BOND CIRCULARS 367 



as a lumber producer, supplying about thirty-five per cent, 

 of the total cut. During the period from 1899 to 1906 the 

 increase in production of yellow pine was about 21 per 

 cent., while the increase in value was 77 per cent. With 

 an increasing demand for lumber products and a decreas- 

 ing supply of the raw material — standing timber — it is 

 evident that the value of timber lands will continue to 

 increase. There is today no commodity more stable in 

 price than well located timber lands, and consequently no 

 security upon which money can be loaned with greater 

 safety. 



GUARANTY. 



The payment of the bonds and interest thereon is guar- 

 anteed unconditionally by the five Thompson Brothers. 



J. A. Thompson, Taylor, Texas, President J. M. Thomp- 

 son Lumber Company, owner line of retail lumber yards. 

 Director Taylor National Bank. 



J. Lewis Thompson, Houston, Texas, First Vice-Presi- 

 dent and General Manager J. M. Thompson Lumber Com- 

 pany, President and General Manager Thompson & Tucker 

 Lumber Company, President and General Manager Thomp- 

 son Brothers Lumber Company, President and General 

 Manager Thompson & Ford Lumber Company, Director 

 Merchants' National Bank of Houston. 



L. M. Thompson, Houston, Texas, Secretary and Direc- 

 tor of all Thompson Companies. 



H. H. Thompson, Willard, Texas, Second Vice-President 

 J. M. Thompson Lumber Company, Treasurer Thompson 

 & Tucker Lumber Company, Treasurer Thompson Brothers 

 Lumber Company. Director Thompson & Ford Lumber 

 Company. 



Alex. Thompson, Doucette, Texas. Treasurer J. M. 

 Thompson Lumber Company, Second Vice-President 

 Thompson & Tucker Lumber Company, Vice-President 

 Thompson Brothers Lumber Company, Director Thompson 

 «6i Ford Lumber Company. 



The guarantors own the J. M. Thompson Lumber Com- 

 pany (maker of this bond issue) which is a timber hold- 

 ing company organized by their father, Mr. J. M. Thomp- 

 son, the first manufacturer of lumber in Texas. The prop- 

 erty owned by this company and covered by this bond 

 issue is one of the finest tracts of short leaf yellow pine 

 in the South, and is so regarded by prominent lumbermen. 

 They own 75 per cent, of the Thompson & Tucker Lumber 

 Company, also organized by their father in 1852, with a 

 large lumber manufacturing plant at Willard, Texas, and 

 about 41,000 acres, owned in fee simple, of virgin long leaf 

 yellow pine timber lands in Trinity and Polk counties. 



