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Stability 

 and Value 



Aiv found in the really 

 coniniercial forests of the 

 West — the |)rinci|)al raw 

 material supply of the 

 third greatest iruhistry of" 

 /Vnierica. 



These forests ha\'e with- 

 stood, unharmed, the 

 storms of centuries. In- 

 x'estments in them, riijhtly 

 made, resist the assaults 

 of" husiness depressions 

 heeause their \alue is 

 fundamental. 



K(|uilil)nuin is inaiiitaiiu-d or 

 (luickK restored regardless of" the 

 (lislurhaiiees tliat upset industry 

 disturl)anees that are ri\ctiiiu' 

 the attention of hinihermen to 

 such x'ital problems as close utili- 

 zation, elticient i)roduction and 

 distrihut ion, and hroad, co-oi)era- 

 ti\'e I'tlort. 



Stunipay-e is stable and its wilue 

 IS more certain than ever before. 



licddjiislnK'nl of llic iiidiislry is <it 

 IkiikI. This is the lime to prepdrc. 



JAMES D. LACEY & CO. 



Tiniltcr Land lutclors Since llilii) 



( lll('A(.(). iT.-.ii M.< ..nni.k itM^. Si; A I'Tl ,!•; ; Kioii wiuir itMi;. I'OIM'LAM): i:;iiiN.\v. lt„„l< lilda 





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