BOND CIRCULARS 413 



HISTORY OF THE COMPANY. 



In 1884 Messrs. Norwood and Butterfield formed a 

 partnership for the conduct of a lumber business, in 

 18 8 7 the firm purchased a southern mill, incorporated 

 under the style of Norwood & Butterfield and adopting 

 their present title of Butterfield Lumber Company in 

 July 1900. The operations of the Company have been 

 uniformly successful throughout this long period, as is 

 shown by the fact that the Company now owns over 

 465,000,000 feet (approximately 600,000,000 feet in 

 addition to the timber under this mortgage) of excel- 

 lent standing merchantable timber, a double band saw 

 mill with a capacity of 32,000,000 feet per annum, plan- 

 ing mill, dry kilns, houses for employes, thirty-four miles 

 of standard gauge railroad and complete logging equip- 

 ment. 



PURPOSE OF BOND ISSUE. 



The proceeds of this issue of bonds will be devoted 

 to the funding of the floating indebtedness of the cor- 

 poration, amounting to only $52,000, as of July 1, 1909; 

 to providing additional working capital; to the making 

 of such improvements and extensions to their plant as 

 may be necessary from time to time, and to the pur- 

 chase of additional timber holdings. 



TITLE AND LEGALITY. 



All matters pertaining to the legality of this issue, 

 titles to the property, etc., have been favorably passed 

 upon by Horace S. Oakley, Esq., Chicago, Illinois, and 

 by Thomas Brady, Jr., Esq., of Brookhaven, Mississippi. 

 Copies of the deed of trust, counsel's opinion and copy 

 of our cruiser's detailed report, together with other 

 pertinent data, are on file and may be seen at our office 

 at any time. 



In the past we have handled and examined a large 

 number of timber properties, and we beileve that we 

 have seldom had the opportunity of recommending to 

 our clients a more amply secured southern timber loan 

 than in this present instance. 



We recommend these bonds for Investment for the 

 following reasons: — 



(1) The excellent quality of security. 



(2) The very conservative basis of the loan. 



(3) The excellent reputation and the successful his- 

 tory of the makers. 



