420 



TIMBER BONDS 



EXHIBIT NO. 14. 



Charles M. Smith & Company, Bonds for Investment, First 

 National Bank Building, Chicago. 



This issue of bonds is a legal investment for Michigan 

 Savings Banks and Trust Funds. 



We own and offer $238,000 (total issue $275,000) closed 

 First Mortgage 6 per cent. Serial Gold Bonds of the 

 Conasauga Lumber Company, Conasauga, Tenn. 



Dated June 1, 1910. Due serially as shown below. Inter- 

 est coupons payable June and December 1st, at First 

 National Bank of Detroit or First National Bank of 

 Chicago. Redeemable on any interest date after sixty 

 davs' notice at 102 1^ and interest. Denominations, 

 $500 and $1,000. Principal may be registered with the 

 Trustee. Bonds mature as follows: 

 $ 1,000 December 1. 1911 M5.000 December 1, 1915 



14,000 June 1, 1912 



12,000 December 1, 1912 

 15,000 June 

 15,000 December 

 15,000 June 

 13,500 Decembei 

 15,000 June 



1. 1913 

 1, 1913 

 1,1914 

 1, 1914 

 1, 1915 



15.000 June 1, 1916 



15.000 December 1, 1916 

 15,000 June 1, 1917 



15,000 December 1, 1917 

 15,000 June 1, 1918 



15,000 December 1, 1918 

 15,000 June 1, 1919 



$17,500 December 1, 1919 

 Price, par and interest, yielding 6 per cent. 



SECURITY. 



The mortgage to the Security Trust Company, of De- 

 troit, Mich.. Trustee, is a first lien on about 33,000 acres of 

 virgin timber lands, containing 168,400,000 feet of stand- 

 ing merchantable timber, consisting principally of white 

 and yellow pine, poplar, and white and red oak, lying in a 

 solid body in Polk County, Tennessee. The mortgage also 

 covers a modern band and gang saw mill, with a capacity 

 of 20,000,000 feet per annum, planing mill, dry kilns, etc., 

 lOy.. miles of completely equipped standard gauge logging 

 railroad, store building and employees' houses, located at 

 Conasauga, Tenn. 



The timber mortgaged is conservatively appraised at 

 $822,517.50, or about three times the amount of this bond 

 issue. 



RAILWAY, ESTIMATES AND APPRAISAL. 



The company's plant at Conasauga, Tenn., is located on 

 the main line of the Louisville & Nashville Railway, afford- 

 ing excellent shipping facilities. 



J. P. Brayton, the well known public estimator, of 

 Chicago, estimates the quantity of merchantable standing 



