410 TIMBER BONDS 



TITLE AND LEGALITY. 

 The titles to the lands covered by this mortgage have 

 been carefully examined and certified by our counsel, 

 Adams & Candee, of Chicago, and Milton C. Work, of 

 Philadelphia, Pa., under whose legal direction the mort- 

 gage and bonds were prepared. 



DATES OF PAYMENT. 

 The bonds are $500 and $1,000 each. Mature serially 

 each six months from November 1, 1911, to November 1, 

 1924. Unsold bonds offered mature as follows: 



MATURITIES. 

 $20,000 Nov. 1, 1917 $35,000 Nov. 1, 1921 



30,000 May 1, 1918 45,500 May 1, 1922 



30,000 Nov. 1, 1918 40,000 Nov. 1, 1922 



40,000 May 1, 1919 45,500 May 1, 1923 



35,000 Nov. 1, 1919 33,000 Nov. 1, 1923 



35,500 May 1, 1920 45,000 May 1, 1924 



20,500 Nov, 1, 1920 10,000 Nov. 1, 1924 



■ 35,000 May 1, 1921 

 Price of bonds, all maturities, par and accrued interest, 

 yielding six per cent. 

 The above statements are based on information and 

 data believed by us to be trustworthy and reliable, and, 

 while not guaranteed by us, have been accepted and 

 acted upon by us in the purchase and appraisal of the 

 bonds and the property securing the same. 

 A. B. Leach & Co., 140 Dearborn Street, Chicago; 149 

 Broadway, New York; 28 State Street, Boston; 4th 

 and Chestnut, Philadelphia. 



EXHIBIT NO. 12. 



McCoy & Company, Investment Bonds, 105 South La- 

 Salle Street, Chicago, 111. Cable address, "Horn- 

 coy," Chicago. Circular No. 359. 



$150,000 (part of $600,000 issue) Butterfleld Lumber 

 Company, Norfield, Miss., first mortgage six per 

 cent serial gold bonds. 



Dated July 1st, 1909. Maturing in series as below. 

 Callable on July 1st, 1910, or on any interest date 

 thereafter, at 102.50 and interest. Coupon bonds 

 with privilege of registration as to principal. De- 

 nominations, $500.00 and $1,000.00. Principal and 

 semi-annual interest (January and July 1st) pay- 

 able at the office of the Chicago Title and Trust 

 Company, Chicago. 



Chicago Title & Trust Company and Wm. C. Niblack, 

 Esq., Chicago, Trustees. 



