438 TIMBER BONDS 



LIABILITIES. 



Capital stock authorized. $200,000.00; whereof 



issued $174,000.00 



First mortgage 6 per cent gold bonds 150,000.00 



Current liabilities — notes, accounts, etc 60,362.28 



Surplus 11,513.92 



Total $395,876.20 



New York, August 2, 1910. 

 We have examined the account of the O. D. McHenry 

 Lumber Company, Inc., as at June 30, 1910, and we cer- 

 tify that, in our opinion, the foregoing Balance Sheet pre- 

 sents a full and fair statement of the Company's financial 

 position on that date as revealed by its books. 



MARWICK, MITCHELL & CO., 



Chartered Accountants. 



PURPOSE OF BOND ISSUE. 



This issue was made for the express purpose of retiring 

 all outstanding indebtedness of the O. D. McHenry Lumber 

 Company, other than current indebtedness, and will leave 

 the Company with about $70,000 free working capital. 



The total issue is $200,000; the present issue is limited 

 to $150,000; the remaining $50,000 may be issued only in 

 part payment for standing merchantable timber Ideated 

 near or adjacent to the timber now owned by the company 

 at the rate of $1.00 per thousand feet, titles to which are 

 to be approved by our Counsel and based on estimates to 

 be made in detail and certified to by our cruisers prior to 

 the issuance and certification of such additional bonds. 



GUARANTEE. 



These bonds are unconditionally guaranteed, principal 

 and interest, by written endorsement on each bond by Mr. 

 O. D. McHenry and Mr. I. W. Edgar, who are recognized 

 as thoroughly reliable and experienced hardwood lumber 

 manufacturers. 



PERSONNEL. 



Mr. 0. D. McHenry, President, has been a successful 

 and conservative hardwood operator in Pennsylvania for 

 over twenty years. 



Mr. I. W. Edgar, Secretary and Treasurer, has been as- 

 sociated with Mr. O. D. McHenry for several years past. 



The Hon. John G. McHenry, Vice-President and a large 

 stockholder of the O. D. McHenry Lumber Co., is a resident 

 of Benton, Pennsylvania, and a congressmen from the dis- 



