THE DAY OF NO TIMBER 



Is farther away now than the iiltra-conser\'ationists 

 ten years ago said it was when they spread an alarm 

 of exhausted suj)ply. 



XHE theory of exhaustion has been dismissed. Wood is still 

 abundant. It is still and always will be the warm, friendly- 

 material that makes four walls a cosy cottage or a magnificent 

 mansion. Our regard for it is inherent. Our children will con- 

 tinue to use it because its adaptability, beauty of finish and sound 

 absorbing qualities give it a home-making charm that no other 

 material possesses. 



And the uses of wood are multiplying phenomenally. We are just now 

 coming to know its real values and save them, rraciical by-producl utilities 

 that rejn-esent more than (10 per cent of tlie usal)le value of trees are now 

 known, in addition to lumber which utilizes only one-third. Otlicrs wdl be 

 found. With added use there is added worth. 



IrfUMBER need not go higher in cost to consumer to make profitable 

 for all time the ownership of timber. Forest jirotection. new uses, 

 close ulilizatiou. etticienl niaTiagcnient and economical distribution will 

 constantly add to the value of stuni])ai;'e and eclipse the '■overhead." Stump- 

 age — the raw material — will take the gain. 



Timber investments rest upon fundamental requirements of the human 

 race. Rightly selected they are sound, stable and safe for conservative men. 



Thirtij-firc years of cnniinuous invcsticjation has 

 glirii us knowledge that has value for you. Ask us to 

 tell you luore about timber as a place for your funds. 



JAMES D. LACEY & CO. 



TIMBER LAND FACTORS 



SINCE 1880 

 CHICAGO PORTLAND SEATTLE 



1750 Mc Cormick Building 1310 Northwestern Bank Bldg. 1009 White Building 



