#35 Montezuma Plywood Company stock in escrow

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Since 1852

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July 25, 1968

CORPORATE TRUST DEPARTMENT HEAD OFFICE

464 CALIFORNIA STREET

SAN FRANCISCO, CALIFORNIA 94120

Montezuma Valley Irrigation Company East Main Street

Cortez, Colorado 81321

RE: Escrow 9430 - File #97399SF Montezuma Plywood Co. (Formerly Mon tezuma Timber Co.)

We are holding in the above Escrow 657 shares of Montezuma Plywood Company Preferred Stock

represented by the following certificates:

Ctf. Issued in the name of No. of Shs. Dated 92 Montezuma Valley Irrigation Company 657 6/24/68

These shares are held for the account of the registered owner subject to the order of the Commissioner of Corporations of the State of California.

Very truly yours,

A. W. Frink

Assistant Secretary

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C\J

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r--RECEIPT FOR CERTIFIED MAIL-200

SENT TO

Montezuma Plywood Company

POSTMARK OR DATE ,... 'N. "--• _\ At..) . STREET AND NO.

Drawer !Y/r-1114""--,.

.4....,

./..

CITY, STATE, AND ZIP CODE

Cortez, Colorado 81321

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k-__ • If you want a return receipt, check which

We

Nr shows 35e shows to whom, A to whom when, and address

and when where delivered delivered

FEES ADDITIONAL TO .20(' FEE

s• 0 If yotikwwit ...71Z1 A delive or 4'''' • to addrvssegi,, check like ""...-y.

LII*'''....Z

500 fee

.--POD Form 3800 NO INSURANCE COVERAGE PROVIDED— _{(See other side)} July 1963 NOT FOR INTERNATIONAL MAIL

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1. Beek i,ostaee-stamps to your article to pay:

BASIC CHARGES OPTIONAL SERVICES

catad few-20. Ftetum .(100 cc 350_

Postage (fcrsuelass or airmail) Deliver to .asse onlY-50e, Special' deliverl • 2.11 you want this receipt postmarked; stick the gummed stub an 'the left porgoe,of the

• a&eu sided theirCkUitt

aidos

• &sad,

Old Present sits, satiels 4/1,p,ortri set** window of bind it to.your mai carrier. owl rharis) ••.•

1 If you do not want this receipt postmarked. stick tha gummed stub.= the left portion of tia*-. address WS oPthii isticisisteeli.and retain the receipt, and math. Article. 4. If you rant a return rileiptordia the antifacknail number and your name and address on

a return ieceipt card. Ron 3511 and attach,/ to the; hack of the adds by melds &the ends. Enke*. hunkciattETURI*OracFPNWRTED. (174t-4° c'•

5. Ihm

smut the' esti& aidy to the addrassm sow it on !be DELIl ONLY. (Fde.410. Plaos the mune endorsement in lme 2 of the won receipt cud.

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POST OFFICE DEPARTMENT

OFFICIAL BUSINESS PENALTY FOR PRIVATE USE TO AVOID_{PAYMENT OF POSTAGE.}_$300

, POSTMARK OF DELIVERING OFFICE ' 'St •, i • ` . '

INSTRUCTIONS: Show name and address below and complete instructions on other side, where applicable. , Moisten gummed ends, attach and hold firmly to back of article. Print on front of article RETURN RECEIPT REQUESTED.

• ' RIVIIMN jell

TO

NAME OF SENDER

THE MONTEZUMA VALLEY IRRIGATION CO.

STREET AND NO. OR P.O. BOX

BOX 1056

POST OFFICE, STATE, AND ZIP CODE

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INSTRUCTIONS TO DELIVERING EMPLOYEE

DD

Show to whom, date, and address where delivered r---1 L j to addresseeDeliver ONLY

(Additional charges required for these services)

RECEIPT

Received the numbered article described below.

REGISTERED NO. SIGNATURE OR NAME OF ADDRESSEE (Must always be filkd

CERTIFIED NO. I 7331427

INSURED NO.

DATE DELIVERED

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SIGNATURE OF A RESSEE'S AGENT, IF

WICERE DELIVERED (only if requested)

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Sent by certified mail

l

Aiugust 20,1969

Montezuma Plywood Company Peter Dallode,Vice President

Drawer

n:

Cortoz, Colorado Gentlemen:

As requested by you under date of August 5th. we are enclosing Certificate P 92 for 657 shares Preferred Stock of Montezuma Plyilood Company standing in our name, also Limited Stock Paver signed by our President, N.E. Carpenter, uith signature

guaranteed by First National dank, Cortez.

n return you are to send your check for $190.00 for the 190 shares being redeemed together pith a new Certificate for 467 shares.

