176 
THOMSON'S MANUAL 
in 1928, at a cost of $450,000. In 1928, land and plants ,exclusive of pulp mill, 
were appraised at $662,332. 
OFFICERS: Ralph Shaffer, Pres.; Arthur W. Berggren, Vice Pres. & Treas.; R. 
H. Pangborn, Vice Pres.; E. A. Glueck, Secy. 
DIRECTORS: Frank T. Beers, Arthur W. Berggren, E. A, Glueck, Paul C. Harp- 
er, L., J. Hull, R. H. Pangborn, H. Arthur Rust, Ralph Shaffer. 
GENERAL AUDITORS: Price, Waterhouse & Co. 
BALANCE SHEET, As of Mar. 31 
Par Value Authorized Outstanding 
1. 79% Cum. Pref. StocK.....cooomininnns $100 9,000 shs 7.230 shs 
2. Common Stock _ ween. --.NO Par 12,000 shs 11,516 shs 
Earnings: First quarter of 1930, aft- profit of $18,295.36. 
er depreciation of $11,308.20 and all op- Dividends: None paid since pulp 
aration and interest. showed a net mill operations started. 
RATLANCE SHEET, As of Mar. 31 
ASSETS— 
1930 
53,058 
142,436 
9,989 
700 
212 482 
1929 
§ 133,850 
28,517 
6,420 
1,900 
207.398 
378.085 
182,164 
391,640 
111.480 
57,969 
21.120 
CASE eeoeeeeeeeeecsianannamasmammmesarmnesaesmssmsmmssammsscmmemsermoasanan finan mTaosesemssssisaaes 
Accounts and Notes Receivable .iiiics een eee 
Life Insurance Sur. Value iii avas eooen 
Securities ..... imenmmn nnn emeaeeemmmeanesamcoeaer aan 
[nventories .. heen —————mwiensn mesh dl SER ERR ERR 
Total Current Assets. ....coimmeanecans I, 
Sulphur CONSIENIMENT eerie samme aameesse sens onsen omaene 
PULP PLANE  oeieecireciireminnmmmranassmnessnsos cmsesassasssssmesesiossssnenas 
BOX FQCLOTY coooiccierciocmaamsommmascenamersressacomanaaa ass as amas amas tans an cass snes saan n 
Real Estate .............. BL 
BONA DISCOUNT coeieeeeicceeamamceeecmmtnssnrmrtansnsarammennssasnmssmsnrsrannsnnsssaaamsen 
Irganization EXPENSE ...coooiiceeieocecreecmemssmmmsmistasmsasase car nnsa areas 
Dither Deferred IteIMS oo iiiiocciriammmmarsear ream asremenananas tan onanenesas 
Accrued Dividends .... caceccccccccrcimesemmmssouccsrrusseiisssmmmasmannsaanoaiia 
TOTAL ABSETE .osmimmensrmrmmmnns 
LIABILITIES— 
Payroll .cocoecomeciennens ee temaraaaaanaaaeaaemee mmo] 
Accounts Payable ii eeeeoemsemammeamemeemmsecemeassansenas 
Trade Acceptances Payable. iiiiinenimmanneansaasanannees 
Bond Interest ACCIUEA.......cccccoccecimeaccsseremmmasmmraaseorassssmssnmmmaasmssnsmassss 
Dther Accrued Ttems oo iiimiremnnaenns = . 
Total Current Liabilities iirc emaec coe aannen 
Sulphur Consignment ACC. eerie camsnsensaneaeec 
FUNAEA DDL ooeeeeeeeecaaaeimmcaseaaeseerasesemsmsasamsssnsmmsssanassaasesasmanss 20 
Preferred STOCK a ceicaaae miner a scmesssasamasasessezeaemeanesteaasamamzaaas 
COMNINOTNL SOCK  aooeeemiemissaaeaeaaaaensmrmmmsmmeseramsmasasassanannaasnnansaomenss 
Reserve for Dividends. cccececrrmrmeameasenssanmssasansnaasssssnnasosce 
Deferred Liahilities _....... eee semen ann mn EHH RA mA mes 
Surplus .._. rpm einn samen nm rhs MEHR mmm ns ws HR 
"9,665 
21,571 
521,260 
297,669 
54,056 
19,230 
"6,878 
17,283 
61.620 
1.689.312 
21.452.458 
22,996 
44,281 
50,844 
10,833 
10.540 
102.789 
YY 
143,050 
21,577 
100,000 
723,000 
290,270 
61,620 
4,217 
45.878 
i.689,312 
276,615 
2.931 
$29.16 
3 108.427 
100,000 
573.800 
973,200 
"44,897 
532.134 
$1.452,458 
269.658 
2.60:1 
TOTAL LIABILITIES iiiiiimmareairoeracesmmsnnssssaamanmnmaassnnss 
Net Working Capital. .ecomrercraacomsssnomrsamnsmnnssnsasssseneneenes 
Ratio Cur. Assets to Cur. Liabilities oo iriieniimncenriees 
Pack Value Common Shares nn een SEER 
FUNDED DEBT, As of Dec. 31, 1929 
First Mortzage Serial Rate Dated Due Authorized Outstanding 
Gold Bonds. Series A _........... 6% % 5-15-28 1930-43 $400.000 $400.000 
Interest Pavable: Mav and Nov. 15, 
it trustee’s office. 
Principal Payable: On May 15 each 
vear as follows: 1930, $10.000: 1931 to 
1935, incl, $15,000: 1936, $20,000; 1937, 
£25.000: 1928 and 1939, $30.000: 1940 and 
jada, $35,000; 1942. $40 000: 1943, $100.- 
100. 
Trustee: National Bank of Tacoma. 
Registerable: As to principal only. 
Denominations: Coupon bonds, $500 
and $1,000. 
Callable: On any interest date on 60 
lays’ notice at 102. 
Provisions: No dividend shall be 
paid which would reduce net current 
hecots to less than % total mortgage. 
Fixed assets must be kept at twice to- 
ral bonds outstanding; no additional 
Hhonds may be issued wnless b-year 
sarnings shall average 214 times, and 
preceding 12 months 3 times annual 
interest charges, and then not more 
than 609% of cost of future additions to 
plant. 
Security: First mortgage on all the 
fixed assets. 
Legal Opinion by: Kerr, McCord & 
[vey, Seattle, for underwriters; Ww. H. 
Pratt, Tacoma, for company. 
Offered by: Wm. P. Harper & Son, 
Baillargeon, Winslow & Co., and Dean. 
Witter & Co. May. 1928. at 100.