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 Mer- 
chants Trust Co., Chicago, Ill. 
Principal Payable: Feb. ‘1, as fol- 
lows: £100,000, 1930 and 1931; $250,000, 
1932; $300,000, 1933; $350,000, 193%: 
$400,000, 1935; $500,000, 1936. 
Trustee: Pacific National Bank, Se- 
ittle, 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 in- 
terest, plus 15 of 19% for each unex- 
pired year or part thereof, not exceed- 
ng $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 ma- 
turity, if not for purchase of addition- 
al 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