We Are Not 

 Prophets 



We know timber prices cling tenaciously 

 to every advance they make, that values 

 increase, remain dormant for brief periods 

 and again increase. To our personal 

 knowledge that has been the history of 

 timberland values for thirty-five years, but 



We Do Not Know 

 How High Timber 

 Prices Will Go 



Probably prices will continue to increase 

 until they reach par — that is until it 

 costs as much to buy timber as to grow 

 it — which is several times the present 

 value of stumpage. 



With a three to five fold profit in pros- 

 pect timber lands should interest you. 

 Therefore you should know more about 

 timber and we should know more about 

 your plans. 



James D. Lacey & Co. 



Timber Land Factors 



CHICAGO, ILL., 1750 McCormick Building 

 PORTLAND, ORE., 1313 Northwestern Bank Building 

 SEATTLE, WASH., 1009 White Building 



NATIONAL CAPITAL PRESS, WASHINGTON, D. C. 



