BOND CIRCULARS 409 



GUARANTY. 



The payment of the bonds and interest thereon is 

 guaranteed unconditionally by a signed endorsement on 

 each bond by William Whitmer & Sons, Inc., of Phila- 

 delphia, Pa. William Whitmer & Sons, Inc., owns the 

 entire capital stock of the Parsons Pulp & Lumber Com- 

 pany, and the officers of the two companies are prac- 

 tically identical. 



The Parsons Pulp & Lumber Company was organized 

 for the purpose of consolidating into one company the dif- 

 ferent subsidiary companies of William Whitmer & Sons, 

 Inc., as follows: The Rumbarger Lumber Company, of 

 Dobbins, W. Va. ; Dry Forks Lumber Company, of Lanes- 

 ville, W. Va.; the Condon-Lane Boom & Lumber Com- 

 pany, of Horton, W. Va., and the Parsons Pulp & Paper 

 Company, of Parsons, W. Va. These companies have 

 been in successful operation for many years. 



William Whitmer & Sons, Inc., the guarantors of 

 these bonds, is one of the largest and oldest lumber 

 manufacturers and dealers in the East. This business 

 was established in Sunbury, Pa., about forty years ago 

 and was moved to Philadelphia in 1890. They operated 

 saw mills in Pennsylvania and for about twenty years 

 have carried on large saw mill operations in West Vir- 

 ginia. In addition to the large holdings of timber lands 

 owned by them by virtue of the ownership of the Par- 

 sons Pulp & Lumber Company, which are regarded 

 among the most valuable in the states named, William 

 Whitmer & Sons, Inc., own a large tract of timber land 

 In Florida, valuable equities in timber lands in Louis- 

 iana, and own valuable water power rights in North 

 Carolina. They also operate a large lumber yard in 

 Philadelphia, and selling agencies in New York City, 

 Pittsburg, Pa., Newark, N. J., and Philadelphia. 



SINKING FUND. 



Under the strict provisions of the trust deed, the 

 Company is required to deposit with the Trustee, $3.00 

 per thousand feet, log scale, for all timber cut, and 10 

 cents per cord of wood cut, as a sinking fund to retire 

 the principal of this bond issue. This sinking fund will 

 operate to retire all of the bonds before cutting off 60 

 per cent, of the timber covered by the mortgage. Should 

 the deposit exceed the amount of bonds maturing in any 

 year, the Trustee is required to purchase or call for re- 

 demption, at a premium of 1^4 per cent., the unmatured 

 bonds to an amount sufficient to exhaust the surplus. 



