BOND CIRCULARS 429 



4. The Sinking Fund will retire the entire bond issue 

 before one-half of the timber is cut. 



5. The assets of the company, exclusive of the timber 

 lands, is about on and one-half times the amount of the 

 bond issue. 



6. The owners and managers of the company are ex- 

 perienced and successful lumber men. 



7. The interest return is attractive. 

 Price, 100 and interest, yielding 6 per cent. 



ORGANIZATION. 



The Hardwood Manufacturing Company was organized 

 under the laws of Kentucky, having its principal office in 

 the City of Louisville, Ky., in 1909. The stockholders and 

 directors are experienced and successful business men. 

 Mr. A. L. Musselman, President of the Company, has been 

 identified with the lumber business for the past twenty- 

 five years and is regarded as one of the best posted men 

 on hard woods in the South. 



Mr. Henry Koehler, Vice-President of the Company, 

 owns and operates the largest retail lumber business in 

 the City of Louisville, Ky. These men are in control of 

 the Company's management, giving it their personal atten- 

 tion and the benefit of their practical experience. 



SECURITY. 



These bonds are secured by a closed, absolute first 

 mortgage on all of the property of the Company now owned 

 or hereafter acquired, consisting of about 20,000 acres of 

 uncut hardwood timber lands owned in fee simple by the 

 Company. This tract contains over 100,000,000 feet of 

 standing merchantable timber, consisting principally of 

 White Oak, Red Oak, Gum, Cypress, Hickory, Cherry and 

 Pine. Also its mills, logging machinery, barges, tugs, 

 launches, etc. 



The Company's plant consists of a band sawmill, hav- 

 ing a capacity of 50,000 feet per day. 



PURPOSE OF BOND ISSUE. 



The proceeds of this issue will liquidate all other in- 

 debtedness of the Company and will provide funds for ad- 

 ditions and improvements and leave ample funds for work- 

 ing capital. 



VALUATION OF PROPERTY. 



The above lands have been carefully cruised by Mr. J. 

 P. Brayton, of Chicago, the well known timber expert. Mr. 

 Brayton estimates the stand of merhantable timber at over 



