BOND CIRCULARS 393 



complete success for coking purposes and there is a grow- 

 ing demand for the Company's product both for steam, do- 

 mestic and coking purposes as far south as Atlanta. Under 

 intelligent mangement, there is no doubt that the Company 

 will be able to realize a net profit of at least 20 cents per 

 ton on its entire production. 



KENTUCKY & TENNESSEE RAILWAY. 

 With the completion of the five-mile extension now be- 

 ing constructed, the Kentucky & Tennessee Railway will 

 have a main line mileage of seventeen miles extending 

 from a connection with the Queen & Crescent System at 

 the town of Stearns, in a Westerly direction into the main 

 body of the Company's timber and coal lands. The prop- 

 erty is constructed and equipped in an unusually substan- 

 tial" manner, a large part of the roadbed being laid with 

 80-lb. steel. This Railway is a common carrier, doing a 

 general freight and passenger business, receiving its 

 share of all through rates, operating under a published tar- 

 iff and reporting its operations to the Interstate Commerce 

 Commission. The property serves a virgin territory of 

 great natural wealth. It is built and equipped to handle 

 heavy tonnage and it will be extended from time to time 

 as the development of the Company's property and the de- 

 mands of other shippers may warrant. 



IN GENERAL. 



The Company owns the entire town site of Stearns, 

 comprising some 509 acres, together with 143 houses, be- 

 sides boarding houses, office buildings and other struc- 

 tures. The Company's houses, which are rented to its 

 employes, are of an unusually substantial and comfort- 

 able character and indicate the care exercised in housing 

 and providing for employes in the most liberal manner. 

 The Company's policy in this respect has resulted in an 

 adequate supply of labor at fair wages. 



The principal owners of this property are men of large 

 means, who have been uniformly successful in their various 

 enterprises. Their personal attention to the affairs of this 

 Company is an assurance of energetic and conservative 

 management. 



Our recommendation of these bonds is based on a thor- 

 ough investigation of the security. The Company's timber 

 and lumbering operations have been examined by the well 

 known timber expert, Mr. J. P. Brayton of Chicago. The 

 Company's coal properties have been examined by Mr. J. 

 K. Seifert, who is not only a technical coal expert, but a 

 practical mine manager of many years' experience. The 



