■ UK ■!■- •• • !■■— ■■ ■— »■ — I !>■— ^HBMa^gl 



The 

 Difference 



Is 

 Profit 



Some day timber will be worth what it 

 costs to produce it. 



Today it is worth a very small fraction 

 of that cost. 



The difference between that 

 small fraction and the cost of 

 production represents the 

 profit the timber owner 

 will realize on his 

 investment. 



Will pou share 



in that profit? 



James D. Lacey & Co. 



Timber 

 Praetors 



CHICAGO, ILL., 1750 McCormick Building 

 PORTLAND, ORE., 1313 Northwestern Bank Building 

 SEATTLE, WASH., 1009 White Building 



II 



NATIONAL CAPITAL PRESS. 



