The export trade in lumber does not have a serious 

 i-ing upon timber depletion from the standpoint 

 ot quantity, but does have an important bearing 1 upon 

 the dnr-ition of our limited supply of high-grade tim- 

 ber, particularly the hardwoods. The exports' of high- 

 grade oak, walnut, hickory, ash and other woods es- 

 S'.-ntial to many industries in the United States which 

 now seem probable will further enhance the shortage 

 of such products for the domestic market and the 

 tendencies already evident toward sustained high 

 : . On the other hand, the United States imports 

 from Canada about two-thirds of its total consump- 

 tion of newsprint or newsprint materials. The effects 

 of our export trade in lumber should be considered 

 from the standpoint of the specific timber grades or 

 products whose depletion is most imminent and 

 threatening to American industries. 



The concentration of timber ownership has not 

 changed materially since the exhaustive report made 

 upon this subject by the Bureau of Corporations 

 in 1910. One-half of the privately owned timber in 

 the United States is held by approximately 250 large 

 owners, the ownership of the remaining timber being 

 very widely distributed. The tendency toward the ac- 

 quisition and speculative holding of timber beyond 

 operating requirements has been checked, and the 

 present tendency is toward the manufacture of large 

 timber holdings. At the same time the lumber in- 

 dustry, particularly in the Western States, is going 

 tlr.-ough a partial reorganization into larger operat- 

 ing and marketing groups. In this there is a tend- 

 ency for small mills to disappear and small timber 



15 



