658 JOURNAL OF FORESTRY 



paring their prices of ten years ago with their present prices shows the 

 handicap under which kimbering was carried on until the end of the 

 first decade of the century. 



In 1909 the cost of operation, inckiding stumpage and selhng, for the 

 Hghter woods in the Asheville zone was around $16 per thousand and 

 for heavier woods about $1 higher. The selHng price of sound wormy 

 chestnut lumber, which forms at least 30 per cent of the volume of the 

 stands, was about $12.50 per thousand, this price being $3.50 less than 

 the cost of operation ; the price of No. 2 common oak, which forms 

 from 10 to 15 per cent of the volume of the stands, was about $2 less 

 than the cost of operation — that is, the selling price of at least one-half 

 of the volume of the stands was below the cost of operation. While 

 operating costs have increased approximately 57 per cent and prices of 

 upper grades of chestnut only about 37 per cent, that of sound wormy 

 grade lumber has increased 190 per cent ; No. i common poplar only 

 70 per cent, but No. 2 has increased 100 per cent; while No. i common 

 oak has increased 66 per cent, No. 2 has increased 94 per cent. In 

 each case by far the largest per cent of increase has taken place in the 

 lower grades, and since only the choicer trees in many cases are being 

 cut or have been cut, the stands contain a continually increasing portion 

 of these lower grades, which are the ones most rapidly increasing in 

 price. This high rate of increase in the lower grades should have an 

 important bearing on deciding which class of timber can most profitably 

 be held for investment, and should be an important consideration in 

 forest management. 



While the increases in the prices of the upper grades of lumber and 

 of choice stumpage have been very largely absorbed by the increased cost 

 of operation, low-grade stumpage exhibits a good margin beyond the 

 operating increase and low-grade stumpage of most species has more 

 than doubled in value ; while low-grade chestnut has more than trebled. 

 Chestnut stumpage is now selling for tannic acid stock at from 75 cents 

 to $1.50 a long cord of 166 cubic feet with bark on; saw timber at from 

 $2 to $4.50 per thousand, log scale. Tannic acid stock does not con- 

 sist only of material which cannot be used for lumber ; the manu- 

 facturers of tannin extract successfully outbid the millmen in competi- 

 tion for medium-grade timber. Yellow-poplar stumpage sells at from 

 $5 to $15 per thousand; red oak and white oak from $3 to $10; chest- 

 nut oak (excluding bark) from $2 to $4; Spanish oak and other low- 

 grade species from $i to $3. The stumpage and profit margin which 

 has now been established is sufficient to insure a latitude of method in 



