412 TIMBER BONDS 



The balance sheet of the Butterfield Lumber Co. 

 furnished us as of July 1, 1909, shows the following 

 assets and liabilities as duly certified to by its treasurer: 



RESOURCES. 



465,000,000 ft. merchantable long-leaf yel- 

 low pine at $4 per M $1,860,000.00 



3 4 miles standard gauge railroad and 



equipment 282,148.18 



Saw mill, dry kilns, machine shop, ma- 

 chinery and houses 234,443.01 



12,000 acres cut-over land at $5 per acre. 60,000.00 



201.60 acres in town of Norfield 4,032.00 



Cash, accounts and bills receivable 105,852.30 



Logs in pond, manufactured lumber, lath, 



shingles, etc 87,047.05 



Interest, unexpired insurance, etc 2,328.64 



$2,635,851.18 



LIABILITIES. 



Bills payable $ 52,000.00 



Open accounts not yet due 43,709.86 



Uncollected freights, and accrued pay-roll. 27,879.75 



Capital and surplus 2,512,261.57 



$2,635,851.18 

 From the above, it will be seen that these bonds are 

 issued at the rate of less than $1.50 per M. feet of long- 

 leaf yellow pine, conservatively valued at $4.00 per M. 

 feet, and that the net capital and surplus of the Com- 

 pany are over four times the amount of the entire 

 authorized issue of bonds. 



SINKING FUND. 

 The mortgage under careful restrictions, requires a 

 deposit in advance with the Trustees of three dollars 

 ($3.00) for each one thousand feet of timber to be cut, 

 such deposit to be made on the basis of the amount of 

 timber found on each forty (40) acre tract, as deter- 

 mined by the cruise, a copy of which is filed with the 

 Trustees. 



FIRE HAZARD. 



Timber lands located in Mississippi and other South- 

 ern States have never been destroyed by fire, owing to 

 the entire absence of undergrowth and the unusual 

 height of the trees. 



