IMBER AND TIMBER COMP AN
COMPARATIVE BALANCE SHEET, Years Ending Dee.

ASSETS-ARE

 crvncnr covers Rie Re ARSE SRARE EERE
Si1ls RBecelvable ocuessammenamsssamsssssmn
Accounts Receivable
Inventories

Total Quick Assets...
Timber and Timber Lands............ ~.
Buildings, Mach. lL.og. Roads........
Plant Sites and other lands.......
Advances to Associated Companies...
Advance Payment on Tbr. Contracts...
Deferred Charges .....
TOTAL ASSETS

1929
65,183
219
92,484
;,089,557

3,003,
P1124 ¢
+,9537,453
546,915
947,994
50,557
70 -

1928
352,472
60,816
“a4 01 Q

of

1927
87,242
60,010
647,690
666.254

1,196
125,313
49,231
$72,300
752,712
88,778
86.453

LIABILITIE

Notes Payable .._.
Accounts Payable
Employvees’ Certificates of Dep. .......
Interest Accrued oie
Feneral Tax Accrued.......
Reserved for Federal Te

Total Current l.iabilities...........
Other Reserves .............
Funded Debt ..... .. _.......
Common Stock ..........
Preferred Stock ...... cee eee
Cap. & Surpl. arising from Reval. Prop.
Other l.ong-Term Obligations.................
['ndivided Profits .___

TOTAL LIABILITIES _____.__.. .
Net Working Capital... «ooooiemeeneeo..
Ratio Current Assets to Current I.is

h

147,382
59,490
50,000
74.253
2 500

. fF

3. 0
2,000,000
992,506
'138,087
266.505

10,
2.961

SQ

650,000
209,139
111,265
8.547
116,616
75.452

L019
122
1.000
3,000
“70,000
wv be

“"UNDED DEBT, As of Dec. 31, 1929
Rate Dated Due Authorized Outstanding
Serial Gold Notes... © eeeeenee 69% 2-1-29 Seriallv $2.000.000 $2.000.000
sNote: $100.000 paid Feb. 1. 1930.

Interest Payable: Semi-annually,
Feb. and Aug. 1, at Pacific National
Bank, Seattle, Wash., or Illinois Merchants
 Trust Co., Chicago, Ill.
Principal Payable: Feb. ‘1, as follows:
 £100,000, 1930 and 1931; $250,000,
1932; $300,000, 1933; $350,000, 193%:
$400,000, 1935; $500,000, 1936.
Trustee: Pacific National Bank, Seittle,
 Wash.
Denominations: $500 and $1.000.
Notes in coupon form.
Callable: As a whole or in part on
30 days’ notice at par and accrued interest,
 plus 15 of 19% for each unexpired
 year or part thereof, not exceedng
 $102,
Tax Status: Company pays normal
ncome tax up to 29%.
Sinking Fund: Company required to
set aside $1.00 per 1,000 ft. B. M., in
2xcess of 100,000,000 feet cut from its
mwvn timber in anv calendar vear. to be

used in retiring notes of longest maturity,
 if not for purchase of additional
 timber

Security: So long as any of these
notes are outstanding. no further fund-2d
 debt may be created and property
must be kept free of encumbrance,
“ompany agrees to maintain at all
times net quick assets equal to at least
the amount of these notes and total
assets in an amount equal to two and
ne-half times total liabilities

Legal Opinion: By Peters & Powell,
Seattle, Wash. for the underwriters,
and Kerr, McCord & Ivey, Seattle.
Wash, for the company.
Offered by: Pacific National Co. and
Seo. H. Burr, Conrad & Broom, Seattle,
Wash, and E. H. Rollins & Sons and
3aker Fentress & Co. Portland. Ore.
fan. 1929, at from $97 to $100.
Price Range: 1929: High, $100:
[.ow. 299