Exhibit 19




Dear WTD Shareholders:

         For the first  quarter of our new fiscal year,  WTD incurred a net loss
of $619,000 or $.11 per share,  compared  with net income of  $1,944,000 or $.12
per share for the same  period  in 1997.  First  quarter  net sales  were  $47.7
million, compared to $68.9 million for the first quarter last year.

         The fiscal  quarter  started off with weak lumber prices that continued
to decline during May. By mid-June,  lumber prices started to recover and by the
end of the  quarter  lumber  prices  had  recovered  enough to allow  profitable
operations  at the end of the  quarter.  However,  the more  positive  operating
conditions  existing at the end of the quarter  were not enough to overcome  the
loss generated during the first part of the quarter.

         Lumber  prices are  stronger  as we start our second  quarter.  We have
taken  advantage of the improved  lumber  market  conditions  by adding hours of
production at our most profitable locations.

         At July 31,  1998,  the  Company's  cash  position  was  strong and our
working capital exceeded $13.7 million.

         You will receive,  shortly, material concerning our 1998 Annual Meeting
of  Shareholders.  We look forward to discussing  the many changes over the past
several months and our plans for the future.



                                                  WTD Management Team













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