386 TIMBER BONDS 



1. The bond issue is less than one-tenth of the esti- 

 mated value of the property. 



2. The bond issue is on a stumpage basis of less than 

 50c per thousand. 



3. The quick assets of the Company amount to about 

 the bonded debt. 



4. The insurance in force is more than the bonded 

 debt. 



5. The sinking fund is suflScient to pay the entire bond 

 issue more than four times over. 



6. The favorable interest return. 



Orders may be telegraphed at our expense. 



Bonds will be shipped to any Bank, express prepaid, 

 draft payable in New York or Cleveland Exchange. 



Statements of fact are statements of the Company and 

 believed by us to be true. We recommend these bonds as 

 a safe and conservative investment. 



OTIS & HOUGH, 



Investment Bankers, 



Cuyahoga Bldg., Cleveland, 0. 



EXHIBIT NO. 8. 



Circular No. 702— July, 1910. 



PEABODY, HOUGHTELING & CO., 



105 South La Salle Street, Chicago. 



Established 1865. 



Cable Address: "Hought," Chicago. Codes Used: Lieber 



and A. B. C. 5th Edition. 



$1,500,000 First Mortgage 6 Per Cent Serial Gold Bonds, is- 

 sued by the 



STEARNS COAL & LUMBER COMPANY 



of Stearns, Kentucky. 



Dated July 1st, 1910. Payable in Series as below. Re- 

 deemable in the reverse of their Numerical Order on 

 interest dates at 103 and Interest. Coupon Bonds of 

 $1,000 and $500 each, with Privilege of Registration 



