BOND CIRCULARS 411 



FINANCIAL STATEMENT. 



Capital $ 225,000.00 



Net surplus 2,287,261.57 



Bonds authorized 600,000 



Bonds held in reserve 300,000 



Bonds outstanding 300,000.00 



MATURITIES. 



$15,000 due July 1st, 1910 $15,000 due July 1st, 1915 



15,000 due July 1st, 1911 15,000 due July 1st, 1916 



15,000 due July 1st, 1912 15,000 due July 1st, 1917 



15,000 due July 1st, 1913 15,000 due July 1st, 1918 



15,000 due July 1st, 1914 15,000 due July 1st, 1919 



Price, any maturity, par and interest. 



MORTGAGE. 



These bonds are part of an authorized issue of $600,- 

 000, secured by a closed first mortgage to the Chicago 

 Title & Trust Company, and Mr. Wm. C. Niblack, Trus- 

 tees, upon, approximately, 39,000 acres of compact, well 

 located, virgin, long leaf, yellow pine timber, situated in 

 Lawrence, Marion and Pike Counties, Mississippi, and 

 upon the saw mill, planing mill, dry kilns, etc., of the 

 Company, located at Norfield, Mississippi. The deed of 

 trust provides that none of the timber while under this 

 mortgage can be turpentined. 



EARNINGS. 

 The net earnings of the Butterfield Lumber Com- 

 pany for the past three years, as officially reported by 

 the treasurer, have averaged $140,226.88 per annum, or, 

 over three and one-half times the average annual re- 

 quirements for interest and principal on the outstand- 

 ing bonds. In view of the general depression existing 

 for the past two or three years in all branches of busi- 

 ness, we regard these figures as exceptionally meri- 

 torious, and a strong endorsement of the excellent and 

 capable management of the Company. 



AMOUNT AND VALUE OF TIMBER. 

 A careful estimate of the timber made in detail by 

 Messrs. J. D. Lacey & Co. and Lemieux Brothers & Co. 

 shows that the lands under this mortgage contain over 

 405,000,000 feet, log scale, of standing, merchantable, 

 long-leaf yellow pine timber, 10 inches and over in 

 diameter. We appraise the value of this timber alone 

 at $1,620,000.00. 



