346 TIMBER BONDS 



holding and operating lumber companies in the 

 United States. Principal and interest unconditionally 

 guaranteed by William T. Joyce Company, whose net 

 assets, exclusive of any interests in the Tremont 

 Lumber Company, are represented to be over twice 

 the amount of this present bond issue. The mortgage 

 security consists of about 170,000 acres of virgin pine 

 timber lands, of which 70 per cent are owned in fee 

 simple, estimated to contain 1,238,061,343 feet of virgin 

 pine and other timber, with three mill plants, etc., con- 

 servatively worth $7,500,000, or three times the amount 

 of the present bond issue. 

 We offer, subject to prior sale, at par and interest: 

 $1,500,000 First Mortgage 6 per cent. Serial Gold 

 Bonds of Tremont Lumber Company, Winnfield, La.. 

 Capital and surplus, $6,871,531.93. 

 Officers and Directors: Samuel J. Carpenter, President, 

 Winnfield, La.; David G. Joyce, Vice-President, Chi- 

 cago, 111.; James Stanley Joyce, Sec'y and Treas., 

 Chicago, 111.; Thomas Hume, Muskegon, Mich.; Eugene 

 J. Carpenter, Minneapolis, Minn. 

 Principal and interest unconditionally guaranteed by Will- 

 iam T. Joyce Company. 

 Dated November 1, 1910. Coupon bonds, $1,000. with 

 privilege of registration as to principal. Interest pay- 

 able semi-annually (May 1st and November 1st). Call- 

 able May 1, 1911, or on any interest date thereafter, 

 at 102 and interest, upon 60 days' previous notice to 

 the trustee. Bonds offered mature as follows: 

 $150,000 May 1, 1911 $150,000 Nov. 1, 1913 



150,000 Nov. 1, 1911 150,000 May 1, 1914 



150,000 May 1, 1912 150,000 Nov. 1, 1914 



150,000 Nov. 1, 1912 150,000 May 1, 1915 



150,000 May 1, 1913 150,000 Nov. 1, 1915 



Principal and interest payable at Interstate Trust & Bank- 

 ing Company, New Orleans, La., Trustee, or Conti- 

 nental and Commercial National Bank, Chicago, 111. 

 The Southern pine forests today furnish the raw mate- 

 rial for over 30 per cent, of the entire lumber cut of the 

 United States. The drain upon them has been such that 

 the United States Forestry Service estimates their con- 

 sumption within the next twenty years. The value of 

 Southern pine timber lands is constantly increasing with 

 the depletion of the existing supply. Louisiana pine tim- 

 ber is not subject to fire hazard owing to freedom from 

 undergrowth and height of trees. 



The timber under this mortgage was cruised in detail 

 by Messrs. James D. Lacey & Company, Chicago, 111., who, 



