Report From The President                              Exhibit 19


Dear WTD Shareholders:

     In our third quarter we continued to make progress in reducing
debt and improving our balance sheet, although our operating
results reflected a more typical third quarter lumber market.

     Earnings were $3,997,000 or $.30 per share for our third
quarter ended January 31, 1995.  Net earnings, which compared to
$3,974,000 or $.31 per share for the same period last year, were
bolstered by gains from non-operating sources, primarily an
election under the Internal Revenue Service Regulations which
speeds utilization of net operating loss carryforwards.  Operations
contributed a modest loss to the results, reflecting more typical
seasonal conditions after last fiscal year's unusually good third
quarter.

     Third quarter sales were $61.6 million, down 28 percent from
the $85.7 million in the comparable period last year.  This
decrease reflects more typical seasonal slowdowns of lumber sales
and prices.

     During the quarter, the Company reduced certain valuation and
holding cost reserves associated with its remaining non-core
assets, resulting in reorganization credits of  $493,000. 
Miscellaneous income in the quarter ended January 31, 1995 includes
$333,000 of gain on the retirement of a portion of the Company's
Senior Notes and $217,000 of interest income on surplus cash.

     Our nine month earnings were $6,701,000 or $.45 per share
compared to $4,849,000 or $.32 per share for the same period last
year.  Sales were $217.2 million for nine months, compared to
$205.4 million in the prior year.

     Typical winter operating difficulties and severe weather in
California adversely affected lumber prices and shipments during
our third quarter.

     The good news is that we received strong chip price increases
and completed two major dry kiln projects in January, both of which
should have a positive future impact.

     We made elections under the Internal Revenue Code which allow
the Company to utilize net operating loss carryforwards without
annual limitation.  This election should result in refunds of prior
year and current year taxes totalling $1.9 million.  Further, the
election allows the Company to reduce the valuation reserve
associated with its net operating loss carryforwards.
                                                            
     Long-term debt was reduced by $4.3 million to $51.9 million in
the third quarter and stockholders' equity improved to $23.7
million.  The long-term debt to total capitalization ratio improved
to 68.6 percent from 73.5 percent at the end of the second quarter.

     I am pleased to announce the creation of the position of Vice
President - Sales and Marketing and the election to that office of
John Stembridge.  Mr. Stembridge has been General Manager of
TreeSource, Inc., our lumber sales subsidiary, for three years and
will continue to manage all lumber sales.  John's promotion to Vice
President is in recognition of his contribution to our successful
operations.

     Looking ahead, as we move into our fourth quarter, we are well
positioned to take advantage of any lumber market strength this
spring.




                         Bruce L. Engel
                         President