After years of extended exploration, 

 careful investigation and painstaking 

 classification we discovered 



The Heart of the "D'Pf^TrT'T I 

 Timber Question JT XV v>/J. X X 1 



That is the one phase of a timber investment, 

 \ or of any other business transaction, that is 



of direct, compeUing, personal interest to you. 



It is the phase of the timber business to which 

 we have devoted our time and our thought. 

 i In modern commercial life no business can 



exist unless it be profitable; investment will 

 not be made continuously in those things nor 

 will people continue in those lines of endeavor 

 which do not yield a profit. 



The one great, dominating virtue of timber, 

 as an investment, is that it has been and ever 

 will continue to increase in value, which 

 means profit. 



Extra profits are assured when we select the 

 timber in which you invest. 



:;;ij 



:::;i 



Send for copy of Lumber User's Guide No. 

 8 which treats of the Special Vahtes, Special 

 Adaptabilities and Special Economies of 

 Douglas Fir for all building purposes 



JAMES D. LACEY & CO. 



Timber L^and F^actors 



1750 NcCormick Bldg. 1107 Spalding Bldg. 1009 White Building 



CHICAGO, ILL. PORTLAND, ORE. SEATTLE, WASH. 





NATIONAL CAPITAL PRESS. 



