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FHOMSON'S MANUAL

SUBSIDIARIES: Western Transportation Co., Sierra Flume Co., Western Paper
& Bag Co., Western Waxed Paper Co., Santiam Power Co., Pacific Coast Supply
Zo., National Paper Products Co., and Pacific Mills, Ltd.
PROPERTIES: (a) Pulp nnd Paper Mills.—Principal plants are located at Camas,
Wash.: West Linn, Ore.; Floriston, Calif., and Pacific Mills, Ltd., located at Ocean
Falls, B.C. With total daily capacity of 860 tons of finished paper, approximately
 650 tons are newsprint and balance wrapping and tissue papers. Company
 has mechanical and_ chemical pulp mills with capacity to supply raw
materials for finished products. A kraft pulp mill, with daily capacity of 60 tons,
was opened at Camas, Wash. at a cost of over $1,000,000, in March, 1926.
(b) Timber and Timber Lands — Company owns over 170,000 acres of timber
lands located in California, Nevada, Oregon and Washington, conservatively estimated
 to carry over 4,800,000,000 feet of timber. Estimated as sufficient to run
present mills for 35 to 40 years. Company pursues a reforestation program to
create continuous supply of pulp timber.
Pacific Mills Limited holds pulp leases expiring 1944, covering 79,019 acres carrying
 approximately 2,000,000,000 feet of timber and perpetual licenses to 56,049
acres, carrying an estimated stand of over 1,300,000,000 feet of timber.
(¢) Water Power—Company owns water power developed at the Floriston and
Jamas mills, and obtains the water power for the operation of its West Linn
Mill under favorable long-term leases nad contracts.
[n British Columbia, hydroelectric and water power have been developed at Ocean
Falls, and a minimum of 23,000 h.p. is available for plant operation at all seasons.
Power is derived from Link River, the outlet of Link Lake.
OFFICERS: Louis Bloch, Pres.; A. B. Martin, Executive Vice-Pres.; Geo. P.
Berkey, Vice-Pres.: A. J. Lewthwaite, Vice-Pres.; R. A. McDonald, Vice-Pres.;
Frank Schwabacher, Vice-Pres.: F. G. Wight, Vice-Pres.; D. J. Goldsmith, Secy.
and Asst. Treas.; Chas. M. Whitney, Treas. and Asst. Secy; Ludwig Frank, Asst.
Treas. and Asst. Secy.
DIRECTORS: Louis Bloch, San Francisco; Chas. R. Blyth, San Francisco; Herpert
 Fleieshhacker, San Francisco; D. J. Goldsmith, San Francisco; A. B. Martin,
San Francisco; Chas. K. McIntosh, San Francisco; Henry C. Olcott, Chicago, Ill.;
W. H. Orrick, San Francisco; E. S. Pillsbury, San Francisco; Frank Schwabacher,
San Francisco; James H. Schwabacher, San Francisco; Geo. S. Towne, San Francisco;
 R. A. McDonald, San Francisco.
REGISTRARS FOR STOCK: The Chase National Bank, New York, N.Y.; First
Trust & Savings Bank, Chicago, Ill.; The Anglo & London Paris National Bank,
San Francisco, Calif.
TRANSFER AGENTS: Bankers Trust Company, 16 Wall St, New York, N.Y.;
Continental Illinois Bank and Trust Company, 208 So. La Salle St. ,Chicago, I11.;
“rown Willamette Paper Company, 534 Battery St., San Francisco, Calif.
GENERAL AUDITORS: Price, Waterhouse & Co.
Fiscal Year Ends: April 30. Annual Meeting: 2nd Tuesday in August.
Number of Employees: 3500.
: Par Value Authorized Qutstanding
$7 Cum. 1st Pref. Stock...... No Par 200,000 Shs. 200,000 Shs.
$6 2nd Pref. Stock.......ce........ No Par 41,000 Shs. 41,000 Shs.
Common Stock oo... . No Par 1.000.000 Shs. 1.000.000 Shs.

i. $7 CUMULATIVE FIRST PREFERRED STOCK.
Provisions: Preferred as to cumula- annum paid quarterly Jan., Apr, July
tive dividends of $7 per share, $105 per and Oct. 1, since Jan. 1, 1928.
share in voluntary liquidation and $100 Ex-Dividend Date: 13th of preceding
n involuntary. May not be increased month.
without 24 vote of both classes of out- Legal Opinion by: Mayer, Meyer, Ausstanding
 preferred. trian & Platt, Chicago. Blyth & ©
Callable: As a whole or in part, on Public Offering by: vt x Lo,
any dividend date at $105 per share and Blair & Co. and Anglo-London Paris Co.
acrued dividends. Jan. 1926, at $100. York d Chi
Voting Power: One vote per share, i New Gr an cago
with common. : ges. ; .
. Price Range: 1929—High, 101%; low,
Tax Status: Company pays normal 90: 1928—High, 1041; Low, 95: 1927—
Tederal income tax up to 2%. High, 943%; Low, 87; 1926—WHigh, 98%:
Dividends: Regular $7 per share per Low, 97%.
2. $6 SECOND PREFERRED STOCK.
Provisions: Second preferred as to while 1st pfd. outstanding or being
assets and dividends. Entitled to 102% called.
in voluntary liquidation and 100 in in- Voting Power: One vote per share
roluntary. with common.
Lo. Dividends: Regular $6 per share per
Callable: On any dividend date on 30 annum, paid quarterly Jan., Apr., July
davs’ notice at $1021 per-share but not and Oct. 1, since Apr. 1. 1928.

3. COMMON STOCK.
Ownership: All but directors qualify- Dividends: Initial of $1 per share
ng shares held bv Crown Zellerbach paid Dec. 15. 1929
“Aarnoration