370 TIMBER BONDS 



in the Thompson & Ford Lumber Company at Sour Lake. 

 Texas. 



After the completion of the new plant of Thompson 

 Bros. Lumber Company, now in course of construction at 

 Doucette. Texas, the output of this plant and the plant of 

 the Thompson & Tucker Lumber Company at Willard. 

 Texas (of which companies we are in active ownership of 

 75 per cent of the property), will be 50 million feet annu- 

 ally, which two plants are backed up by more than 900 

 million feet j^ellow pine stumpage. 



The writer has personally inspected the entire holdings 

 of the J. M. Thompson Lumber Company, and every tract 

 has been purchased by me only after a personal inspec- 

 tion of the timber. It is my opinion and the opinion of all 

 those interested, that this tract of timber, when milled, 

 will produce not less than 500 million feet of lumber. Most 

 of my business life has been spent in the woods in con- 

 nection with our logging operations, and it is my opinion 

 that for a short leaf pine proposition this tract of timber 

 cannot be excelled as a logging venture. This statement 

 can be easily verified from a personal inspection by prac' 

 tical loggers. Location of manufacturing plant at Trinity, 

 Texas, would make longest haul for any timber 17 mile's, 

 or an average haul of entire tract of timber not to exceed 

 10 miles. The entire tract can be logged, in my opinion, 

 at a maximum cost of $3.00 per thousand feet. 



A plant at Trinity would have access to three lines of 

 railways: International & Great Northern (part of Gould 

 System); Missouri. Kansas & Texas Railway Company 

 from Trinity to Colmesneil, where the Texas & New Or- 

 leans (a Southern Pacific road) would be intersected; the 

 Beaumont & Great Northern, which is now completed from 

 Trinity to Livingston — with Beaumont as its objective 

 point — at Livingston it connects with the Houston East & 

 West Texas Railway Company. 



From this it can readily be seen that from an oper- 

 ator's viewpoint this is an especially desirable tract of 

 timber. It is my opinion that all southern pine timber 

 has a commercial value of $4 per M. I think, however, a 

 specially favorable tract for logging purposes is worth as 

 much more than $4 per M, as it can be logged less than 

 $3.50 per M. I figure logs delivered at pond are worth 

 $7.50 per M, which figures I believe are generally accepted 

 by all practical lumbermen of today. 



This bond issue will represent the entire indebtedness 

 of the company. 



I submit below statement of the .J. M. Thompson Lum- 

 ber Company. Oct. 1. 1908: 



