.^iigosi a&,- I'Jir.. 



HARDWOOD RECORD 



21 



to enable tlieni to niect :ill the viirving iieeils of lunibermeii and timber 

 owners. In some eases a Ijond issue is the only praeticiil way of 

 meeting the finaneial needs of the operator. In other cases the loan 

 desired is too small to justify the expense of jiutting a bond issue 

 on the market. Many -eapitalists would prefer to place a large loan 



in a first class mort- 

 gage than to become 

 one of many investors 

 in a large bond issue. 

 Furthermore, m a n y 

 borrowers do not re- 

 i|ui7-e long term loans, 

 but ilo require funds 

 for longer periods 

 t li a n t h e ordinary 

 b a n k is willing to 

 Sjraiit. This class of 



ian niouiitains, a record of which in some form is not contained in the 

 files of James D. Lacey & Co. This does not mean that every tract 

 has been cruised, valueil or prelimiiiaried by the skilled employees of 

 the firm, but it does mean that other tracts of the same general 

 character, growing imder substantially similar conditions, have l)een 

 examined and such in- 

 formation is on record 

 in the files of James 

 D. Lacey & Co. The-se 

 tiles give detailed in- 

 formation concerning 

 numberless tracts of 

 timber of varying siw 

 in all parts of North 

 America where timl)er 

 is a chief or the only 

 n.it\iral resource. Vii- 



.1. W. McCUltOV. SKCHET.VKV, .7.\MES H. 

 LACEY TIMI5KK COMTANY, CHICAGO 



borrowers should glailly avail tliemselves of 

 facilities that will make marketable amply 

 secured notes maturing in one to five years. 

 James D. Lacey Tindjer Company is an ex- 

 tension of the co-partnership of James D. 

 Lace.v & Co., the latter having been estab- 

 lished by .lames T). Lacey thirty-five years 



11, I). L.VNGll>l,i;, SFEi:iAL i-Al;T.M;K, 

 .lAMES D. LACEY & CO., PORTLAND 



der arrangements perfected between James 

 I). Lacey & Co. and the James D. Lacey Tim- 

 ber Company, the latter organization has the 

 u.se of all the experience and records of the 

 former. 



.lames I). Lacey & Co. maintain offices in 

 (liicago, Portland, Oregon, and Seattle, 



A I'EW OF THE TIMBERLAND MAI'S To 

 WHICH THE .TAMES D. LACEY TIMHKU 

 (OMPAXY HAS ACCESS 



ago. Since 1880 Mr. 

 Lacey and his asso- 

 ciates have been ac- 

 tively identified with 

 the work of buying, 

 selling, cruising and 

 valuing lumber and 

 timber properties. Dur- 

 ing this period the 

 members of the Lacey 

 organization have been 

 part owners in and 

 operators of logging and milling properties. The result is an intimate 

 acquaintance with the timber and lumber business from tree to con- 

 sumer, and within the ]jeriod mentioned this organization has accumu- 

 lated information concerning the amount and value of timber in the 

 United States and Canada which cannot be equaled by that possessed 

 by any other individual or corporation in the country. There are 

 few tracts of timber of importance in the southern states, on the 

 I'acific coast, in British Columbia, in eastern Canada, or the Appalach- 



\V. G. COLLINS, ASSISTANT MANAGER 

 JAMES D. LACEY & CO.. PORTLAND 



Wash., and the main 



offices of the timber 



company are located at 



Chicago. Mr. Lacey 



is at the liead of these 



organizations and is 



assisted by Wood Beal, 



who has been asso- 



<-iated with him_ since 



1888, by Victor 



Tluane, who became a 



member of the firm of 



.lames D. Lacey & Co. m l»0(i, and by J. W. McCurdy, who entere.l the 



employ of the partnership in 19(1(5. The Portland office is in charge 



of H. D. Langille, a special partner in the firm of James D. Lacey 



& Co., and a resident of Portland, Ore. He has been in charge 



of the Portland office since 190(3. Mr. Langille has spent practically 



all of his life in intimate relations with the forests of the West. 



Prom 1900 to 1905 he was in tlie service of the government as special 



field assistant in the Geological Survey, forest inspector in the Depart- 



D. \V. 



R.VWDEN, M.\N.\GER, JAMBS D. 

 LACEY & CO., SEATTLE 



