AuK'i-t 2ri, 1015. 



Tlio result of knowloilijo uhtiiiiiod tliruii|;li honest, iiprsistoiit 

 ondeavor has never Ixvn more strikiiit;ly illiistrutoil ttiiin in the ereii- 

 tion anil wile of n $3,000,000 liond iiwue by the .lunios 1). Laooy 

 Timber Company for the Brown Corporation of Portland, Mc. The 

 Brown Corporation constitutes one of the component eoinpiinies of the 

 Berlin Mills Company and the Burgess Sulphite Fibre Conijiany of 

 Berlin, X. 11. These companies represent an organization founded 

 in 1S.">L' and purchased l>v Willi;ini W. Hrown in ISfis. Tlii-y have 



remainder la-ing burned at the mill or left in the woods an refute 

 (11- waste. 



.lames U. Lacey Timber Company was incorporated in November, 

 1914, and through it this bond issue was placed on the market in 

 February, 1915, a period when the loading bankers of the country wer<' 

 disinclined to consider any kind of now securities. In tho construc- 

 tion (if this bond issue, the arrangenienf.s which the timber company 

 j.rnvided for the maker of tlie Imnils to obtain a source of revenue I.. 



VICXOU TUKANE, VlCi: I'KKSIDIONT .I.VMKS 



D. i,.\ci:y tixibek to.Mr.xxY. cnuA<;u 



.l.VMICS 1). L.VCEV, l'Ki;.SlI)K.NT .lAMKS 1). 

 I.ACKV TIMBEK COMrAiNV, CHICAGO 



WOOD BKAL, VICK I'KKSIUENT JAMES I>. 

 LACEY TIMBEK CO.MI'ANY, CHICAGO* 



remained in profitable operation ever since and now manufacture news 

 print paper, kraft paper, blciched and unbleached sulphite pulp, 

 buiUUng paper, window frames, lumber, soda ash and various other 

 by-products, and today represent an investment of $:i2,000,000, with 

 annual sales averaging .1:12,500,000. These correlated companies take 

 annually from the stump :J00,000,000 feet, board measure, of which 

 60,000,000 feet go into lumber; the balance into the by-products 

 above mentioned. The companies utilize upwards of 90 per cent 

 of the tree, in comparison with the average sawmill practice of the 

 utilization of ^5 per cent tn 40 per cent of the tree fj)r lumber, the 



pay interest and provide a fund to retire the bonds as they matured, 

 were so perfect and the security was so ample, that it was at once 

 obvious to the banker and investor that the bonds were a dependable 

 security. 



Between the timber bond and other forms of securities there e-xists 

 .a sharp differentiation, which is great enough to demand knowledge 

 resulting from experience to enable those who handle timber bonds to 

 intelligently deal with the situation. From lack of experience the 

 ordinary banker, broker or bond dealer does not possess this informa- 

 tion. As a rule, bond houses are not flexible enough in their methods 



ENTRANCE H.VLL AND GALLERY OF TIMRKR I'ICTURES, .LVMES 

 D. L.\CEY TIMBER COMPANTT. McCORMICK I!l Il.liI.NG, 332 SOUTH 

 MICHIGAN AVENUE. CHICAGO 



FRONT OFFICE OF .TAMES D. LACEY; TIMBER COMPANY, SUITE 

 1750 McCORMICK BUILDING, CHICAGO, SHOWING CONTINUATION 

 OK PICTURE GALLERY 



