BOND CIRCULARS 447 



Redeemable at 103 and interest, in whole or in part, on 



any interest day, on ninety days' notice. 

 Principal and interest payable in Chicago on May 15th and 



Nov. 15th. 

 Coupon Bonds of $1,000 each; may be registered as to 



principal. Union Trust Company of Chicago and 



John K. Lyon, Trustees. 



MATURITIES. 



$33,000 May 15, 1911 33,000 Nov. 15, 1912 



33,000 Nov. 15, 1911 33,000 May 15, 1913 



33,000 May 15, 1912 35,000 Nov. 15, 1913 



Principal and interest guaranteed by endorsement by 

 Ernest V. Dunlevie of Buffalo, New York. 



The security for the bonds may be summarized as fol- 

 lows: 



1. First Mortgage lien on 9,199 acres of land owned in 

 fee and on the timber on 11.002 acres held under leases, 

 none of which expires until subsequent to the maturity of 

 all of the bonds of this issue, all located in Liberty County. 

 Georgia. 



2. Upon the 20,201 acres there are 140,000,000 feet of 

 standing and living yellow pine timber. 



3. The timber is conservatively valued at $3.50 per 

 thousand feet or a total valuation of approximately $500,- 

 000.00 exclusive of the land. 



4. The Mortgage also covers a railroad and logging 

 equipment which has already cost in excess of $90,000.00. 



5. As additional security the Timber Company has as- 

 signed its contract with the Byers-Allen Lumber Co. of Al- 

 lenhurst, Georgia, by the terms of which the said Lumber 

 Company agrees to take from the Timber Company a mini- 

 mum of 12,000,000 feet per annum and pay therefor when 

 delivered at its mills $8.50 per thousand. 



6. The performance of this contract by the Byers-Allen 

 Lumber Co. is guaranteed by its President, Mr. J. Henry 

 Cochran of Williamsport, Penn., a lumberman reputed to 

 be worth many times the amount of this bond issue. 



7. From the statements of the Timber Company it is 

 shown that logs are now being delivered at the mill of the 

 Byers-Allen Lumber Co. at Allenhurst at a cost of less than 

 $3.00 per thousand, which would leave a margin for the 

 Timber Company in excess of $5.50 per thousand feet. 



8. The Southern Timber Company's operations are un- 

 der the personal charge of Mr. Ernest V. Dunlevie, the 

 owner, a successful and experienced lumberman. 



