Shall Stumpage be an Investment, 

 a Speculation or a " GambleV 



All investment in timbcrland^ unless for immediate 



logging operations is^ technically speaking, speculation — because 

 projits depejid 0}i Increase in value. All good_ tirnberland is stea- 

 dily and rapidly appreciati?ig in value, so that the only thing which 

 stands between the investor in timberland a?id a sure profit is the 

 question as to whether a tract actually contains the stumpage o?i 

 which the purchase pi'ice is based. 



"Tlie best ''^cruising'''' of timber after the old-fashioned 



?nethod (or /lon-nicthodj introduces a jactor of possible error so 

 great that the purchase often becomes nothing short of a '' gam- 

 ble.'''' Kvcryofie knows of case after case where a buyer has 

 met heavy losses — ofte/i without any i?itent to deceive on the part 

 of the seller. 



A full LACEY Report on a timber tract, made on 



the ifiternation ally-known and essentially scientific Eacey system, 

 wfiicfi we have been 36 years //? devefoping, removes the last vestige 

 of '\^amf?/e" from any timber transaction (w/iether carried through under our 

 auspices or not) and smootlies the way for botli buyer and seller. 



CHICAGO 



1750 McCormick BlJg. 



SEATTLE 



1009 White BuiUing 



PORTLAND. (ORE.) 

 1310 Nort/iivestern Bank BUg. 



NEir ORLEANS 

 1213 Whitney-Central Bldg. 



