estimates given are conservative, and that the balance be- 

 tween outlay and income has not been made to appear more 

 favorable than can be realized in practice. Each item is 

 numbered, and following the financial statement will be 

 found notes on each according to number wherever explana- 

 tion seems necessary. 



IMMEDIATE OUTLAY. 



(1) 100,000 acres timber land containing 

 pine estimated at 625,000,000 feet, at 



$4 per M $2,500,000.00 



(2) 389,790 acres at $1.25 per acre 487,237.50 



$2,987,237.50 



(3) Houses and barns 15,000.00 



(4) Horses, implements, etc 3,000.00 



Total immediate outlay $3,005,237.50 



IMMEDIATE INCOME. 



5) By sale of trees now overripe and begin- 

 ning to deteriorate, and which should 

 be cut at once to save loss, estimated at 

 two-thirds present stand '.. $1,666,666.67 



Balance of purchase price unpaid.. $1,338,570.83 



ANNUAL INCOME. 



(6) 185feet, board measure, per acre annual 

 growth on 100,000 acres would be 

 18,500,000 feet, board measure, which 

 can be cut each year without intruding 

 upon the normal growingstock, i.e. the 



principal, at $4 per M $74,000.00 



(7) For fishing and huntingprivileges, cran- 



beriies, rents and pasture 21,500.00 



Total annual income $95,500.00 



