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i 



feet, ar.d in 1909 of less than 300 million* In both these 

 year's more timber was cut under sales than was disposed of 

 through new sales. The difforenoe was the result of cut- 

 ting under the contracts of earlier years, 



Last, year's saJ.es of over $4,000,000 worT;h of tim- 

 ber does not necessarily mean a prospective income from 

 timber of this large amount in tho immediate futn.ro. To 

 bring this about there would have to be a series of l*g 

 sale years* The present year r^.y or may not see sales 



;. to those cf the last* ^Siilo general market condi- 

 tions are at pressnt less favorable to large commitments 

 than they were six months ago, the aggressive sal-ss policy 

 now in force f with its opportunities for long- term pur- 

 chases on fair terms where sales are possible in no other 

 .way, will probably counterbalance to a greater or less do- 

 grae influences that may tend to check sales- The need- 

 of the country for national forest timber is growing and 

 every year brings normally more of this timber within the 

 radius of effective demand. The yearly cut and the income 

 from the forests can reasonably be expected to rise in the 

 future as it has been rising, however the number of sales 

 contracts may fluctuate, 



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