He PFas ''Stuck 

 Oil His Tract 



Of/cc there was a man w/io had what was reputed to 



be an exccptioiially valuable tract of tiiiihciba/id — ■uoDiatterivJicfe — 

 which he bought on an ohl-fash lotted '''t/mher cr/i/sc" phis his pefsonal ittspection. 



JJlshiiig to take his profit on the investment he con- 

 fidently offered tlie tract to James D. Lacey &f Company. 



Besides the reputation of the tract there were super- 

 ficial indications of unusual excellence; but Lacey ^ Company 

 deal only with THEFACTS. 



A LACEY REPORT on the tract showed the 



asto?iishi}ig fact to be that the value of merchantable timber on tJie 

 tract was hare /y tnoiv tJiait half what the iittettding seller sincerely believed he 

 had, although he was ati experieitced liiinbertnan. 



He wasj-'stiiclz''— badly; in fact a ''LACEY 



REPORT' on the property whc?i he bought it would not iiave cost 

 a twenty-fiftii of what he was ''''stiiei:." This is a true story — with a moral. 

 May we send yon 'Toittters," an interesting boot: let? 



CHICJGO 



1750 AlcCormick BUlg. 



SEATTLE 

 1009 Whhe Bldg. 



PORTLAND (ORE.) 

 1310 Nortliwestcrn Bank Bldg. 



NETF ORLEANS 

 1213 lJlutnc\-Ccntral Bi.tg 



