BOND CIRCULARS 365 



cut virgin timber lands, well grouped, located in Houston. 

 Trinity and Walker Counties. Texas, heavily timbered with 

 short leaf yellow pine. 



The trust deed provides that none of the timber stand- 

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

 pentined during the life of any of these bonds. 



For further information in regard to the property secur- 

 ing these bonds and the personnel of the guarantors, we 

 refer you to letter of J. Lewis Thompson, vice-president 

 and general manager of the Company, attached hereto. 



TITLES AND MORTGAGE. 

 The titles to the lands covered by this mortgage have 

 been carefully examined and certified by our counsel, Mr. 

 Samuel Adams, of Chicago, under whose legal direction the 

 mortgage and bonds were prepared. 



VALUE OF PROPERTY. 

 Careful estimates of the timber have been made in de- 

 tail by Messrs. Lemieux Brothers & Company, of New Or- 

 leans, La., which summarized, are as follows: 



Feet 



Short leaf yellow pine 341,050,006 



Hardwoods, mostly fine oak and 



good gum 72,265,000 



Total 413,315,000 



We appraise the property under this mortgage as fol- 

 lows: 



341,050,000 feet pine, at $4.00 per 



1,000 feet $1,364,200 



72,265,000 feet hardwood, at $4.00 



per 1,000 feet 289,060 



67,000 acres at $4.00 per acre, agri- 

 cultural value 268,000 



Total $1,921,260 



This mortgage is at the rate of $1.76 per 1,000 feet of 

 standing yellow pine timber, and at the rate of only $1.46 

 per 1,000 feet of all merchantable timber, not taking into 

 account the agricultural value of the lands, owned in fee, 

 after the timber is removed. 



Lemieux Brothers & Company, in their report to us, 

 state as follows: 



"Our book of estimates on the lands of the J. M. Thomp- 

 son Lumber Company, of Houston, Texas, has recently 

 been submitted to you ; the book shows the amounts of the 



