428 TIMBER BONDS 



Second: The stockholders have an actual cash invest- 

 ment of over $300,000 behind the bonds. 



Third: The timber behind these bonds is of unusually 

 fine quality and it is absolutely exempt from fire-risk. 



Fourth: The stockholders of the company are finan- 

 cially strong and well able to protect their investment, and 

 the management is experienced, successful and thoroughly 

 practical. 



The bonds will be ready for delivery about August 25th 

 and will be delivered at any bank desired, express prepaid. 



Price, par and accrued interest. 



Telegraphic orders may be sent at our expense. 



PEABODY, HOUGHTELING & CO., 



105 S. LaSalle Street, 

 Chicago. 



EXHIBIT NO. 17. 

 Allerton, Greene & King, Bonds, The Rookery, Chicago. 



We own and offer $125,000 The Hardwood Manufacturing 

 Company, Louisville, Ky., First Mortgage 6 per cent. 

 Gold Bonds. 



Dated March 1, 1911. Due serially in semi-annual innstall- 

 ments. Redeemable on any interest date at 102J/. and 

 interest. Denominations, $1000 and $500. Principal 

 and semi-annual interest payable at the Union Trust 

 Company, Trustee, Detroit, Mich. 



MATURITIES. 



$5,000 March 1, 1912 $7,500 Sept. 1, 1916 



7,500 Sept. 1, 1912 7,500 March 1, 1917 



7,500 March 1, 1913 7,500 Sept. 1, 1917 



7,500 Sept. 1. 1913 7,500 March 1, 1918 



7,500 March 1, 1914 7,500 Sept. 1, 1918 



7,500 Sept. 1, 1914 7,500 March 1, 1919 



7,500 March 1, 1915 7,500 Sept. 1, 1919 



7,500 Sept. 1, 1915 7,500 March 1, 1920 

 7,500 March 1, 1916 



"We recommend these bonds as a safe and conservative 

 investment for the following reasons: 



1. All of the lands including 20,000 acres of virgin 

 hardwood timber, also, mill site property, is owned in fee 

 simple by the company. 



2. The bond issue is secured by a closed, absolute first 

 mortgage. 



3. The bond issue is only about one-fifth of the value 

 of the property mortgaged. 



