BOND CIRCULARS 349 



SINKING FUND. 



The mortgage provides uuder careful restrictions that 

 before the company can in any way have access to any of 

 the timber covered by this Ixind issue, it must deposit in 

 advance with the Trustee $3.00 per thousand feet, based 

 on the estimates of Messrs. James D. Lacey & Company, 

 filed with the Trustee. This Sinking Fund applies to the 

 payment of the principal only, and should the deposits 

 under this Sinlcing Fund exceed the amount of bonds 

 maturing in any year, the Trustee is required to purchase 

 bonds of this issue which may be offered at not exceeding 

 102 and interest, or at the request of the company it may 

 call bonds at 102 and interest in amount sufficient to 

 exhaust the surplus monies in hand. 



GUARANTORS. 

 These bonds, principal and interest, are unconditionally 

 guaranteed by William T. Joyce Company, whose net 

 assets, exclusive of their interest directly or indirectly in 

 this property, are represented to be over twice the amount 

 of the present bond issue. 



BUSINESS OF THE COMPANY. 

 The Tremont Lumber Company is a consolidation of 

 the South Arkansas Lumber Company, Winn Parish Lum- 

 ber Company and the Louisiana Lumber Company, Ltd., 

 and until recently was purely a manufacturing company. 

 It now directly owns approximately 1,400,000,000 feet of 

 virgin pine timber in the State of Louisiana, which, ac- 

 cording to Messrs. Lacey & Company's report, may be con- 

 sidered one of the finest bodies of pine in the South and is 

 especially attractive on account of the cheap logging cost. 

 The company sells its output through its sales department 

 directly to retail lumber dealers and railroads, and not 

 through jobbers. The capacity of the three plants now in 

 operation will approximate 150,000,000 feet per year. At 

 the Rochelle plant the entire product of the mill is kiln 

 dried; all of the stock is carried under cover, there being 

 no lumber yards nor lumber piled outside. The lumber is 

 transported from the mill to the sheds, planing mill and 

 the loading tracks by a newly erected monorail system. 

 This apparatus was installed at a very large cost, but the 

 economy effected in handling the lumber justifies the 

 expenditure. The railroad and logging equipment at all 

 the mills is modern and eflficient; the number of camps 

 operating is three, one for each mill. 



