BOND CIRCULARS 383 



Trustee, Detroit, Michigan. Bonds are redeemable at 

 any bond paying period, at 103 and interest, after 

 forty-five days' published notice. The Company is com- 

 pelled to pay into the Sinking Fund $2.00 per thou- 

 sand feet of lumber cut. This payment is made quar- 

 terly. Bonds may be registered as to principal. 

 Maturities: 



$10,000 Jan. 1, 1911 35.000 Jan. 1, 1915 45,000 Jan. 1. 1919 



10,000 Jan. 1, 1912 43,000 Jan. 1, 1916 45,000 Jan. 1, 1920 



25,000 Jan. 1.1913 42,000 .Ian. 1, 1917 50,000 Jan. 1, 1921 



30,000 Jan. 1, 1914 40,000 Jan. 1, 1918 50,000 .Jan. 1, 1922 



Price — 101 and Interest. 



CAPITALIZATION. 



The Company is organized under the laws of the State of 

 New Jersey, and capitalized as follows: 

 Capital Stock authorized and issued. .8.000,000 

 Bonds authorized and issued 650.000 



LEGALITY. 



The legality of the mortgage securing this issue of 

 bonds has been approved by Messrs. Goulder, Holding & 

 Masten. of Cleveland. Ohio. It is a first lien on all of the 

 property now owned or hereafter acquired by the Company. 



PROPERTY. 



The property of the Company consists of over 288.783 

 acres of land, timbered with white pine, situated in the 

 counties of McKinley and Valencia. New Mexico, and 115 

 acres of real estate, near Albuquerque, upon which are 

 erected the mills, factories, etc. The foregoing lands are 

 owned in fee. The Company also owns thirty miles of 

 standard gauge railroad, with ample car and motive power 

 for its operation; also all additional logging equipment 

 necessary for the prosecution of its business. 



The resources of the Company, as per their financial 

 statement of September 30th, 1909, were as follows: 



Timber lands, real estate, construction and 



equipment $8,516,842.86 



Bills and accounts receivable, cash and prepaid 



accounts 166,276.05 



Inventory of lumber, material and supplies, etc. 394,206.54 



Total $9,077,325.45 



