The daily morning journal and courier., 1902-07-18
GOLD TIMBER CERTIFICATES.
Six Per Cent,


 Brown Bros. & Co. of New York. Philadelphia and Boston, recommend as q safe investment and offer for sale at par and interest, $4, 100000 per cent. gold timber certificates, maturing 1905 to 1912, interest payable February and August 1, at Baltimore and New York. The certificates are for $1,O0O each in coupon form and are redeemable at 105 and interest on any coupon date, on 60 days notice The Maryland Trust Go. of Baltimore is the trustee. These cer- tificates are a part Of an issue of S6,- COG, 900 against Ss3,O0O acres of land and about 5000, ,O0O feet of commercial timber. Of the total issue, $1,S00,000 have been disposed of at private sale, or withdrawn for investment. The cer- tificates entitle the holder to benef- cial interest in the contract Of the Kirby Lumber Go. with the Houston Oil Co.,, which contract has been as- signed to the oil company as trustee, for the benefit of the timber certificate holders. The assignment of the timber contract of the lumber company and the mortgage of it's property have been approved by the company's counsel, John G. Johnson, of Philadelphia. Fur ther issues of certificates can only be made for payment at cost of additional lands acquired, subject to the restric- ton in the deed of trust and must be made in series maturing subsequent to those now outstanding. The S83,00O acres of timber lands of the Houston Oil Co.,, against which the $6,000,000 6 per cent. gold timber certificates have been issued, are located in Louisiana. and Texas, principally between the Ne ches and Sabine rivers. Professor Hill, of the United States Geological Bureau, says that the entire area covered by these SS3,O00 acres is underlined by cer- tain well defined oil bearing strata, which are available and apt to be pro- ductive in many places.
 William l.. Wallace, in a report en- dorsed by J. D. Lacey & Co.,, says that the small trees on the company's prop erty, within twenty years will yield vast amount of lumber. A representa- tive of the White & Woodin Manufac- turing Co. of New York does not hesi- tate to say that, in all probability, there will be cut from these lands in the neighborhood of 2,O0O,000,000 feet of | logs within the duration of the contem- plated operation of this tract.
 | The Gulf, Beaumont & Kansas City railway, the Atchison, Topeka & Santa | F'e railway, the Southern Pacific Co.,, and the Texas & New Orleans railroad are now operating within the boun- daries of the tract. It is said that the following lines of railroad have been projected through these properties and their early construction contemplated The Houston, Beaumont & New Or l leans, recently chartered under the laws of the state of Texas by interests i'll the International & Great Northern railway and the St. Louis Southwest ern.
 President Kirby, of the Kirby Lum' | Der CO.,, in a letter to Brown Bros. x Co.,, says that the company now owns and has in operation fourteen saw mills and that during the three months end | ing March 31, last, the mills consumed i in timber 47,000000 feet log measure The company has on deposit with the Morton Trust Co. of New York $5OO,OOO,- as fund for the construction of fiv new mills. When they are completes
 President Kirby says the company vii have power to consume 6,000,000 feet 0
 logs per year.
 President Franklin of the Houston Oil O., in a letter to Brown Bros. & Co.,, calls attention to the fact that the | company, in addition to about 900,00t | acres of land in Texas and Louisian' already referred to, has oil leases ol | about 250,0 ,000 acres of other lands il l Texas, most of which are near Corsicana At that place it has 126 producing oi
 wells. The company also owns an un
 divided interest in a large tract of lant situated at Sabine Pass and a controll
 ing interest in the Higgins oil & Fue Co.,, of Beaumont, and all the stock oi the Southwestern Oil Co, which has 2 lflarge refinery at Houston.
 During the current year the receipt:
 of the Houston oil Co., from the Kirby
 Lumber Go. contract will amount to $1, 050, ,00O, and from it's interest in the Hig gins stock and it's ownership of tn, | EoOulHWeSlGTll Oll SU. anu US COFSlCdl l wells, is entitled to about $300,00 more Hoskins & Sells, certified public ac
 counts, in their report of the Kirb.
 Lumber O., for the three months ende'
 March 31, 1902, state that the net sale
 of lumber amounted to 56,00O,0O0 feet
 for which $621, ,S22 was received. Inclu
 ding miscellaneous sales, the total ne
 sales amounted to $6SO,5O1. After al
 deductions for expenses, dividends an
 depreciation, the net income of tn
 company for this period was $13S,O71.
 The report of the Houston Oil Co. fo
 the ten months ended April 30, als
 certified by Haskins & Sells, shows J total gross income of $1,024,0S1, and