Timber Bonds

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B. Cars $ 562. 660 Less cost of logging, manu- facturing and loading on cars, $10 401, 900 160, 760 Net amount available for the protec- tion of principal and interest of these bonds $927, 630 Total amount of principal and inter- est of these bonds $262, 625 MANAGEMENT AND OWNERSHIP. The stockholders of the South Alabama Lumber Com- pany are men of substantial means and large experience, and the management of the Company and its affairs are in conservative and thoroughly practical hands. The st...ock- holders have an actual cash investment of over $300, 000 behind these bonds. GUARANTEE. These bonds are unconditionally guaranteed jointly and severally both as to principal and interest by Mr. H. H. Wheless of Shreveport, Louisiana, and Mr. J. M. Patterson, of Mobile, Alabama, who are men of excellent standing in their community, with a reputation for responsibility, in- tegrity and absolute promptness in meeting their obliga- 446 TIMBER BONDS tions. Their combined net worth, outside of their interest in this Company, is in excess of $650, 000.

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