364 TIMBER BONDS 



ers & Company, of New Orleans, La. We appraise the cur- 

 rent market value of the property covered by this mort-' 

 gage at $1,921,260 or more than three times the amount of 

 bonds oustanding. 



The mortgage provides that none of the timber standing 

 on the lands covered by this issue can be cut or turpen- 

 tined during the life of these bonds. 



Central Trust Company of Illinois, Chicago, Trustee. 



Principal and interest guaranteed individually by the 

 officers: J. A. Thompson, President; J. N. Lewis Thomp- 

 son, 1st Vice-President and General Manager; H. H. 

 Thompson, 2d Vice-President; L. N. Thompson, Secretary; 

 Alex. Thompson, Treasurer. 



The guarantors of these bonds are lumbermen of many 

 years' successful experience in Texas. They control four 

 large lumber companies, which own about two billion 

 (2,000,000,000) feet of merchantable timber in eastern 

 Texas. 



FINANCIAL STATEMENT. 



Capital stock $1,000,000 



Surplus 522,721 



Bonds authorized $800,000 



Held by trustee for pur- 

 chase of additional tim- 

 ber lands in fee simple, 

 at not exceeding $1.50 

 per 1,000 feet of standing 

 yellow pine timber.... 200,000 



Outstanding $ 600,000 



Dated July 1, 1908. Principal and semi-annual interest 

 (January and July 1st) payable at the office of the Trus- 

 tee. Principal may be registered if desired. Denomina- 

 tions, $1,000 and $500. 



Bonds mature in series each six months as follows: 



$75,000 due .Tuly 1, 1911 

 75,000 due January 1, 1912 

 75,000 due July 1, 1912 

 75,000 due January 1, 1913 

 75,000 due July 1, 1913 

 75,000 due January 1, 1914 

 75,000 due July 1, 1914 

 75,000 due January 1, 1915 



Price any maturity, par and interest, yielding 6 per cent. 

 This mortgage to the Central Trust Company of Illi- 

 nois, as Trustee, is a first lien on about 67,000 acres of un- 



