348 TIMBER BONDS 



The Louisiana & Arkansas and the Louisiana Railway 

 & Navigation Company, at Winnfield, La. 



The St. Louis, Iron Mountain & Southern Ry., at Ro- 

 chelle, La. 



Thus giving unusual facilities for reaching all lumber- 

 consuming territory under favorable freight rates. 



VALUE OF PROPERTIES. 



The market value of the timber under the mortgage is 

 conservatively estimated at upwards of $6,000,000 and the 

 mill properties and appurtenances at $1,500,000, making a 

 reasonable valuation of the combined properties under this 

 mortgage of $7,500,000. These estimates do not take into 

 account the worth of the land owned in fee, which adds 

 considerably to the value of the security under the mort- 

 gage. 



PURPOSE OF BOND ISSUE. 



The total authorized bond issue is $4,000,000, of which 

 $2,500,000 are presently to be issued. The remainder, 

 $1,500,000, can only be issued for the purchase of addi- 

 tional timber lands or timber situated in the Parishes of 

 Jackson, Winn, Caldwell, La Salle, Grant, Ouachita, Lin- 

 coln. Bienville and Catahoula, in the State of Louisiana, 

 adjacent to or near the above described lands, at a rate of 

 not exceeding $2.00 per thousand feet, board measure, as 

 shown by the timber estimates of Messrs. James D. Lacey 

 & Company, or such other estimators as shall be satisfac- 

 tory to the Trustee. At least seventy per cent. (70%) of 

 such additional timber held under this mortgage must 

 be on lands owned in fee simple. 



Of the $2,500,000 bonds presently to be issued, $1,500,- 

 000 are the bonds offered herein, the remaining $1,000,000 

 are held in escrow by the company pending its future re- 

 quirements. From the proceeds of the sale of the present 

 issue of bonds all the floating indebtedness of the company 

 will be retired and additional working capital provided. 



TITLES AND MORTOAGE. 



The titles to the lands anri property covered by this 

 mortgage have been carefully examined and certified by 

 our counsel, Messrs. Adams & Candee, Chicago, under 

 whose legal direction the mortgage and bonds were pre- 

 pared. The form of bond and mortgage, and execution 

 thereof, have also been approved by Messrs. Howe, Fanner, 

 Spencer & Cocke, New Orleans, attorneys for the Trustee. 



