408 TIMBER BONDS 



Spruce 1,350,000,000 



Hemlock 214,050,000 



Oak 94,279,000 



Chestnut 113,233,000 



Yellow poplar, cherry, ash, 



birch and other hardwoods 139,930,000 



Total 1,911,492,000 ft. log scale 



PURPOSE OF BOND ISSUE. 



Of the authorized bond issue of $3,800,000, $195,000 

 bonds have been retired and $500,000 are held in escrow 

 by the Trustee and can be issued only in acquiring addi- 

 tional timber and further improving the property of the 

 Company, under strict provision of the trust deed. The 

 $3,300,000 bonds originally outstanding were issued to 

 refund the Company's then outstanding issue of $1,- 

 550,000 bonds, to take up the outstanding indebtedness 

 against the subsidiary companies taken over from Wil- 

 liam Whitmer & Sons, Inc., and to reimburse William 

 Whitmer & Sons, Inc., for advances made on account of 

 purchase price of properties, and leaves in the treasury 

 of William Whitmer & Sons, Inc., $300,000 of bonds. 



In addition to the $300,000 treasury bonds above 

 referred to, the report of The Audit Company of New 

 York shows that the Parsons Pulp & Lumber Company 

 and William Whitmer «&; Sons, Inc., have on hand quick 

 assets amounting to about $1,000,000. 



STATEMENT OF EARNINGS. 



The earnings of the Parsons Pulp & Lumber Com- 

 pany for the year ending December 31, 1910, were as 

 follows: 

 Gross revenue from sales, (after deducting 



allowances, returns, freight, etc.) $1,774,579.20 



Operating expense (including repairs and 



supplies, insurance, taxes, etc.) 1,191,156.19 



Net earnings from operations $ 583,423.01 



Other income 32,876.67 



Total net income $ 616,299.68 



Bond interest and other 



charges $222,061.77 



Sinking fund paid to Trustee 



for retirement of bonds. . . 177,425.67 399,487.44 



Surplus $ 216,812.24 



