FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * ZUEHLKE GERALD L   2. Issuer Name and Ticker or Trading Symbol POTLATCH CORP [PCH] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Vice President and CFO (Last) (First) (Middle) 601 W. RIVERSIDE AVENUE, SUITE 1100 3. Date of Earliest Transaction (Month/Day/Year) 11/11/2005 (Street) SPOKANE, WA 99201 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 11/11/2005   M   3,464 A $ 35.9599 3,464 D   Common Stock 11/11/2005   S   3,464 D $ 45.0165 (5) 0 D   Common Stock 11/11/2005   M   3,674 A $ 39.413 3,674 D   Common Stock 11/11/2005   S   3,674 D $ 45.0165 (5) 0 D   Common Stock 11/11/2005   M   7,139 A $ 23.7002 7,139 D   Common Stock 11/11/2005   S   7,139 D $ 45.0165 (5) 0 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy)

$ 35.9599

11/11/2005

M

3,464 (1)

12/03/2000

12/03/2008

Common Stock

3,464

$ 0 (4)

0

D

Employee Stock Option (right to buy)

$ 39.413

11/11/2005

M

3,674 (2)

12/02/2001

12/02/2009

Common Stock

3,674

$ 0 (4)

0

D

Employee Stock Option (right to buy)

$ 23.7002

11/11/2005

M

7,139 (3)

12/05/2004

12/05/2012

Common Stock

7,139

$ 0 (4)

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ZUEHLKE GERALD L 601 W. RIVERSIDE AVENUE, SUITE 1100 SPOKANE, WA 99201			Vice President and CFO

Signatures

Malcolm A. Ryerse, Attorney-in-fact		11/14/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The reporting person was granted employee stock options on December 3, 1998, to vest in two equal annual installments. The grant was made under the stockholder-approved Potlatch Corporation 1995 Stock Incentive Plan. All these options have vested.
(2)	The reporting person was granted employee stock options on December 2, 1999, to vest in two equal annual installments. The grant was made under the stockholder-approved Potlatch Corporation 1995 Stock Incentive Plan. All these options have vested.
(3)	The reporting person was granted employee stock options on December 5, 2002, to vest in two equal annual installments. The grant was made under the stockholder-approved Potlatch Corporation 1995 Stock Incentive Plan. All these options have vested.
(4)	The employee stock options, after exercise, were sold at an average price of $45.0165 per share.
(5)	On November 11, 2005, in accordance with Section 16(b) of the Securities Exchange Act of 1934, as amended, the reporting person voluntarily paid to Potlatch Corporation $124.09. This amount represents the difference in value between the aggregate amount paid by the reporting person for the purchase of 663.595 shares under the Potlatch Corporation Salaried Employees' Savings Plan (a 401(k) plan) on October 31, 2005 (reported on a Form 4 filed with the Securities and Exchange Commission on November 2, 2005), and the highest amount received by the reporting person for the same number of shares the sale of which is reported in this Form 4.

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