394 TIMBER BONDS 



Company's accounts have been audited by Messrs. Price, 

 Waterhouse & Company, and, in addition, the whole enter- 

 prise has been checked up and investigated in detail by 

 our own staff experts. Titles to the Company's property 

 and all legal procedure in connection with the issuance 

 of these bonds, have been approved by Mr. E. E. Barthell, 

 of Nashville, Tennessee, Messrs. Bundy, Travis & Mer- 

 rick, of Grand Rapids, Michigan, and by our own attorneys. 



We recommend these bonds as an unusally sound and 

 desirable investment for the following reasons: 



First: The timber security alone is conservatively val- 

 ued at twice the amount of the bonds. 



Second: The coal security alone at the nominal valua- 

 tion of one cent per ton is equivalent to twice the out- 

 standing bonds. 



Third: The property constitutes one of the largest 

 and most valuable coal and timber holdings in one owner- 

 ship in the entire South. 



Fourth: The serial payments on account of Principal 

 will rapidly increase the already large margin of security. 



Fifth: The Company's earnings and sinking fund de- 

 posits will show a large margin over both Principal and 

 Interest requirements. 



Sixth: The guarantee of Mr. Justice S. Stearns places 

 an additional $2,500,000 of good assets and an assured in- 

 come of large proportions behind these bonds. 



Seventh: The ownership of the Company is in strong 

 and practical hands, assuring conservative and successful 

 management. 



The bonds will be ready for delivery on or before Sep- 

 tember 1st. 



Price, Par and accrued interest. 



Delivery will be made at any bank desired, express pre- 

 paid. 



Telegraphic orders may be sent at our expense. 



Applications will be filled in the order in which they are 

 received. 



PEABODY, HOUGHTELING & CO., 

 105 S. La Salle Street, Chicago. 



EXHIBIT NO. 9. 



Cable address: "Homcoy," Chicago. Circular No. 349. 



McCOY & COMPANY, 



INVESTMENT BONDS, 



105 South La Salle Street, Chicago. 



$400,000 B. & S. HEINEMANN TIMBER COMPANY 



(Wausau and Heineman, Wis.) 



