442 TIMBER BONDS 



MATURITIES. 



$20,000 due March 1,1910 $20,000 due March 1,1914 



20,000 due September 1, 1910 20,000 due September 1, 1914 

 20,000 due March 1,1911 20,000 due March 1,1915 



20,000 due September 1, 1911 20,000 due September 1, 1915 

 20,000 due March 1,1912 20,000 due March 1,1916 



20,000 due September 1, 1912 20,000 due September 1, 1916 

 20,000 due March 1,1913 20,000 due March 1,1917 



20,000 due September 1, 1913 20,000 due September 1, 1917 

 Any or all of the bonds may be redeemed on Septem- 

 ber 1st, 1911, or on any Interest payment date thereafter, 

 at a premium of 2 per cent and accrued interest, upon sixty 

 days' notice. 



PRICE FOR ANY MATURITY, PAR AND ACCRUED 



INTEREST. 

 All bonds offered by us are subject to sale, change of 

 price or withdrawal. We use our best endeavors to care- 

 fully examine the details connected with the bonds offered, 

 and while we do not guarantee information and statements 

 in our letters and circulars concerning securities, they are 

 the expression of our belief, or are statements that have 

 been made to us from what we consider reliable sources 

 and upon which we have acted. We can furnish the writ- 

 ten opinion of our attorney on each issue. Orders for 

 bonds may be telegraphed at our expense. Bonds delivered 

 to purchaser, express prepaid, payable in New York or Chi- 

 cago exchange. 



McCOY & COMPANY, 

 105 S. LaSalle St., Chicago. 



EXHIBIT NO. 21. 



Circular No. 711 — August, 1910. 



PEABODY, HOUGHTELING & CO., 



105 South La Salle Street, 

 CHICAGO. 



Established 1865. 



Cable Address: "Hought," Chicago. Codes Used: Lie- 

 ber and A. B. C. 5th Edition. 



$200,000 First Mortgage 6 Per Cent Serial Gold Bonds of thi 



SOUTH ALABAMA LUMBER COMPANY. 

 Dated August 1st, 1910. Payable in series as below. Re- 



