384 TIMBER BONDS 



The proceeds of this issue of bonds has canceled all of 

 the liabilities of the Company, other than its capital 

 shares, and this issue and the Company will have on hand 

 a working capital in cash of about $100,000, in addition to 

 its accounts receivable and supplies on hand. 



The Company earned for the year ending October 31st, 

 1909, $100,492.35, including all interest charges, which is 

 equivalent to about three and one-half times the interest 

 on its bond issue. 



The estimated amount of timber on the Company's prop- 

 erty is 1,400,000,000 feet of merchantable pine. At Albu- 

 querque, New Mexico, the Company has one of the finest 

 lumber manufacturing plants in the country. In addition 

 to a saw mill of 50,000,000 feet per annum capacity, it has 

 a lath and bi-products mill, box factory and door factory, 

 and carries on hand about 20,000,000 feet of lumber of all 

 grades. The land owned by the Company is equivalent to 

 about thirteen townships and is said to be the largest pri- 

 vate holding of white pine in the United States. 



In order to appreciate the magnitude of this property, 

 we may state that the Company is compelled to carry up- 

 wards of $800,000- of insurance on its mills and manufac- 

 tured products. 



Speaking of the timber land, our expert who made the 

 investigation for us, reports that there is no danger of fire, 

 because the woods are substantially free from underbush 

 and rubbish. 



Concerning the logging, he has to say: "The land 

 lays nicely for logging and the railroad can be built cheap- 

 ly, and the logging to the railroad can be done very rea- 

 sonably." 



In addition to the timber owned in fee, the Company 

 has contracted for approximately 500,000,000 feet (B. M.), 

 and in addition to this, there is an amount of timber equal 

 to or greater than the before mentioned amount of timber 

 contracted, for which this Company is the logical market. 

 The supply of timber in sight will afford this Company 

 material for operation for the next thirty-five to fifty 

 years. 



MARKET. 



The Company enjoys a very wide market for its prod- 

 ucts. The great lumber-using States of Kansas, Missouri, 

 Iowa, Colorado, Oklahoma and Texas are within easy ship- 

 ping distance, and for its high grade of products, it com- 

 mands a large export trade, via Galveston. A large quan- 

 tity of lumber is also sold in old Mexico and some on the 

 Pacific Coast. 



