PULP AND PAPER COMPANIES

CAPITALIZATION, Ax of Dec. 31, 1929
Par Value Authorized
reeeereeeneeeenee $100 10,000 shs
$10 150,000 shs

1.
2.

$7 Cum. Pref. Stock........
Common Stock .....

Outstanding
None
150.000 shs

2. COMMON STOCK
Dividends: Payable quarterly, Jan, “ Transfer A peng Irving T. Rau, Secy.
, St. elens, re,
apr, Jaly, Cet. 15. Regular 30e per Listed on: Portland Stock Exchange.
share per annum and 20c extra paid in Price Range: 1929—High, 19; Low.
1929. 181%.
COMPARATIVE PROFIT & LOSS STATEMENT, Years Ending Dec. 31
1929 1928
$647,963 $622,480
125,220 103,222
69,658 73,179
55,600 55,217

Profit before Dep. Int. TaxesS.................. ce eeeeemeeree—eaeaeonm——an.
Less Depreciation .... A RRR SRR EH rm
Bond Interest, etc. ......_.. ee eaemeeea————————-Federal
 and States Taxes..........

Net Profit for year...
Common Dividends .........

v1
wone
..90,861
$2.60

Surplus for year.................... ...
Earned per share Common Stock... ailimns
PALANCE SHEET, Asx of
June 30, 1929
27.461
"3.414
3,265
6.559
+19.481

ASSF"+
Cash ...._.. . .
C. S. Bonds and Notes........
Life Insurance ..........o... cocoon.
Accounts Receivable _..
Inventories ....

Dec. 31, 1928
3 72,429
193,451
1,302
200,290
355.874

Total Current Assets......... RTA armen mannan
Land, Building, Equipment..._._.......................
Deferred Charees

1
151,970
2 680.105

TOTAL ASSETS ..occcveeeeneae.
LIABRILITIES-Accrued
 Taxes ......
Accrued WAS cocci iii eee
Accrued Interest ................. A SER ARR elim om
Accounts Payable ...... ere eteeecreeeeaceseanan
Notes Payable ...._......_._._.... Ce emeeeemeieaeee—ane
Federal Income Tax...

Q

25,182
16,145
15,641
63,308
25,960
52 478

203,%
462,500
253,920
200,000
759.971
TOTAL LIABILITIES ooo eens en $3,680,105
FUNDED DERT, As of Dec. 31, 1929
First Mortgage Sinking Rate Dated Due Authorized Outstanding
Fund Gold Bonds.....................6%% 10-1-26 10-1-" $1,000,000 $886,500
Interest Payable: Apr. and Oct. i, Tax Status: Company pays 29% Fedat
 trustee's office. eral income tax and not over 5 mills
Trustee and Regiuirar: TU. 8S. Nation- state income tax.
al Bank, Portland, Ore. « re i
Registerable: As to principal. Fined oir: First mortgage on all the
Denominations: $1,000, $500. . ’ i i
Callable: On any interest date, on 15 Legal Opinion by: Carey & Kerr,
days’ notice, at 103 to Oct. 1, 1936, Portland, Ore... for bankers; Griffith,
thereafter at 1092. Peck & Coke, Portland, Ore.. for com-Sinking
 Fund: Beginning March, pany.
1929, not less than $75.000 annually to Offered by: Dlvth & Co., Oct., 1926.
be paid to trustee in cash or bonds. at 9915,

Total Current Liabilities..._.....__
First Mortgage Bonds.......
Depreciation ......
Common Stock .....
Surnlus

SHAFFER BOX COMPANY
GENERAL OFFICE: Tacoma, Wash.
HISTORY: Incorporated under laws of Washington, 1889.
BUSINESS: Company operates complete sawmill, cutting 40 million feet of hemlock
 and spruce lumber annually; complete box factory and sulphite pulp mill of
50 tons daily capacity. Lumber from sawmill goes chiefly into manufacture of
box shook and waste, both from sawmill and box factorv is utilized in the pulp
mill, which began operations in 1929.
PROPERTY: Company owns 29-acre site on Hylebos Waterway, Tacoma, on
which are located sawmill and box factory, built in 1920-21. and pulp mill. built