Very truly yours

TflE

.0iiirEZU1'1A

VALLEY ITULIGATION CO. I

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REGISTERED - RETURN RECEIPT REQUESTED

MONTEZUMA PLYWOOD COMPANY

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Drawer YY, Cortez, Colorado 81321 . Phone Area 303 882-7235

August 5, 1969 Montezuma Valley Irrigation

722 East Main

Cortez, Colorado 81321 Gentlemen:

Enclosed is your Preferred Stock certificate which until just recently had been held in escrow by the Wells Fargo Bank.

As you may know, we are required to set aside in cash each year, 10% of our net income, before provision for income taxes, to be ::_sed to redeem preferred stock. Preferred stockholders are also entitled to annual dividends of 5% if earned.

We are pleased to report to you that earnings for our year ended April 30, 1.969 will permit us to pay the 5% dividend and to redeem 28.8% of o7r cutstanding Preferred Stock.

A check representing your 5% dividend is enclosed.

We will redeem, at par, 190 shares of the $1.00 par value Preferred Stock you hold upon receipt of your original certificate together with a signed stockpower. Your signature on this stock power must be guaranteed by a National Bank or a brokerage firm which is a member of the New York of American Stock Exchange. At the same time we will issue you a new cer-tificate for the balance of your unredeemed stock.

To summarize, the process of dividend payment and partial redemption is outlined on the following page.

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Letter to: Holders of Our Preferred Stock Page

-2-August 5, 1969

A. We are sending with this letter:

1. Your original Preferred Stock certificate.

2. Our check for $ 32.85 _{in payment of the 5%} dividend for our fiscal year ended April 30, 1969. 3. Notice Of Partial Redemption.

4. Limited Stock Power.

B. You are to return to us on or before September 15, 1969: 1. Original stock certificate. It is not necessary to

endorse this.

2. Limited Stock Power signed by you and guaranteed by a National Bank or brokerage firm which is a member of the New York or American Stock Exchange.

C. Upon return of original stock certificate and Limited Stock Power, we will send you:

1. Check in the amount of $ 190.00 2. New Preferred Stock Certificate for

shares of $1.00 par value.

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NOTICE OF PARTIAL REDEMPTION

To the Holders of Montezuma

Plywood Company 5% Preferred Stock

NOTICE is hereby given that pursuant

to the preferences

and privileges granted to the 5% Preferred Stock

and the holders

thereof, Montezuma Plywood Company

will redeem pro rate on

September 15, 1969, 28.8 percent of

the 380,344 outstanding

shares of its $1.00 par value

5% Preferred Stock at par value.

The 5% Preferred Stock called for

redemption in

accor-dance with the foregoing will no longer be deemed

outstanding

after the date set for redemption,

September 15, 1969, and

all rights with respect thereto

will cease on such date, except

only the rights of the holders

thereof to receive the

redemp-tion price therefor withnut interest.

Holders are hereby notified to promptly

surrender the

certiEicats representing the shares described

above to Montezuma

::?lywood Company, Drawer YY, Cortez,

Colordc 81321, and upon

surrender thereof, holders of said

certificates will receive

payment for the shares called and surrendered.

If any

certifi-cate surrendered represents shares

additional to those to be

redeemed, a new certificate will

be issued representing the

shares not redeemed, upon execution

and delivery by the holder

of the enclosed Limited Stock Power.

DATED August 5, 1969

MONTEZUMA PLYWOOD COMPANY

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1

RECEIPT FOR CERTIFIED MAIL-30c (plus postage)

SENT 10

STREET AND NO.

Drawer YY

P.O., STATE AND ZIP CODE

Cortez, Colorado 81321_

OPTIONAL SERVICES FOR ADDITIONAL FEES RETURN 1. Shows to whom and date delivered With delivery to addressee only . RECEIPT

2. Shows to whom, date and where deliv SERVICES _{With delivery to addressee only} DELIVER TO ADDRESSEE ONLY SPECIAL DELIVERY (2 pounds or less)

POSTMARK OR DATE

POD Form 3800

Sep. 1968 NO INSURANCE COVERAGE PROVIDED— (See other side)

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41IP

STICK POSTAGE STAMPS TO ARTICLE TO COVER POSTAGE (first class or airmail), CERTIFIED MAIL FEE, AND CHARGES FOR ANY SELECTED OPTIONAL SERVICES. (see front) 1. If you want this receipt postmarked, stick the gummed stub on the left portion

of the address side of the article, leaving the receipt attached, and present the article at a post

office service window or hand it to your rural carrier. (no extra charge)

2. If you do not want this receipt postmarked, stick the gummed stub on the lali,portion of the address side of the articlq, detach and retain the receipt, an matl the mettle. 3. If you want a return receipt, write the certified-mail number and Mir name, and

address on a return receipt card, Form 3811, and attach it to the back of thearticle by means of the gummed ends. Endorse front of article RETURN RECEIPT REQUESTED.

