432 TIMBER BONDS 



April and October 1st, at Central Trust Company of 

 Illinois, Trustee, Chicago. Redeemable on any inter- 

 est date after sixty days' notice at 102 and interest. 

 Denominations, $500 and $1,000. Principal may be 

 registered with the Trustee. Bonds mature as follows: 

 $15,000 October 1, 1911 $12,000 April 1, 1915 

 7,500 April 1. 1912 12,000 October 1, 1915 

 7,500 October 1, 1912 12,000 April 1, 1916 

 12,000 April 1, 1913 12,000 October 1, 1916 

 12,000 October 1, 1913 12,000 April 1, 1917 

 12,000 April 1, 1914 12,000 October 1, 1917 

 12,000 October 1, 1914 



Price, par and interest, yielding 6 per cent. 



SECURITY. 



The mortgage to the Central Trust Company of Illinois, 

 of Chicago, is a first lien on 124,632,000 feet of standing, 

 merchantable timber, consisting of yellow pine, white oak 

 and other hardwoods located on 23,629 acres of land, about 

 two-thirds of which is owned in fee simple, lying in prac- 

 tically a solid body in Sabine Parish, Louisiana. The 

 mortgage also covers a modern sawmill with a capacity of 

 15,000,000 feet per annum, planing mills, dry kilns, store 

 building and employes' houses, located at Wyatt, Louisiana. 



A conservative appraisement of the timber mortgaged, 

 found in detail on the following page, shows it worth $460,- 

 214 — OVER THREE TIMES the amount of the bonds. The 

 assets of the Company are over $800,000— OVER FIVE 

 TIMES the amount of the bonds. Principal and interest 

 is unconditionally guaranteed by A. H. Henderson and G. 

 E. Henderson, of Wyatt, Louisiana, by endorsement on each 

 bond. 



ESTIMATES AND APPRAISED VALUE. 



The yellow pine timber has been estimated by Lemieux 

 Brothers & Company, the well known Public Estimators, of 

 New Orleans, Louisiana. The white oak and other hard- 

 woods have been estimated by Ryan & Self, expert esti- 

 mators of timber in Sabine Parish. The estimate and ap- 

 praised value of the timber under the mortgage is as fol- 

 lows: 



Yellow Pine 83,050,000 ft. at $4.00 per 1,000 ft.$332,200 



White Oak 14,950,000 ft. at 5.00 per 1,000 ft. 74,750 



Other hardwoods. 26,632,000 ft. at 2.00 per 1,000 ft. 53,264 



Total 124,632,000 ft $460,214 



