less than $750 7 OOO, but in 1910 and again in 1911 were- 

 over $1,000,000, and in 191JB- were nearly L,10O,OOO f *s 

 against about $l r 250,OOQ for the year just closed. ' 



Forestry officials say that the principal factor 

 in determining how much timber will be sold in any given 

 year *is the general lumber market, which in turn depends 

 largely on general business conditions. Thus, when indi- 

 cations are that a period of brisk demand is ihkead, with 

 increased building activity, railroad construction^ mining 

 d^v*?.c-pmerit f and clher forms of business expansion that call 

 for lumber or timber, operators are seeking contracts. l?7hen 

 business halts lumberman naturally go slowly in the matter 

 of committing themselves by new purchases on a large scale. 

 But cutting under earlier purchases and small aa3,s continues 

 even in periods of depression* The gradual diminution of out- 

 side sources of supply and the steady development of the coun- 

 try, which create^ increased local demands, tend . to offset 

 the effects of such periods. 



As an illustration of this the figures for 1907 and 

 the immediately following years are cited. In the fiscal 

 ypixjr 19OY the forest service sold more timber than has been 

 sold in any later year prior to that just closed Contracts 

 were made covering over a billion feet r board measure. But 

 in the fall of 1907 came business panic, followed by inac- 

 tivity. Sales in 1908 disposed of less than 40O million 



