THOMSON'S MANUAL
Registerable: Coupon notes register- company. Company agrees not to issue
able as to principal. foie fhe mortgage bonds during the life
i : ; A >f these notes.
Denominat ons 3599 and $1,000 1931 Legal Opinion by: Messrs. Lancaster,
Callable: At 100% to Feb. 1, 1931, limpson, Junell & Dorsey, Minneapolis.
and at 100 thereafter, on any interest . . .
, s Offered by: First Minneapolis Trust
late on 60 days’ notice. x ; :
| y Co., Minn., and Wells-Dickey Co., Min-Tax
 Status: Free of Canadian taxes. neapolis, Feb., 1926. Price to yield
security: Direct obligation of the 1.87% to 5.259%, according to maturity.

PUGET SOUND PULP & TIMBER CO.
GENERAL OFFICE: Everett, Wash.
HISTORY: Incorporated under laws of Delaware, Mar. 19, 1929. A consolidation
of San Juan Pulp Mfg. Co., Bellingham, Wash.; Fidalgo Pulp Mfg. Co., Anacortes,
Wash.; Skagit Valley Lumber Co., Mt. Vernon, Wash.; Mitchell Bay Lime Co,
San Juan Islands; Puget Sound & Cascade Ry. Co.; Hartford & Eastern Ry. Co.,
and Lake Stevens mill and timber properties of B. J. & W. J. Rucker.
BUSINESS: Manufacture of bleached and unbleached sulphide pulp, logging,
lumber manufacturing, including production of logs and lumber, for general
market, and wood supply for company's pulp mills.
PROPERTY: (1) Two operating unbleached sulphite pulp mills, using waste
wood, at Anacortes and Bellingham, combined capacity 140 tons per day.
(2) 150-ton per day bleached sulphite pulp mill with appurtenant “cut-up”
sawmill plant, warehouses, docks, ete., built in 1929, on 32-acre site on tidewater
in city of Everett, Wash.
(3) 80 miles of standard gauge railroad, extending from tidewater at Mt.
Vernon eastward through Skagit River valley.
(4) Complete modern. sawmill at Clear Lake and necessary logging equipment,
 and ownership in fee or control under favorable contract of over 500.000,-000
 feet of timber tributary to the railroad.
(5) 48 miles of standard gauge main line railroad extending from tidewater
 at Ebey Slough, about 5 miles towage distance from Everett, Wash. eastward
 up the Stillaguamish Valley, together with approximately 122,000,000 feet
of fee timber.
(6) Extensive lime rock deposit on San Juan Island, capable of supplying
Companv's present and future needs.

DIRECTORS:
H. W. Bunker, Chairman of the Board Pierce, Fair & Co., Seattle.
and President of Coos Bay Lumber U. M. Dickey, Pres. Consolidated Dairy
Company, San Francisco. Products Co., Seattle.
Ossian Anderson, President, and for- O. M. Green, Pres. Olympia National
merly President of San Juan Pulp Bank.
Manufacturing Co., and Fidalgo Pulp R. H. Miller, Director National Bank of
Manufacturing Co., Everett. Commerce, Seattle. :
2, F. Knight, First Vice Pres., and Vice H. M. Robbins, Pres. Clark-Nickerson
Pres. of Mutual Lumber Co., Tenino. Lumber Co., Everett.
William Morrison, Vice Pres. and Vice Peter G. Schmidt, Pres. Schmidt Estate
Pres. of Morrison Mill Co., Belling- Co., Seattle.
ham. W. N. Winter, Pres. West Coast Teledg.
 R. Lawton, Secy., and Vice Pres. 0” phone Co., Everett. .
CAPITALIZATION: Value . Authorized Outstanding
Ll. $6 Partic. Pref. Stock... ....No Par 95,000 shs . 50,000 shs
2. Common StocK .rieeeeeeeeeceseccsececameewno. NO Par 95,000 shs 50.000 shs
YOTE: 45.000 shares of each class reserved for hond conversion,

1. $6 NON-CUMULATIVE PARTICIPATING PREFERRED STOCK
Provisions: Entitled to $6 per share share and share alike.
and after Common receives: like amount Public Offering by: Peirce, Fair &
in any one year, both classes partici- Co., Aug. 1929, at 100. with bonus one
pate in further distribution nf earnings. Common share.

FUNDED DERT. As of Dee. 31, 1929
First Mortgage Collateral
Trust Convertible Rate Dated Due Authorized Outstanding
Gold Bonds ..ooooeeeeeeeeeeeeaeecnnenea. 6% 8-15-29 8-15-39 $4,500,000 $4,500,000
interest Payable: Feb. and Aug. 15, of bond or within 10 davs of redempat
 trustee’s office. tion date.
I'rustee: Bank of California, N. A. Tax Status: Company pays normal
i Federal income tax up to 2%.
Denominations: Coupon bonds. $1,000 Security: First mortgage on all the
and $500. : *ixed assets and assignment with trus-_
 Callable: As whole or in part on any tee of stock of two railroads owned by
interest date on 60 days’ notice at 110. sompany ,and timber contracts.
Convertible: Each $500 bond con- Purpose: Construction of 150-ton
vertible into units of 5 shares Pre- pulp mill at Everett, Wash.
ferred stock and 5 shares Common, at Offered by: Peirce, Fair & Co., Aug
nolders' option. anv time during life 1929, at 100.