406 TIMBER BONDS 



We have had the books of the Parsons Pulp & Lum- 

 ber Company and William Whitmer & Sons, Inc., ex- 

 amined by The Audit Company of New York. Copies of 

 their report will be sent on request. 



SEVEN YEARS' RECORD OF EARNINGS. 



The net income of the Parsons Pulp & Lumber Com- 

 pany for the year 1910 is $616,299.68, or over three and 

 one-quarter times the maximum interest charge on this 

 entire issue. The annual net earnings for the past 

 seven years have averaged over $400,000, or nearly four 

 times the average interest charge of the entire issue. 

 During the past year the indebtedness per thousand feet 

 of timber has been reduced from $1.73 to $1.69, and 

 the security correspondingly increased. 



MORTGAGE SECURITY 



The bonds are secured by first mortgage on nearly 

 two billion feet of merchantable spruce, poplar and hard- 

 wood timber, 55 miles of railroad and modern equip- 

 ment, three large saw mills and 50-ton pulp mill, and 

 100,400 acres of land. The market value of the above 

 properties covered by the mortgage is conservatively 

 estimated at $9,324,034, or over three times the amount 

 of this bond issue of $3,105,000. 



VALUE OF GUARANTEE. 



These bonds have the unconditional guarantee of 

 William Whitmer & Sons, Inc., of Philadelphia, which 

 company has been in successful operation in the lumber 

 business for about forty years, and is one of the largest 

 and best known lumber companies in the East. This 

 bond issue represents the entire indebtedness of the 

 Parsons Pulp & Lumber Company and William Whitmer 

 & Sons, Inc., excepting ordinary current accounts. 



List of maturities offered given on last page. 



MORTGAGE. 



This bond issue is secured by a first mortgage to the 

 Girard Trust Company and Charles J. Rhoads, Trustees, 

 of Philadelphia, on 100,400 acres, owned in fee simple, 

 and 63,000 acres timber deeds, a total of 163,400 acres 

 of spruce, yellow poplar, hemlock, oak, chestnut and 

 other hardwood timber, located in Pendleton, Poca- 

 hontas, Randolph, Tucker and Grant counties. West 

 Virginia; Highland, Washington, Russell, Smyth and 



