cut over, and a large part of this cut-over land is now growing 
timber at only a fraction of its potential capacity. 
The amount of usable wood that can be supplied annually 
does not depend solely on the acreage and character of the 
land. It depends fully as much on the volume and character 
of the growing stock, 1. e., the forest capital of growing trees 
upon which annual growth of wood accrues as interest. We 
cannot continue indefinitely to allow this forest capital to 
melt away. If we are to keep on producing sawlogs, piling, 
pulpwood, etc., not only must adequate new growth be as- 
sured on areas cut over, but thrifty young trees up to and 
including the sizes of good-quality saw timber must be kept 
as growing stock. 
Our growing stock, or forest “capital,” ‘must be built up 
and maintained if it is to yield an adequate amount of regular 
“interest” in the form of usable products. ‘The decline in 
productive growing stock is most notable in the East and 
South, where many thrifty young stands are being cut 
indiscriminately. In the eastern half of the country, which 
contains three-fourths of the Nation’s commercial forest area, 
forest growing stocks are generally below the level needed to 
sustain the current rate of saw-timber cutting. The same is 
true in parts of the West. War and postwar demands for 
forest products have accelerated the destruction of rapidly 
growing young timber in many places. 
3 
