TABLE OF CONTENTS 



Page 



LIST OF TABLES 2 



LIST OF FIGURES 3 



SUMMARY 4 



A PROBLEM 5 



REVIEW OF LITERATURE 5 



Sawmill changes 5 



Decline of lumber production 6 



Lumber price and quality 7 



Industry readjustment 7 



DETERMINATION OF SAWMILL MOVEMENT 8 



Sawmill population 8 



Dependency upon white pine stumpage 10 



CHANGES IN SAWMILL PRODUCTION 12 



PRICE RELATIONSHIPS 13 



Stumpage price 13 



Wholesale price indexes 13 



Wholesale prices of white pine lumber 14 



Wholesale price indexes for white pine lumber 15 



Wholesale prices and wholesale price indexes, adjusted 16 



RESULTS 18 



Sawmill movement 18 



Sawmill size 18 



Lvimber price 21 



CONCLUSIONS 26 



Sawmill movement and size 26 



The margin between stumpage and lumber prices 26 