4. If you want the article delivered only to the addressee, endorse it on the front DELIVER TO ADDRESSEE ONLY. Place the same endorsement in line 2 of the return receipt card if

that service is requested.

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PLEASE FURNISH SERVICE(S) INDICATED BY CHECKED BLOCK(S). REQUIRED FEE(S) PAID.

r--1 Show to whom, date and address Deliver ONLY where delivered I I to addressee

RECEIPT

Received the numbered article described below.

REGISTERED NO.

CERTIFIED NO. 570868 INSURED NO.

SIGNATURE OR NAME OF ADDRESSEE (Must always be filled in)

Cfl2/IZ'

1r

SIGNATURE OF ApliSSEE'S AGENT, IF ANY

- 1'

DATE DELIVERED SHOW WHERE DELIVERED (only if requested)

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POD

Ferns

3811

Apr.

196S

POST OFFICE DEPARTMENT OFFICIAL BUSINESS

POSTMARK OF DELIVERING OFFICE

Print your name and address below. If you want to restrict delivery, or to have the address of delivery shown on this receipt, check block(s) on other side. Moisten gummed ends and attach this card to back of article.

PENALTY FOR PRIVATE USE TO AVOID PAYMENT OF POSTAGE, $300

RETURN TO

THE MONTEZUMA VALLEY

IRRIGATION CO.

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July 16,1971 Certified mail receipt No. 570868 is for Montezuma Plywood Company

4cert31icarte-' Preferred stock en to them this date. We are to receive $6.00 cash for the redemption of six shares of stock. A new certificate is to be issued for the remaining 461 shares.

Limited Stock Power on which signatures are guaranteed by First National Bank, Cortez, as also sent with the above mentioned certificate.

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DETACH AND RETAIN THIS STATEMENT

MONTEZUMA PLYWOOD COMPANY THE ATTACHED CHECK IS IN PAYMENT OF ITEMS DESCRIBED BELOW.

PREFERRED STOCK REDEMPTION ACCT.

IF NOT CORRECT PLEASE NOTIFY US PROMPTLY. NO RECEIPT DESIRED.

CORTEZ, COLORADO

DATE DESCRIPTION AMOUNT

9-10-71

v . a

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MONTEZUMA PLYWOOD COMPANY PREFERRED STOCK REDEMPTION ACCT.

CORTEZ, COLORADO

DETACH AND RETAIN THIS STATEMENT

THE ATTACHED CHECK IS IN PAYMENT OF ITEMS DESCRIBED BELOW. IF NOT CORRECT PLEASE NOTIFY US PROMPTLY. NO RECEIPT DESIRED.

DATE

8-29-69

V.,

DESCRIPTION AMOUNT

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REGISTERED — RETURN RECEIPT REQUESTED

MONTEZUMA PLYWOOD COMPANY

A Subsidiary of Southwest Forest Industries, Inc.

July 7, 1971

Montezuma Valley irrigation

To Holders Of Our Preferred Stock

Enclosed is a letter from our Board Chairman reporting net earnings of $35,622 for our year ended April 30, 1971 together with his comments as to our future prospects.

As you may know, we. are required to set aside in cash each year, 10% of our net income, before provision for income taxes, to be used to redeem preferred stock. Preferred stockholders are also entitled to annual dividends of 5% if earned.

We are pleased, therefore, to report to you that earnings for fiscal year 1971 will permit us to pay the 5% dividend and

to redeem 1.3% of our outstanding Preferred Stock. A check representing your 5% dividend is enclosed.

We will redeem, at par, 6 _{shares of the $1.00}

par value Preferred Stock you hold upon receipt of your certificate together with a signed stockpower. Your signature on this stock power must be guaranteed by a National Bank or a brokerage firm which is a member of the New York or American Stock Exchange. At the same time we will issue you a new certificate for the balance of your unredeemed stock.

To summarize, the process of dividend payment and partial redemption is outlined on the following page.

