaranteed by endorsement by the R. Connor 

 Company, both of Marshfield, Wisconsin. 



Business 



Elstablished 



50 Years 



2 The Connor interests have been continu- 

 ously and successfully engaged in the manu- 

 facture and sale of lumber in the State of 

 Wisconsin for a period of approximately fifty 

 vears. 



3 From a capital stock in 1888 of $100,000, 

 the Net Worth of the R. Connor Company 

 and the Connor Lumber and Land Company has 

 increased almost entirely from Earnings and en- 

 hancement in value of investments in timber and 

 other properties to over $4,000,000; in addition to 

 which these Companies have paid cash dividends 

 in excess of $675,000. 



4 This issue of $500,000 retires all indebted- 

 ness of both the R. Connor Company and 

 the Connor Lumber and Land Company, except 

 ordinary current accounts. A combined balance 

 sheet of the Companies, after introducing pro- 

 ceeds from these bonds, shows total assets of 

 over $4,600,000, after deducting all indebtedness 

 except this issue: or over nine times this issue 



Callable at par and interest, plus l°i 



1923 $20,000 May 1, 



1924 20,000 Nov. 1, 



1924 20,000 May 1, 



1925 25,000 Nov. 1, 

 1925 25,000 May 1, 



To Be Presently Issued $500,000 

 Denominations $1,000 and $500 



ncome Tax not in excess of Z^'o. 



5 The Connor Lumber and Land Company 

 bonds are secured by first mortgage upon 

 44.325 acres of hardwood timber lands owned in 

 fee in northern Wisconsin, all contiguous to the 

 C. & N.-W. Ry. and M. St. P., S. St. M. Ry., 

 with manufacturing facilities at Laona, Wis. 

 The timber, comprising approximately 30% each 

 Maple and Hemlock, balance 40% Basswood, 

 Birch and Elm, is conservatively worth $2,344,- 

 000; plant and equipment worth $319,000, and 

 railroad properties worth $100,000, a total worth 

 of $2,763,000, or property conservatively worth 

 in excess of five times this issue. 



6 Average annual income of the Connor Lum- 

 ber and Land Company available for pay- 

 ment of principal and interest during the last ten 

 years has been in excess of $160,000, and for the 

 last five years in excess of $215,000, or over five 

 times the maximum interest charges on this 

 issue. The Combined Net Earnings of the 

 Makers and Guarantors for the past five years 

 have averaged $348,000, or in excess of eight 

 times the maximum interest charges on this 

 issue. 



7 The sinking fund provides for the payment 

 to trustees of $30 per acre for all timber 

 removed except on the' first 3.400 acres. .A.s this 

 loan is on a basis of less than $12.00 per acre. 

 this sinking fund will operate to steadily en- 

 hance the margin of securitv. 

 MATURITIES 



premium for each year and part of year before maturity. 



Net Worth 



Increai&ed 



$100,000 to 



$4,000,000 



since 1888 



Security 



Five 

 to One 



Earnings 



Eight Times 



Interest 



Charges 



1926 

 1926 

 1927 

 1927 

 1928 



$25,000 Nov. 

 25,000 May 

 25,000 Nov. 

 30,000 May 

 30,000 Nov. 



1928 

 1929 

 1929 

 1930 

 1930 



$30,000 

 30,000 

 35,000 

 35,000 



May 

 Nov. 

 May 

 Nov. 



40,000 May 



1, 

 1, 

 1, 

 1, 

 1. 



1931 

 1931 

 1932 

 1932 

 1933 



Price 100 and Interest, Yielding 8' 



f 



You can Itnow definitely two t'^^n^s of essential character when considering investments wc recommend; first, their record of successful 



performance during the past thity years; second, that a considerable percentage of such bond^ and notes are always held for our own 



permanent investment. Bonds may be reserved tc be paid for up to January 1, 1922. 



CHICAGO 



208 So. La Salle 



St. 



BAKER, FENTRESS & COMPANY 



SUCCESSORS TO LYON, GARY & COMPANY. ESTABLISHED 1891 



Bankers to Lumbermen 



PORTLAND, ORE. 



Yeon Building 



Wistar, Underbill & Nixon 



PHILADELPHIA. PENNSYLVANIA 



Manufacturers of CYPRESS and GUM 



SEVERAL THOUSAND LUMBERMEN 



arc using our Tally Book with its duplicate or triplicate 

 tally tickets. If you haven't seen it. let us send you 

 one with specimen "ticket9 on approval. They solve your 

 shortage and Inspection troubles. 



HARDWOOD RECORD 



CHICAGO 



We Offer for Prompt Shipment 



U6" 

 8/4" 



MAPLE 

 & Up No. I C. & B 50.000' 



4/4" 

 4/4" 



C. 4 B.. 5'>i 



2 Common 75.000' 



BEECH 



2 C. «c 8 50,C0')' 



2 Common 60.000' 



No. 2 C. i B 37.000 



Full Log Run 18.000' 



No. 2 Common 72.000' 



No. 



No. 



BASSWOOD 



f-ull Log Run 75.000' 



4/4" No. 2 Common 30.000' 



SOFT ELM 



4/4" No. 2 C. i B 100,000' 



8/4' No. I C. 4 B 30.000' 



10/4" No. I C. 4 B 14.000' 



12/4" No. I C. 4 B 14,000' 



16/4" No. I C. 4 B 14.000' 



WRITE US FOR PRICES 



East Jordan Lumber Co. 



EAST JORDAN, MICHIGAN 



