BOND CIRCULARS 407 



Tazewell counties, Virginia, and Swain County, North 

 Carolina. 



The bonds are also secured by a first mortgage on 

 three modern saw mill plants, pulp mills, 5 5 miles of 

 railroad and equipment and logging equipment, located 

 at Dobbins, Lanesville and Horton, West Virginia. 



The Company's large pulp mill at Parsons, W. Va., 

 is located near its three saw mills in that state, and is 

 profitably manufacturing into sulphite pulp the refuse 

 and limbs of trees which are wasted in the usual saw 

 mill operation. 



VALUE OF PROPERTY COVERED BY MORTGAGE. 



A conservative appraisal of the 

 value of the timber covered by 

 this bond issue is $3.50 per 

 thousand feet, log, scale, or ... $6,690,222 



900,000 cords of spruce and hem- 

 lock pulp wood tan bark and 

 acid wood conservatively es- 

 timated at 1,205,500 



Total $7,895,722 



Value of three saw mill plants, pulp and paper 

 mill, railroads and logging equipment, also 

 covered by this bond issue 1,428,312 



A total value of all property $9,324,034 



or over three times the amount of this bond issue of $3,- 

 105,000. This appraisal does not include the value of 

 the 100,400 acres of land, owned in fee simple, for 

 mineral, grazing and agricultural purposes. 



TIMBER ESTIMATES. 



The timber lands located in West Virginia have been 

 estimated by Lemieux Bros. & Company, public es- 

 timators, of New Orleans, La. 



The timber lands in Virginia were carefully estimated 

 by Mr. R. P. Moore, and the timber lands in North 

 Carolina by Mr. John C. Arbogast, who are expert es- 

 timators of timber in those sections. These estimates 

 have been verified by the well-known and competent 

 timber estimator, Mr. W. E. Straight, of Chicago. 



According to the above estimates, this bond issue 

 covers 1,911,492,000 feet, log scale, of merchantable 

 standing timber, as follows: 



