The investigation of standing timber in the United States by the Bureau of Corporations furnished for the first time a positive knowledge of the facts.

Over nine hundred counties in timbered regions were covered by the Bureau, and the work took five years.

The most important facts ascertained were that forty years ago three-fourths of the standing timber in the United States was publicly owned, while at the date of the report four-fifths of the timber in the country was in private hands.

The concentration of private ownership had developed to such an amazing extent that about two hundred holders owned nearly one-half of all privately owned timber in the United States; and of this the three greatest holders, the Southern Pacific Railway, the Northern Pacific Railway, and the Weyerhaeuser Timber Company, held over ten per cent.

Of this work, Mr.Smith says: "It was important, indeed, to know the facts so that we could take proper action toward saving the timber still left to the public.