BOND CIRCULARS 363 



We have been familiar with the Panhandle Lumber 

 Company ever since its incorporation in 1906. Our expe- 

 rience with Mr. Blackwell and his associates in their rail- 

 road and other enterprises extends over a long period of 

 years and has been of the most satisfactory character. 

 Through our own auditors and experts we have made a 

 thorough investigation of the security behind these bonds, 

 and titles to the Company's property, and all legal pro- 

 cedure, in connection with the issuance of these bonds have 

 been approved by Charles L. Heitman, Esquire, of Spirit 

 Lake, Idaho, acting in conjunction with our own legal de- 

 parment. 



We recommend these bonds as an unusually sound 

 and desirable investment for the following reasons: 



First: The timber security alone is conservatively val- 

 ued at three times the amount of the bonds. 



Second: The Company's total assets are over five times 

 the amount of the bonds. 



Third: The serial payments on account of principal 

 will rapidly increase the already large margin of security. 



Fourth: The Company's earnings under the most ad- 

 verse conditions show a large margin over both principal 

 and interest requirements. 



Fifth: The stockholders have an actual cash invest- 

 ment of over $3,000,000 behind the bonds. 



Sixth: The ownership of the Company is in strong 

 hands and its management is experienced and successful. 



The bonds will be ready for delivery on or about 

 March 1st. 



Price, 101 and accrued interest. 



Delivery will be made at any bank desired, express pre- 

 paid. 



Telegraphic orders may be sent at our expense. 



Applications will be filled in the order in which they 

 are received. 



PEABODY, HOUGHTELING & CO., 

 105 S. La Salle Street, Chicago. 



EXHIBIT NO. 5. 



McCOY & CO., 105 S. La Salle St., Chicago. 

 We own and offer, subject to prior sale: $600,000 J. M. 

 Thompson Lumber Company (capital and surplus, $1,522,- 

 721), Houston and Trinity, Texas, First Mortgage 6 Per 

 Cent Gold Bonds. Secured by about 67,000 acres of virgin 

 short leaf yellow pine timber lands, owned in fee simple, 

 located in Houston, Trinity and Walker Counties, Texas, 

 containing over 413,300,000 feet, log scale, of standing mer- 

 chantable timber, according to estimates of Lemieux Broth- 



