BOND CIRCULARS 443 



deemable in the reverse of their numerical order on 

 August 1st, 1911. or on Interest Dates thereafter at 

 102% and Interest. Coupon Bonds of $500 and $1,000 

 demominations, with privilege of registration as to 

 principal. Principal and Semi-Annual Interest payable 

 at the office of Peabody, Houghteling & Co., Chicago. 

 First Trust & Savings Bank, Chicago, and Augustus S. 

 Peabody, Trustees. 



MATURITIES. 



Date Maturing. 



These bonds, which are issued for the purpose of re- 

 tiring the floating indebtedness of the Company and for 

 additional working capital, are secured by a CLOSED First 

 Mortgage on approximately 10,000 acres of land, and ap- 

 proximately 122,740,000 feet of timber. 



VALUATION. 

 Based upon an examination of the Company's timber 

 lands made in our behalf by the well known expert, Mr. 

 •J. P. Brayton, we value the security behind these bonds as 

 follows: 



Land and Timber $638,680.00 



In addition to which the Company has ample working 

 capital, and owns a valuable saw mill, logging equipment 

 and railroad, upon which we have placed no specific valua- 

 tion. 



SINKING FUND. 

 Under the terms of the Mortgage, the Company agrees 

 to pay into the First Trust & Savings Bank. Chicago, on or 

 before the 15th day of every month, subject to the Trustees' 



