BOND CIRCULARS 371 



ASSETS. 



413 million feet stumpage at $3 per M $1,239,000 



Bills receivable 80,000 



fi7,907 acres land owned in fee at $3 per acre 203,721 



Total $1,522,721 



LIABILITIES. 



Capital stock $1,000,000 



Surplus 522,721 



Total $1,522,721 



It is the opinion of the writer, from a personal inspec- 

 tion, that the lands of the four Thompson companies will 

 safely cut two billion (2,000,000,000) feet of merchantable 

 timber. 



Assuring you of my willingness to furnish any further 

 information that you or your clients might desire in con- 

 nection with these properties, I am pleased to remain. 



Yours truly, 



J. L. THOMPSON, 

 Vice-Pres. and Gen'l Manager. 



*.J. M. Thompson Lumber Co. 



McCOY & COMPANY, 



105 So. LaSalle St., 



Chicago. 



EXHIBIT NO. 6. 



CLARK L. POOLE & CO- 

 BANKERS. 

 Chicago. 



Six per cent. Timber Land Bonds. Secured by 148,200 

 acres of virgin redwood, sugar pine and fir timber 

 lands, owned in fee simple, and 8,000 acres timber 

 leases located in Humboldt and El Dorado Counties, 

 California, and Coos, Curry, Douglas and Lincoln 

 Counties, Oregon, estimated to contain over seven 

 billion eight hundred and fifteen million (7,815,000,000) 

 feet of merchantable timber. We appraise the present 

 market value of this timber at ten million six hundred 

 thousand ($10,600,000) dollars, or more than three and 

 one-half times the amount of bond issue. The bonds 

 are also a first lien on two lumber manufacturing 



