BOND CIRCULARS 433 



FINANCIAL STATEMENT 

 Before issuance of bonds: 



ASSETS. 

 Cash, accounts receivable, lumber, merchandise 



and other current and working assets $ 51,827.78 



Stumpage, Sabine Parish $460,214 



Stumpage, Jackson Parish 199,800 



$660,014.00 

 Saw mill plant, railroad and logging equipment. 89,408.25 



$801,250.03 

 LIABILITIES. 

 Accounts and bills payable $154,014.58 



The Company owns about 16,000 acres of land in fee 

 simple, valued for agricultural purposes at $80,000 after 

 the timber is removed. This item is not included in above 

 statement. 



PURPOSE OF BOND ISSUE. 



The authorized bond issue is $250,000, of which the 

 proceeds of $150,000 outstanding will be used to pay bal- 

 ance on timber purchased (included in liabilities) and re- 

 tire floating indebtedness. Under careful restrictions of 

 the Trust Deed the reserved bonds, $100,000, can be issued 

 for the purchase of additional timber at the rate of $1.75 

 per thousand feet of merchantable yellow pine. 



The basis of the loan on outstanding bonds is $1.22 per 

 1,000 feet. If the reserved bonds are issued as provided in 

 Trust Deed the basis of the loan for the full amount of 

 bonds authorized would be only $1.37 per 1,000 feet — a very 

 low rate for Southern timber. 



HISTORY AND OPERATION. 



The Wyatt Lumber Company, Limited, was organized in 

 1903, since which time it has been continuously and profit- 

 ably engaged in the manufacture of lumber at Wyatt, Louis- 

 iana. In addition to the standing timber mortgaged the 

 Company owns about 50,000,000 feet of yellow pine unen- 

 cumbered at Wyatt, Jackson Parish, Louisiana. It is now 

 cutting this timber. The saw mill plant has a capacity of 

 15,000,000 feet per annum, and it is estimated this timber 

 will be cut out in about three years, when the plant will 

 be removed to Sabine Parish. Bonds maturing during this 

 time will be paid from the proceeds of the unencumbered 

 Wyatt timber, which will leave a gradually increasing mar- 