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•Letter to: Holders of Our Preferred Stock

Page -2- July 7, 1971

A. We are sending with this letter:

1. Our check for $23.35 in payment of the 5% dividend for our fiscal year ended April 30, 1971. 2. Notice of Partial Redemption.

3. Limited Stock Power.

B. You are to return to us on or before September 15, 1971: 1. Original stock certificate. It is not necessary to

endorse this.

2. Limited Stock Power signed by you and guaranteed by a National Bank or brokerage firm which is a member of the New York or American Stock Exchange.

C. Upon return of original stock certificate and Limited Stock Power, we will send you:

1. Check in the amount of $ 6.00 2. New Preferred Stock Certificate for

shares of $1.00 par value.

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NOTICE OF PARTIAL REDEMPTION To the Holders of Montezuma Plywood Company 5% Preferred Stock

NOTICE is hereby given that pursuant to the preferences and privileges granted to the 5% Preferred Stock and the holders thereof, Montezuma Plywood Company will redeem pro rata on or be-fore September 159 1971 9 1.3 percent of the 270,585 outstanding shares of its $1.00 par value 5% Preferred Stock at par value.

The 5% Preferred Stock called for redemption in accordance with the foregoing will no longer be deemed outstanding after the

date set for redemption, September 15, 1971, and all rights with respect thereto will cease on such date, except only the rights of the holders thereof to receive the redemption price therefore without interest.

Holders are hereby notified to promptly surrender the

certificates representing the shares described above to Montezuma Plywood Company, Drawer YY, Cortez, Colorado 81321, and upon

surrender thereof, holders of said certificates will receive pay-ment for the shares called and surrendered. A new certificate

will be issued representing the shares not redeemed, upon execution and delivery by the shareholder of the enclosed Limited Stock Power.

DATED: July 7, 1971

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MONTEZUMA PLYWOOD COMPANY

July 7, 1971

TO Montezuma Plywood Company Preferred Stockholders

NOTICE OF MEETING

The Company and its parent, Southwest Forest Industries, invite you to attend a meeting in Cortez, Colorado on Wednesday, July 14, 1971, Southwest officials will be present to discuss past and present operations and the outlook for the future,

The meeting is scheduled for L30 p,m, at one of the public meeting rooms at Empire Electric, 801 North Broadway,

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MONTEZUMA PLYWOOD COMPANY

July 7, 1971

TO OUR STOCKHOLDERS:

Net earnings of Montezuma Plywood Company for the fiscal year ended April 30, 1971, were $35,622 on net sales of $4,243,291. This compares with a net loss of $623,218 on net sales of $3,251,811 in the previous fiscal year.

Plywood marketing conditions were generally unfavorable during the past year and Montezuma, along with the industry, suffered from the slow-down in housing starts which was largely responsible for the depressed market. A rise in housing starts in recent months, and economic indicators which point to a continued strengthening of the residential housing market, lead to a more optimistic out-look for the coming year.

But while market conditions seem to be improving, and the investment in new and better equipment by the parent company has put Montezuma in a better position to take advantage of improved market opportunities, the immediate and long-term problem of timber supply poses a serious threat.

Over a period of four years the U. S. Forest Service has drastically reduced the annual allowable cut in our area. As a result, Montezuma's timber under contract has shrunk from 200 mil-lion board feet under contract in September, 1964 to 85 milmil-lion board feet in June, 1971. The present level would not necessarily be critical except that 53 million board feet, or 62% of the total, is in one sale which is due to expire November 30, 1971, and may not be extended (except under adverse conditions) because of changes in Forest Service policies.

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-2-A number of factors are responsible for this condition.

Pressures from preservationist for excessive set-asides of public lands for wilderness or other single-purpose uses, pressures from environmentalists to safeguard esthetics, which are in direct con-flict with timber harvesting, lack of appropriations for timber access roads to meet timber sales programs, and the growing threat of small business set-asides of the rapidly dwindling available supply all contribute to a decrease in timber sales offerings available to our operation.

Recently, Senator Peter H. Dominick, of Colorado, concerned with the problem said, in part, in a letter to the Regional Forester:

"I have been informed that Region 2 timber sales programs have been falling far short of the allowable cuts set by management plans for the working circles in the western end of the San Juan National Forest. The situation

threatens the raw material supply and the continued oper-ation of several sawmill operoper-ations in the area

"Since I am sure that your office would not induce in-dustry to build plants if there was insufficient timber available and before any of the available timber is

allocated for any set-aside purposes I would appreciate your assessment of the prospects for continued timber availability to both operations and what can be done to correct any shortfall, as both manufacturing operations are now in jeopardy, Needless to say, both of the plants are vital to the Cortez-Dolores areas, and my office

will be interested in what you will immediately be doing to correct the situation."

