BOND CIRCULARS 



S57 



Mr. W. \V. Gurley, of Chicago, and Mr. E. E. Barthell, of 

 Nashville, Tenn., the latter a specialist on timber land 

 titles. 



Prices of bonds for long or short maturities on applica- 

 ation. 



LYON GARY & COMPANY, 



Lumbermen and Bankers. 



204 Dearborn Street. Telephone Central 1147. Chicago, 111. 



EXHIBIT NO. 4. 



Peabody, Houghteling & Co., 105 S. La Salle Street, Chi- 

 cago. Cable address: "Hought," Chicago. Codes used, 

 Lieber and A. B. C. 5th edition. Circular No. 725, 

 February, 1911. (Established 1865.) 



$1,200,000 First Mortgage 6 Per Cent Serial Gold Bonds 

 issued by the Panhandle Lumber Company, Limited, 

 of Spirit Lake, Idaho. 



Dated February 1st, 1911. Payable in series as below. Re- 

 deemable in the reverse of their numerical order on 

 interest dates at 105 and interest. Coupon bonds of 

 $1,000 and $500 each, with privilege of registration 

 as to Principal. Principal and Semi-Annual Interest 

 payable at the First National Bank of Chicago and the 

 First National Bank of New York. First Trust and 

 Savings Bank, Chicago, Trustee. 



MATURITIES. 



Amount 

 $60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 

 60,000 



Term 

 Vo year 



1 year 

 1% years 



2 years 

 2% years 



3 years 

 3% years 



4 years 

 iVs years 



5 years 

 51^ years 



6 years 

 6^ years 



7 years 

 TV2 years 



8 years 

 8% years 



9 years 

 91^ years 



10 years 



Date Maturing 

 August 1, 1911 

 February 1, 1912 

 August 1, 1912 

 February 1, 1913 

 August 1, 1913 

 February 1, 1914 

 August 1, 1914 

 February 1, 1915 

 August 1, 1915 

 February 1, 1916 

 August 1. 1916 

 February 1, 1917 

 August 1, 1917 

 February 1. 1918 

 August 1, 1918 

 February 1, 1919 

 August . 1, 1919 

 February 1, 1920 

 August 1, 1920 

 February 1, 1921 



