



THE DAY OF NO TIMBER 



Is farther away now than the ultra-conservationists 

 ten years ago said it was when the>^ spread an alarm 

 of exhausted supply. 



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. Practical by-product utilities 

 that represent more than 60 per cent of the usable value of trees are now 

 known, in addition to lumber which utilizes only one-third. Others will be 

 found. With added use there is added worth. 



J^UMBER need not go higher in cost to consumer to make profitable 

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

 close utilization, efficient nmnagenient and economical distribution will 

 constantly add to the value of stumpage and eclipse the "overhead." Stump- 

 age — the raw material — will take the gain. 



1 IMBER investments rest upon fundamental requirements of the human 

 race. Rightlv selected thev are sound, stable and safe for conservative men. 



Tliirty-five years of continuous investigation has 

 given vs knowledge that has value for you. Ask us to 

 tell you more about timber as a place fur your funds. 



JAMES D. LACEY & CO, 



TIMBER LAND FACTORS 



SINCE 1880 



CHICAGO 



PORTLAND 



1750 Mc Cormick Building 1310 Northwestern Bank Bldg. 



SEATTLE 



1009 White Building 



