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> AND PAPER COMPAN:.

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sulphite. Sufficient pulp wood will be obtained under these contracts, it is estimated.
 to supply requirements for 25 years. The company also owns standing
timber.
PROPERTY AND PLANTS: Properties of company include approximately 29
acres of land. on tidewater, Hoquiam, Wash. Sulphite pulp mill, with daily capacity
 of 175 tons of unbleached sulphite, or 150 tons of bleached sulphite and
paper mill, with daily capacity of 50 tons of bond paper. Auxiliary facilities include
 wood-preparing plant, warehouse, docks and power house.
Company owns water rights and modern water system, including approximately
 seven miles of 36-inch pipe line, with filter plant and accessories, capacity
 twenty million gallons daily. Company has the advantage of both rail
and water transportation. Docks have been constructed to accommodate vessels
of 35-foot draft.
OWNERSHIP AND MANAGEMENT: More than 60% of Preferred and Common
stocks is owned by I. Zellerbach, E. M. Mills, J. D. Zellerbach and H. 1. Zellerbach,
 all of whom are active officers in the Crown Zellerbach Corporation,, Hammermill
 Paper Company and Polson Logging Company of Hoquiam, Wash., and
Robert Polson, manager of Polson Logging Company.
OFFICERS: E. M. Mills, Pres.; 1. Zellerbach, J. D. Zellerbach, Vice Pres.: W. L.
Raymond, Secy.; 8. Sonnenberg, Treas. and Asst. Secy.;: Chas. H. Conrad, Asst.
Secy.; A. I. Ellis, Asst, Secy. and Asst. Treas.
DIRECTORS: E. M. Mills, I. Zellerbach, J. D. Zellerbach, H. L. Zellerbach,
Charles R. Blyth, W. L. Raymond, Norman W. Wilson, W. S. Lucey, Wm. T.
Brust and Wm. F. Bromley.
Fiseal Year Ends: Dec. 31. Annual Meeting: 4th Tues. in May.
Number of Employes: Dec. 31, 1928, about 300.
Transfer Agent and Registrar: Company, San Francisco.
CAPTT "7 ATION, As of Dec. 31, 1929
= Value Authorized Outstanding
o Par 33,790 Shs. 33,790 Shs.
~o Par 72,517 Shs. 72.517 Shs.
Note: On Aug. 20, 1929, Preferred stock was increased from 25,000 shares to
33,790 shares, and Common stock from 55,000 shares to 72,517 shares. Stockholders
 offered rights to subscribe to new stock in units 1 share Preferred and 2
shares Common at $120 per unit. Rights expired Sept. 30, 1929.
I. 8 CUMULATIVE PREFERRED STOCK
Provisions: Entitled to cumulative vidends any time after May 1. 1930, on
dividends of $8 a share per annum, and 30 days’ notice.
no more, and £100 per share in liquida- Voting Power: Non-voting.
tion, } Dividends: Payable Jan. and July 1.
Callabk 7 and accrued di- None paid to Jan. 1, 1930.
NDED DEBT, As of Dec. 31, 1929
at Dated Due
1st Mtg. Gold Bonds 4-1-28 4-1-43
1st Mtg. Gold Bonds........... » 1-1-29 1-1-44
I. FIRST MORTGAGE 6% GOLD BONDS, Series 1943
Interest Payable: April 1 and Oct. 1 Tax Status: Company payvs Fed. Inat
 Bank of Italy, Nat. Trust & Sav. come tax up to 29% and refund on Calif.
Assn, San Francisco. personal prop. tax of 4 mills,
Trustee: W. J. Kilferdorf. Security: First mortgage on all fixed
Callnble: At 103 and accrued interest assets now owned and on all improveto
 April 1, 1938; thereafter at 100 and ments, additions and extensions.
accrued interest. L 1 Ovini bv: M Pilsbur
Sinking Fund: Annual pavments be- (fen D on Pn ears, isbury,
ginning April 1, 1930, of $100,000, one- Madison & Sutro, San Francisco.
half of such payments to be used for Offered by: Blyth & Co., Schwabachretirement
 of outstanding bonds and er & Co. Seattle and San Francisco,
one-half for permanent improvement, April 1, 1928.
2. FIRST MORTGAGE 6%: GOLD BONDS. Series 1944
Interest Payable: Jan. and July 1 at Tax Status: Company pays 29% Norlank
 of Italy, Nat. Trust & Sav. Bank, mal Fed. Income tax and refunds Calif.
A  anaing, ¥. Hiatordart personal prop. tax of 4 mills.
ustee: LJ. ieferdorf. : ry i ix
Callable: At 103 and accrued interest asaorurlty: First Worigngs sn gl) fixed
to Jan. 1, 1939; thereafter at 100 and et ; ; . a ons,
accrued interest. Xtensions and improvements.
Sinking Fund: Annual payments, be- Legal Opinion by: Messrs. Pillsbury,
ginning Jan. 1. 1932, of $50,000, one- Madison & Sutro, San Francisco.
half to be used for redemption of Series Offered by: Blyth & Co. and Schwa-1944
 Bonds and one-half for permanent Jacher & Co., Seattle and San Francisco
additions and improvements fan. 1. 199290

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