BOND CIRCULARS 441 



ally, both as to principal and interest, by endorsement on 

 each bond by Messrs. R. Krause and Wm. H. Managan. 



EARNINGS. 



The Company's net earnings for the past ten years have 

 averaged in excess of $75,000 per annum, after charging off 



the stumpage, as shown by the following statement taken 

 from their books: 



Year. Sales. Shipments. Profits. 



1898 $278,448.17 26,181,370 feet $74,813.01 



1899 271,629.85 24,254,649 feet 71,805.62 



1900 250,733.54 19,347,432 feet 85,197.23 



1901 291,183.39 22,429,098 feet 94,804.03 



1902 261,880.74 18,661,796 feet 87,214.05 



1903 274,843.89 20,519,051 feet 89,929.03 



1904 244,434.12 18,868,472 feet 49,343.40 



1905 298,991.70 20,591,134 feet 72,495.41 



1906 231,702.21 13,198,523 feet 81,404.13 



1907 260,306.72 14,378,113 feet 50,098.19 



SINKING FUND. 



The mortgage, under careful restrictions, requires the 

 deposit with the Trustee, in advance, of $3.00 for each one 

 thousand feet of timber cut. This deposit must be made 

 to cover the amount of timber found on each forty acres, 

 according to the estimates of Lemieux Brothers & Co., be- 

 fore such timber is cut. It is the intention not to cut any 

 of the timber securing the bonds for five or six years, but 

 to supply the mill with other timber owned by the Com- 

 pany, and not covered by the mortgage. 



TITLES AND LEGALITY. 



The titles to the lands covered by the mortgage have 

 been examined and approved by Messrs. Pujo, Moss & 

 Sugar, Lake Charles, Louisiana; Messrs. Howe, Fenner, 

 Spencer & Cocke, of New Orleans, and Mr. Samuel Adams, 

 of Chicago, and the legality of the bonds, mortgage and 

 guarantee have been approved by Messrs. Howe, Fenner, 

 Spencer & Cocke and Mr. Samuel Adams. Copies of these 

 opinions will be furnished upon request. 



FIRE HAZARD. 



Timber located in the Southern States has never been 

 destroyed by fire. Absence of undergrowth and the height 

 of the trees renders any serious fire damage impossible. 



