446 TIMBER BONDS 



tions. Their combined net worth, outside of their interest 

 in this Company, is in excess of $650,000. 



We have investigated these properties thoroughly. The 

 timber lands have been examined and reported on in de- 

 tail by Mr. J. P. Brayton, one of the most experienced and 

 best known experts in the country, as well as by our own 

 timber expert. The .Company's books have been audited 

 by Messrs. Price, Waterhouse & Company, and the titles 

 to the Company's property and all legal matters pertaining 

 to this issue have been approved by Messrs. Stevens & 

 Lyons of Mobile, Alabama. 



We recommend these bonds as a safe investment for the 

 following reasons: 



First: The value of the security is over three times 

 the amount of the issue. 



Second: The stockholders have an actual cash invest- 

 ment of over $300,000 behind the bonds. 



Third: The timber securing these bonds is of unusually 

 fine quality and so situated that it can be operated at a 

 profit even under the most unfavorable market conditions. 



Fourth: The stockholders of the Company are finan- 

 cially strong and are able to protect their investment, and 

 the management is experienced, successful and thoroughly 

 practical. 



Fifth: The bonds are guaranteed by individuals having 

 a net worth OUTSIDE OF THIS PROPERTY of $650,000, 

 over three times the amount of the bonds. 



The bonds will be ready for delivery about September 

 1st and will be delivered at any bank desired, express pre- 

 paid. 



Price, par and accrued interest. 



Telegraphic orders may be sent at our expense. 



PEABODY, HOUGHTELING & CO., 

 105 S. LaSalle St., Chicago. 



EXHIBIT NO. 22. 



LYON, GARY & COMPANY, 



LUMBERMEN AND BANKERS. 



CHICAGO. 



$200,000.00 SOUTHERN TIMBER COMPANY 



Six Per Cent First Mortgage Serial Gold Bonds. 



Dated Nov. 17, 1910. Maturing semi-annually. May 15, 1911, 



to Nov. 15, 1913. 



