BOND CIRCULARS 



415 



$50,000 July 1, 1915 $25,000 July 1, 1920 



25,000 January 1, 1916 25,000 January 1, 1921 



25,000 July 1, 1916 25,000 July 1, 1921 



25,000 January 1, 1917 25,000 January 1, 1922 



25,000 July 1, 1917 25,000 July 1, 1922 



25,000 January 1, 1918 25,000 January 1, 1923 



25,000 July 1, 1918 25,000 July 1, 1923 



25,000 January 1, 1919 25,000 January 1, 1924 



25,000 July 1, 1919 25,000 July 1, 1924 



25,000 January 1, 1920 

 Principal and semi-annual interest (January 1st and 

 July 1st) payable at Central Trust Company 

 of Illinois, Trustee, Chicago. 

 The owners of the Mendocino Redwood Company are 

 successful lumbermen and timbermen of Pennsylvania, 

 California and Washington and part owners of several 

 of the largest tracts of redwood, pine and fir timber 

 lands on the Pacific Coast and elsewhere. 



TIMBER. 



This mortgage to the Central Trust Company of Illi- 

 nois, as Trustee, is a first lien on 12,000 acres of well 

 located virgin redwood timber lands in one solid body, 

 owned in fee simple, located in Mendocino County, Cali- 

 fornia. These lands are heavily timbered with a good 

 quality of redwood (85%) and fir (15%) and lie along 

 either side of the Usal River and branches. This tract 

 controls a large amount of additional timber, the natural 

 outlet for which is through this tract. 



The holdings of the Mendocino Redwood Company 

 are surrounded on the north and east by the properties 

 of the Sage Land & Improvement Company, of Albany, 

 New York, and on the south and east by the Cottoneva 

 Lumber Company, formerly the New York & Pennsyl- 

 vania Redwood Company, two of the strongest redwood 

 timber companies on the coast. Both of these proper- 

 ties, and other holdings in that vicinity, are held at 

 $3.00 per thousand feet and higher. 



The owners of the Mendocino Redwood Company, 

 who are largely interested in the Cottoneva Lumber 

 Company and other lumber companies owning timber 

 lands in this section, organized the Mendocino Lumber 

 Company for the purpose of purchasing and holding the 

 tract of timber lands securing this bond issue, and it is 

 their present intention not to manufacture any of this 

 timber for at least five years. Interest and maturing 

 bonds will be paid out of the profits from their other 

 operations. 