"I am not unmindful of your problems in connection with the environmentalists. The problem, however, is timber insecurity and its potential disaster effect on investors, operatiors and local citizens. They have a right to know where they stand inasmuch as the govern-ment got them to invest funds in facilities to create jobs -- all of which could go down the drain if we are not extremely careful in how we manage the forests. I

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•

-3-leave it to your best judgment as to the difficult position we in government would be in if this were allowed to happen."

In an effort to counteract the deteriorating timber supply situation, Montezuma Plywood along with several other concerned companies in the area, is sponsoring a program designed to focus public attention on the problem and develop community support. The program has just gotten underway and it is too early to assess results. We are, however, confident that if it is understood by the public our position will win substantial support.

Sincerely,

p22. „6

M. B. DOYLE

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July 7, 1972 MONTEZUMA PLy1400D COMPANY

"SuAAary Schedule of Entitlements"

Holders of Pref=ed Stock Fiscal leaJ Endc:: 4/30/72

Account Name Montezuma Valley Irrigation

1. Enclosed with this letter are:

a) A check for $ 21,n5 in payment of the 5% dividend for our fiscal year enecl. April 30, 1972

b) Notice of Partial Redemption c) Limited Stock Power

2. The following must be returned to us on or before September 15, 1972:

a) Original Stock CoLtiticate. It is not necessary to endore this.

b) Limited Stock Power signed by you and guaranteed by a National Bank or brokerage firm which is a

member of the New York or American Stock Exchange.

3. Upon return to us of original Stock Certiticate and Limited Stock Powr, \:e ill send vou:

a) check in the amount of $ _105-00 b) New Preferred Stock Certificate for shares at $1.00 par value.

i

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356

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•

NOTICE OF PARTIAL REDEMPTION To the Holders of Montezuma Plywood Company 5% Preferred Stock

NOTICE is hereby given that pursuant to the preferences and privileges granted to the 5% Preferred Stock and the holders there-of, Montezuma Plywood Company will redeem pro rata on or before September 15, 1972, 22.8 percent of the 267,023 outstanding shares of its $1.00 par value 5% preferred Stock at par value.

The 5% Preferred Stock called for redemption in accordance with the foregoing, will no longer be deemed outstanding after the date set for redemption, September 15, 1972, and all rights with respect thereto will cease on such date, except only the rights of the holders thereof to receive the redemption price therefore without interest.

Holders are hereby notified to promptly surrender the cert-ificates representing the shares described above to Montezuma Plywood Company, Drawer YY, Cortez, Colorado 81321, and upon

surrender thereof, holders of said certificates will receive pay-ment for the shares called and surrendered. A new certificate

will be issued representing the shares not redeemed, upon execution and delivery by the shareholder of the enclosed Limited Stock Power.

DATED: July 7, 1972

By

d4,KO-E-4-Operat f s Mana er

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P. 0. Drawer YY

Montezuma Plywood Company

Cortez, Colorado 81321 A SUBSIDIARY OF SOUTHWEST FOREST INDUSTRIES Telephone - (303) 882-7235

July 7, 1972

(Registered - Return Receipt Requested) To holders of Our Preferred Stock:

Montezuma Plywood Company is pleased to announce that pre-tax earnings for the fiscal year ended April 30, 1972 were $609,393.

As required, the Company has set aside 10% of these earnings for preferred stock redemption. This year 22.8% of the

out-standing preferred stock will be redeemed. In addition, a check representing the 5% dividend is also enclosed.

To those Company supporters in the local area and our suppliers we wish to thank you for your cooperation in making the past year a successful one. The dividend and magnitude of redemption reflects the importance of your support.

The procedure to be followed in receiving your redemption and the specifics of you entitlement are shown on the enclosed "Summary Schedule of Entitlements".

Sincerely yours,

h. J. Vande Voorde Operatios Ma er

Jo(i neff

As -tan rations Manager Enclosures: 1) Notice of partial redemption

2) Summary schedule of entitlements 3) Limited stock power

4) Dividend check HV/JJ: ss

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Montezuma Plywood Company

A SUBSIDIARY OF SOUTHWEST FOREST INDUSTRIES Drawer YY, Cortez, Colorado 81321

S. POSTAGE

nur12 '7-1-101

IA,v: 08 ***

00U0

ME

24(3102-,

Montezuma Valley Irrigation 722 East Main