440 TIMBER BONDS 



Principal and interest guaranteed by R. Krause, Lake 

 Charles, Louisiana; Wm. H. Managan, Westlake, Louis- 

 iana. 



Principal and semi-annual interest payable at Interstate 

 Trust & Banking Company, New Orleans, Trustee, or 

 Continental National Bank, Chicago. 



Dated September 1. 1908. Coupon Bonds, $1,000 each, pay- 

 able $20,000 semi-annually from March 1. 1910, to Sep- 

 tember 1, 1917, inclusive. 

 THESE BONDS ARE SECURED BY FIRST MORT- 

 GAGE to the Interstate Trust & Banking Co.. of New Or- 

 leans, Trustee, upon 18,477 acres of compact, well-located 

 virgin timber lands in Calcasieu Parish. Louisiana, owned 

 in fee, estimated to bear 221,930.000 feet of merchantable 

 long leaf and short leaf yellow pine timber, besides a con- 

 siderably quantity of hard woods. The mortgage is also a 

 first lien upon the saw mill and plant located at Westlake, 

 Louisiana. The mortgage requires that the mill and equip- 

 ment shall be fully insured for the benefit of the bond- 

 holders. 



AMOUNT AND VALUE OF TIMBER. 



Careful detailed estimates of the timber have been 

 made by Messrs. Lemieux Brothers & Co., of New Or- 

 leans. Louisiana, a copy of whose report we will furnish 

 on application and from which we quote as follows: 



Long Leaf Yellow Pine. 10 inches up 211,110,000 feet 



Short Leaf Yellow Pine. 10 inches up 6,815,000 feet 



Yellow Pine, 8 inches to 10 inches 4.005,000 feet 



Hardwood 1,135,000 feet 



Total 223,065,000 feet 



Yellow pine timber of the character covered by this 

 mortgage, may be conservatively appraised at $3.00 to $4.00 

 per thousand feet. These bonds are issued upon a basis of 

 $1.50 per thousand feet of merchantable yellow pine timber, 

 hence the value of the pine timber alone is more than twice 

 the amount of the bond issue, not including the value of 

 other timber, the mill and plant at Westlake, and the per- 

 sonal guarantee of payment of Mr. R. Krause and Mr. Wm. 

 H. Managan. 



PAYMENT OF BONDS IS GUARANTEED uucondition- 



