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% Fed- 
at 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 hem- 
lock 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