August 25, 1915. 



PRIVATE OFFICE OF WOOD HEAL. VICE-PRESIDENT OF THE 



COMPANY 



financial aid, and it will act not only as a buyer and seller of securi- 

 ties, but as a clearing house of opportunities in timber investments. 



Both the scope and method of operation are built along Unes 

 laid down by men of technical and practical information and expe- 

 rience. They meet the needs of the present and future and should 

 appeal strongly to the timber owner, lumber manufacturer, banker 

 and individual investor, aU of whom are more or less familiar with 

 the value of timber and timber securities. 



The officers of the company are : 



President, James D. Lacey. 



Vice-President and Treasurer, ^Yood Heal. 



Vice-President, Victor Thranc. 



Seciietaut, J. \V. McCurdy. 



The directors of the company, in addition to those above named, 

 are Frank D. Stout and Lament Eowlanda of Chicago, and Charles 

 S. Keith of Kansas City, Mo. Individually and collectively the mem- 

 bers of Mr. Lacey 's organization have been and are important factors 

 in the timber and lumber industry of the country. 



Frank D. Stout is a retired lumberman and member of tlie firm 

 whose name was written in the title of that one time greatest of white 

 pine institutions — Knapp Stout & Co., of Menominee, Wis. 



Charles S. Keith is president of the Central Coal & Coke Company 

 of Kansas City, Mo., and of the Southern Pine Association. 



Lament Rowlands represents the C. A. Goodyear timber and lum- 

 ber interests in Wisconsin, California and Washington. He is vice- 

 president and treasurer of the C. A. Goodyear Lumber Company. 



If deemed advisable to increase the board of directors, other 

 stockholders in the company of equal i>rominenee are available for po- 

 sitions on it. 



This new company is exceptionally well equipped to create, buy 

 and sell the standard form of timber bond, modified or adjusted to 

 meet the makers' requirements in normal or abnormal times. The 

 officers of the company are better qualified to judge the circumstances, 

 necessities and opportunities of each borrower than the ordinary bond 

 house can possibly be, and also to place a proper valuation en the 

 assets offered as security. The wide acquaintance they enjoy with 

 investors and bankers will enable them to effect a material saving in 

 preparing and marketing bonds or mortgages. There is a pronounced 

 disposition on the part of retail bond houses to buy their securities 

 from creators of bonds who specialize in different lines of business, 

 and timber bonds issued by the James D. Lacey Timber Company 

 will have the logical preference. The company will serve as a whole- 

 saler of bonds and securities. In a somewhat similar manner, the 

 company will seek to handle first mortgages on timber or mill prop- 

 erties. Individual investors will be placed in touch with such oppor- 

 tunities and the capital connections of the company will enable it to 

 handle short time loans advantageously. 



A prominent feature of the company 's proposed business is 

 somewhat of a departure from established methods. This will be the 

 creation of a variety of timber bonds which will be issued to finance 



DIRECTORS' ROOM AND PRIVATE OFFICE OF JAMES D. LACEY, 

 PRESIDENT OF THE COMPANY 



non-operative timber properties. Carefully selected tracts of timber 

 wQl be purchased and subsidiary companies organized to hold and 

 handle such tracts. This will present an opportunity to small invest- 

 ors to participate in the profits arising from the purchase and sale of 

 such properties, it being the intention to issue to investors cumulative 

 interest bonds in these various subsidiary companies, which bonds will 

 carry, in addition to the cumulative interest, a profit-sharing cer- 

 tificate or share of stock entitling them to a participation in the 

 profits of each subsidiary company that will be created. 



It should be manifest that what the company already has done 

 and is arranging to do could not be accomplished by the ordinary 

 organization. The knowledge, experience and ability of the .officers 

 and directors of the company, fortified and supported by the reliable 

 and detailed information in their possession, has made possible the 

 success already obtained, and the advent of this corporation will serve 

 to place lumber and timber finances on a much more seeure basis. 



Standardizing Furniture Dimension 



Progress is being made from time to time in standardizing furni- 

 ture and furniture dimensions to simplify the matter of getting out 

 stock for furniture parts. An example illustrative of this progress 

 was furnished at the recent meeting of the National Furniture Manu- 

 facturers' Association which standardized bedsteads, making two 

 standard sizes, one for the full bed and the other for what is 

 termed the twin size bed. 



For the full size bed the standard adopted was for slats four feet 

 six inches long and side rails six feet two inches; and for the twin 

 size bed, slats three feet three inches long and side rails six feet two 

 inches. This, as will be observed, reduces the bed rail to a uniform 

 standard and it brings the problem of bed slats to two standards. 



In canvassing the trade to arrive at some conclusion as te the best 

 size te standardize, replies from fifty-five manufacturers of wooden 

 beds showed fifty-one favoring the standard slat length of four feet 

 six inches and one giving a length of four feet eight inches. 



On the side rail lengtb the ideas varied from six feet to six feet 

 six inches, with a majority of thirty-four reporting in favor of six 

 feet two inches. 



What has been accomplished in the way of standardizing wooden 

 beds for certain dimension parts is illustrative of what may be done 

 in the way of standardizing many other lines of furniture. It is 

 just a matter of getting at it in the proper manner and with the 

 right sfiirit to get results. The establishing of specific standards 

 of this kind makes for greater economy in manufacturing furniture, 

 makes it easier, too, with springs and mattresses, and it certainly 

 simplifies the matter of getting out dimension stock in advance. It 

 is beneficial all around as well as encouraging to the dimension stock 

 idea and it is to be hoped that the furniture manufacturers will con- 

 tinue the good work of standardization. 



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