RAYONIER INC - Director's Dealing 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-08-23

Reporting Person: POLLACK GERALD J (SR VP and CFO)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-23	Common Shares	M	34313	$26.26	Acquired	112824.00	Direct
2004-08-23	Common Shares	S	3600	$46.00	Disposed	109224.00	Direct
2004-08-23	Common Shares	S	900	$46.01	Disposed	108324.00	Direct
2004-08-23	Common Shares	S	1400	$46.02	Disposed	106924.00	Direct
2004-08-23	Common Shares	S	800	$46.03	Disposed	106124.00	Direct
2004-08-23	Common Shares	S	1000	$46.04	Disposed	105124.00	Direct
2004-08-23	Common Shares	S	300	$46.05	Disposed	104824.00	Direct
2004-08-23	Common Shares	S	3900	$46.06	Disposed	100924.00	Direct
2004-08-23	Common Shares	S	4300	$46.07	Disposed	96624.00	Direct
2004-08-23	Common Shares	S	100	$46.08	Disposed	96524.00	Direct
2004-08-23	Common Shares	S	1100	$46.09	Disposed	95424.00	Direct
2004-08-23	Common Shares	S	100	$46.10	Disposed	95324.00	Direct
2004-08-23	Common Shares	S	900	$46.11	Disposed	94424.00	Direct
2004-08-23	Common Shares	S	3400	$46.12	Disposed	91024.00	Direct
2004-08-23	Common Shares	S	2300	$46.13	Disposed	88724.00	Direct
2004-08-23	Common Shares	S	4900	$46.14	Disposed	83824.00	Direct
2004-08-23	Common Shares	S	600	$46.15	Disposed	83224.00	Direct
2004-08-23	Common Shares	S	400	$46.16	Disposed	82824.00	Direct
2004-08-23	Common Shares	S	300	$46.19	Disposed	82524.00	Direct
2004-08-23	Common Shares	S	3600	$46.20	Disposed	78924.00	Direct
2004-08-23	Common Shares	S	200	$46.21	Disposed	78724.00	Direct
2004-08-23	Common Shares	S	213	$46.23	Disposed	78511.00	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-23	01/03/00 Employee Stock Options	$26.26	M	34313	Disposed	2010-01-05	Common Shares (34313.00)	Direct

Security	Shares	Ownership
Common Shares	111.73	Indirect

F1: Shares are held in the Rayonier Investment and Savings Plan for this person's account.