BOND CIRCULARS 445 



per thousand feet for the Cypress and $14 per thousand feet 

 for the Gum and other Hardwood. On this basis, the 

 stumpage of 122,740,000 feet behind the total bond issue of 

 $200,000 would produce the following results: 

 72,520.000 feet of Pine at an average 



selling price of $16 f. o. 



b. cars $1,160,320 



Less cost of logging, manu- 

 facturing and loading on 

 cars, $7.50 543,900 $616,420 



10,030,000 feet of Cypress at an aver- 

 age selling price of $25 f. 



o. b. cars $ 250,750 



Less cost of logging, manu- 

 facturing and loading on 

 cars. $10 100,300 150,450 



40,190,000 feet of Hardwood at an av- 

 erage selling price of $14 

 f. 0. b. cars $ 562.660 



Less cost of logging, manu- 

 facturing and loading on 

 cars, $10 401,900 160,760 



Net amount available for the protec- 

 tion of principal and interest of 

 these bonds $927,630 



Total amount of principal and inter- 

 est of these bonds $262,625 



MANAGEMENT AND OWNERSHIP. 



The stockholders of the South Alabama Lumber Com- 

 pany are men of substantial means and large experience, 

 and the management of the Company and its affairs are in 

 conservative and thoroughly practical hands. The stock- 

 holders have an actual cash investment of over $300,000 

 behind these bonds. 



GUARANTEE. 



These bonds are unconditionally guaranteed jointly and 

 severally both as to principal and interest by Mr. H. H. 

 Wheless of Shreveport, Louisiana, and Mr. J. M. Patterson, 

 of Mobile, Alabama, who are men of excellent standing in 

 their community, with a reputation for responsibility, in- 

 tegrity and absolute promptness in meeting their obliga- 



