Shall Stumpage be an Investment, 

 a Speculation or a " Gamble V 



All investment in timberland, unless for immediate 



logging operations is, technically speaking, speculation because 

 profits depend on Increase in value. All good timberland is stea- 

 dily and rapidly appreciating in value , so that the only thing which 

 stands between the investor in timberland and a sure profit is the 

 question as to whether a tract actually contains the stumpage on 

 which the purchase price is based. 



The best "cruising" of timber after the old-fashioned 



method (or non-method ) introduces a factor of possible error so 

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

 ble ." Everyone knows of case after case where a buyer has 

 met heavy losses often without any intent to deceive on the part 

 of the seller. 



A full LACEY REPORT on a timber tract, made on 



the internationally-known and essentially scientific LACEY system, 

 which we have been 3d years in developing, removes the last vestige 

 of ''gamble " from any timber transaction (whether carried through under our 

 auspices or not) and smoothes the way for both buyer and seller. 



CHICAGO 

 1750 McCormick BIJg. 



SEATTLE 

 1009 White Building 



PORTLAND. (ORE.) 

 1310 Northwestern Bank BUg. 



NEW ORLEANS 

 1213 Whitney-Central Blag. 



