The times. [volume] (Richmond, Va.) 1890-1903, 1902-07-18
SIX PER cENr.eoLp TIMBER CEN.
TiFicATES.


York, Philadelphia and Boston. recon-
mend as safe Investment and offer for
sale at par and interest s4,20o00o SIX per
cent. gold timber certificates, maturing
l!to to 1912, interest payable February LIST
and August LIST. at Baltimore and New
York The certificates are for $1,000 each.
IN coupon form, and are redeemabie at
1O5 and Interest on any coupon date, on
sixty days notice. The Maryland Trust
Company, Of Baltimore, is the trustee.
These certificates are part Of an issue
OF $6,0 900 against Ss3 600 acres OF land
and about 5000. 600, 600 feet Ct commercial
timber. OF the total issue, s1,s90. GOO have
been disposed Of at private sale or with
drawn for investment The certificates
entltle the holder to beneficial interest
II the contract OF the Kirby Lumber Com
pany with the Houston Oil Company,
which coeract has been assigned to the
oil company as trustee, for the oeneht
OF the timber certificate holders The as
Segment Of the timber contract OF the
lumber company and the mortgage Of its
property have been approved by the com
paliy's counsel. John G. Johnson. Of Phil
adelphia. Further Issues Of certificates
can only be made for payment at cost
OF additional lands acquired. subject to
the restriction Ia the deed OF trust, and
must be made IN series maturing subse-:
duent to those now outstanding. The
6ss 900 acres OF timber lands of the Hous-
ton OIL Company, against which the
IS 0o0,D D six per cent gold timber certff-.
Gates have been issued, are located In
Louisiana and Texas, principally between
the Nachez and Sabine Rivers. Professor
fIill, OF the United States Geological Blu
reau. Gays that the entire area covered
by these ss2, 900 acres IL underlined By GER
tain well defined oil bearing strata, which
are available and apt to DO productive
ia many places.
William L wallace. IN report en-
dorsed by !. d. Lacey and Company. says
that the small trees on the company's
property, within twenty years. will yield
a vast amount OF lumber. A Representa-
tive Of the White and Woodin Manufac-
turing Company, Of New York, does not
hesitate to say that in all probability
there will be cut from these lands in the
| neighborhood Of 1000. 10000 feet OF logs
thin the duration Of the contemplated
operation OF this tract
The Gulf, Beaumont and Kansas City
| Railway, the Atchison, Topeka and Santa
! re Railway, the Southern Pacific Com
pany and the Texas and New Orleans
Railroad are now operating within the
! boundaries OF the tract. It Is said that
| the following lines Of railroad have been
| protected through these properties, ard
their early construction contemplated:
| The Hou1ton,. Beaumont and New Or
| leans, recently chartered under the laws
!; Of the State OF Texas by interests In the
international and Great Northern Rail-
| way, and the st. Louis outhwestsrn.
President Kirby. Of the Kirby Lumber
| Company, In letter to Brown Brothers
and Company, says that the company now
owns and has ,iny operation fourteen saw
| mills, and that during the three months
ending March 51st last, the mills con-
sumed In timber A, 600, 900 feet log measure.
The company has on deposit with the
! Nor ton Trust Company, OF New York,
i s5u1, 600 as fund for the construction Of
! five new mills. When they are completed
1 President Kirby says the company will
! have power to consume 6o0UOO,00O feet or
Hogs per year.
President Franklin Of the Houston Oil
Company, in a letter to Brown Brothers
and Company. calls attention to the fact
| that the company, In addition to about
| ao0, 900 acres of land in Louisiana and
Texas, already referred to, has oil leases
on about 25ootN acres OF other lands in
Texas, most OF which are near Corsfcana.
! Al that place 1t has 1876 producing oil
! wells. The company also owns an ufdi-
vi6ed interest In q large tract Of land
! situated at Sabine Pass, ana a controlling
| Interest In the Higgins Oil and Fuel COM
! pany, ct Beaumont, and all the stock OF
the Southwestern Oh Company, which has
a large refinery at Houston.
| Turing the current year the receipts
Of the Houston Oil Company from the
Kirby Lumber Company contract will
| amount to $1.o5o,o0o, and from It's interest
in the Higgins stock and its ownership
Of the Southwestern on Company and
its corsicana wells. IL entitled to about
$3o0. 900 more.
Tiaskins and Sells. certified public ac-
counts, in their report OF the Kirby Lun-
her Company for the three months ended
/ March 81, 1902, state that the net sales
of lumber amounted to s600o.0o0 feet. for
which s621, s22 was received. Including
miscellaneous GALES, the total Met sales
amounted to $6SO.5o1. After all deductions
for expenses, dividends and depreciation.
the net income OF the company for this
period was $1ss.071.
The report Of the Houston Oil Company
for the ten months ended April Goth. also
certified by Haskins and Sells. shows
total gross income OF 81 ,oe4,0sf. and a sur,
plus after interest and dividends. of $751;
4R1. The estimated earnings Of the Corsi-e
cana Oil Wells and the Southwestern Oil
Company, owned by the Houston OH Com
nary, gives balance. after all deduc~
tons, of sss,641.
CHANGE OF SCHEDULE.
Effective July goth, following changes
in schedules of Southern Railway trains
at Richmond, Va Train No: 9. for Dur
ham, Danville and inferno diate stations;
will leave at 1915 "A. NJ. instead OF 1920
A. NJ Mixed train No. 4. from West
Point, will arrive at Richmond 4:50 p. NJ.
instead of ELS P. NJ.
80