434 TIMBER BONDS 



gin of security for the later maturing bonds. The Com- 

 pany's equipment includes a complete up-to-date saw mill, 

 planing mill, dry kilns, etc., logging railroad and logging 

 equipment, store building and employes' houses. 



SINKING FUND. 



The Trust Deed provides that before any timber is cut 

 the Company must pay to the Trustee as a sinking fund for 

 the redemption of bonds, $3.50 per thousand feet of pine 

 and white oak, according to the timber estimates on file 

 with the Trustee. After removal of timber the land may 

 be released by the Trustee on payment of $3.50 per acre 

 into the sinking fund. 



The sinking fund is sufficient to retire all the outstand- 

 ing bonds when about one-third of the timber mortgaged 

 has been cut. 



FIRE HAZARD. 



Timber located in the southern states has never been 

 destroyed by fire. Absence of undergrowth and height of 

 the trees render any serious fire damage impossible. 



EXAMINATION. 



Before purchasing this issue of bonds we made a thor- 

 ough personal investigation of all the conditions on which 

 the security depends. All titles to the property have been 

 carefully examined and approved by competent attorneys, 

 under whose supervision the mortgage was drawn and the 

 bonds issued. 



Copies of trust deed, attorney's opinion, detailed timber 

 estimates, and other data pertinent to the issue may be 

 seen at our office. 



All statements herein are official, or are based on in- 

 formation and data believed by us to be trustworthy and 

 reliable, and, while not guaranteed, have been accepted and 

 acted upon by us in the purchase and appraisal of the 

 bonds and the property securing the same. 



Bonds are offered subject to prior sale. 



Bonds will be delivered where desired, express prepaid, 

 payable with exchange. 



Telegrams may be sent at our expense. 



CHARLES M. SMITH & COMPANY, 



Bankers, 



First National Bank Bldg., Chicago, 111. 



