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The only time I ever lost 

 money on a timber investment 

 was when I did not make the 

 investment/' said a lumber- 

 man who owned billions of 



feet of choice stumpage. 



An excellent way for you to lose money 

 is not to buy timber NOW. 



A few choice tracts of timber of excellent 

 quality, blocked up by men who expected to 

 cut it themselves, are on the market. 



There are not many of them, but the 

 offerings are sufficiently attractive to make 

 investigation worth while. 



Write us about your needs. 



James D. Lacey & Company 



Timberland Factors 



CHICAGO, ILL., 1750 McCormick Building 

 PORTLAND, ORE., 1313 Northwestern Bank Building 

 SEATTLE, WASH., 1009 White Building 



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NATIONAL CAPITAL PRESS, WASHINGTON, D. C. 



