THOMSON'S MANUAL 
COMPARATIVE INCOME STATEMENT, Years Ending Dee. 31 
1929 1928 1927 1926 1925 
[Income for Bond Int............$611.354 $775,652 $425,665 $418,127 $207,013 
Deductions— 
Bond Int., Exp. ... 65,325 "716 33,526 
Depreciation .....i........ 163,394 . -85 80,147 
Federal TaX ccveooiimimmnens 66,085 ?E "83 None 
NET INCOME ........... $480.848 $246,442 $ 93.340 
COMPARATIVE CONSOLINATED BALANCE SHEET. As of Dec. 31 
“mTS 229 2 1927 
fo 70 775,942 
091 167,328 
N2.830 384.497 
627,767 
741,562 
4,440 
77,317 
04.486 
Total Current Assets... 
Plant and Equipment...... 
[INVeStMENtS  .orriceieeeacccrccme cerca 
Due from Affiliated Companies... 
Deferred Charges ....... FR, 
Dther Assets o.oo er 
TOTAL ASSETS .veeeerenee. 
LIABILITIES— 
Notes and Accounts Pavable................_....$ 368,284 
Accruals ee eeeeaeee 231 006 
ar 590 
“00 
00 
np 
57 
..92 
7,365 
19,825 
30,238 
945 
$6,129,392 
nb 
«g 
23 
45 
oF 
29475 572 
$5.78" 
,243 
vw 997 
$ 132,377 
224 QK5 
Total Current Liabilities oo... 
Preferred Stock .. SRA ~ 
Common Stock 
Bonds Outstanding ..cccooeeoineeees 
Bond Interest Due. .....coes. 
Due Affiliated Companies 
Depreciation Reserve ..... 
Surplus 
,«80 
.e,000 
400,000 
“0 000 
~5 
79 
¢,659 
“662 
$ 367,332 
426,050 
1,429,700 
1.000.000 
21,807 
337,264 
363,419 
7,945,672 
» 260,435 
1.7:1 
2125.35 
TOTAL LIABILITIES .iiann 
Net Working Capital mies 
Ratio, Cur. Assets to Cur. Liabilities........ .... ....1 
Roolr Valiie Common Shares... ooommee oooeaeeeaes $156.46 
(8 
FUNDED DEBT, As of April 1, 1930 
First (Closed) Mortgage Rate Dated Due Authorized Qutstanding 
serial Gold Bonds...  .....cc...... 6% 4-1-27 1928-42 $1,000,000 $880,000 
Interest Payable: Apr. and Oct. 1 by Sinking Fund: Whenever dividends 
Security Savings & Trust Co., Portland, declared on Common stock equal 
DOre., or Bank of California, Portland, amount, up to $60,000 in any one year, 
Jeattle, Tacoma or San Francisco. to be applied to retirement of bonds, 
Principal Payable: $40,000 on April in addition to serial requirements. 
I each year 1928 to 1941, incl.; $440,- Tax Status: Company pays 29% Fed- 
00 Apr. 1, 1942. R . eral income tax and Calif. 4-mill per- 
sabes Bank of (California, N. A, sonal tax 
ortland, Ore. mifvs FT 
Registerable: As to principal. : a First mortgage on all the 
Denominations: $1,000, $500. oe 
Callable: As whole or in part on 60 Legal Opinion by: Carey & Kerr, 
ays’ notice at 102%, except bonds ma- Portland, Ore. } 
turing in five years or less, premiums Offered by: Bond, Goodwin & Tuck- 
shall be 149 per unexpired vear. er. Mar.. 1927, at par. 
CROWN ZELLERBACH CORPORATION 
GENERAL OFFICE: 534 Battery St, San Francisco, Calif. 
BRANCH OFFICES: Portland, Ore., and Seattle, Wash. 
HISTORY: Incorporated under laws of Nevada, Aug. 28, 1894, as the Zellerbach 
Corporation. In 1928, merger was effected with the Crown Willamette Paper Co. 
RUSINESS: A holding company, owning directly or indirectly all capital stock 
»f the following companies (except $13,850 par value Northwestern Power & 
Light Company Preferred stock and 7.3% of the Common stock and 29% of the 
preferred stock of Pacific Mills, Ltd.), viz.: 
American Investment & Realty Co. Pacific Mills, Ltd. ] 
Canadian Crown Willamette Co., Ltd. The Sanitary Products Corporation. 
Tn Wilameiie Daner hi Washington Pulp & Paper Corporation 
Nationa aper Products Company. 3 is 
Northwestern Power & Light Company. Western Transportation Company. 
MNympic Paper & Power Company. Western Waxed Paper Company. 
Pacific Coast Supply Company. 7Zellerhach Paper Combanv