The Time to Invest in Timber 



is NOir. 



M^e can take advantage of market conditions 

 for you as you cannot for yourself 



Rither of two systems may be followed in buying timber. One 



contemplates buying properties at recognized market values to accord with 

 individual ideas as to what a timber tract should be and hold it in anticipa- 

 tion of steadily increasing value; the other, the Lacey way, contemplates 

 taking advantage of opportunities that come to an organization like ours, 

 buying at prices much below recognized values and gaining profit both from 

 the purchase and from accretion. 



Obviously the latter plan is most inviting from the standpoint 



of speadation or for those who do not contemplate future manufacturing. It 

 permits carrying charges to be reckoned merely as deferred payments on the 

 purchase price, and of course means larger profits. 



The present is a most opportune time for such investments. 



After a period of depression, in common with other industries, lumber is 

 coming into its own again. There are, however, many timber owners, 

 financially unable to carry ?io?i-productive investments, who must sell. 



JVe can make a selection for you in the Douglas Fir Forests 



of British Columbia, Washington or Oregon; the White Pine of Idaho; 

 the Western Pine of Oregon or California; in the Redwoods of the latter 

 state or elsewhere. Prices range well below the market values. Send for 

 further information and booklet described as "Pointers." 



CHICAGO 

 1750 McCormick Bldg. 



SEATTLE 

 1009 White Building 



PORTLAND, ORE. 

 1310 North-western Bank Bldg. 



NEJi r ORLEANS 

 121 '3 Whitney-Central Bldg. 



