FOREST CONDITIONS OF MISSISSIPPI. 49 



sippi produced less lumber than in the preceding year, 

 owing to the general business depression, but it advanced 

 from fifth to third place. It is interesting to note that, 

 while in 1907, 823 mills reported a cut of 2,094,485,000 

 board feet, in 1908 there were 905 mills which cut only 

 1,861,016 board feet. This perhaps indicates that the 

 number of small mills in the State is increasing, which is 

 generally the case in regions where the timber supply is 

 being exhausted. The large mills are forced to go out of 

 business for want of a supply, but the small isolated bodies 

 of timber are capable of sustaining numerous small port- 

 able mills, most of them. 



Mp.st of the longleaf pine land is held by large lumber 

 confcanies, many of which operate mills cutting from 

 35,000,000 to 200,000,000 board feet a year. Compara- 

 tively little timber land is being held by companies or indi- 

 viduals as investments, because it would be necessary for 

 stumpage prices to double within the next ten years if 

 the owners were to realize an income of even eight per 

 cent. Usually these large mills are heavily bonded, and 

 the interest on the bonds must be paid. This is the chief 

 reason for the extensive exploitation of the timber. 



For the past two years the average lumber prices have 

 been so low that longleaf operators have barely met 

 expenses. This was caused chiefly by the decrease in 

 lumber consumption, due to the general business depres- 

 sion of 1907 and 1908, but partly, also, by an overstock- 

 ing of the market, since the large mills, on account of 

 their bonded indebtedness, were compelled to continue 

 operating as .long as lumber could be sold at any profit 

 whatever. It is apparent, therefore, that the large mills 

 will continue to log their holdings as rapidly as it can be 

 profitably done. The majority of large lumber companies 

 do not count on operating longer than from twelve to 

 fifteen years. Only a few mills control enough stumpage 

 to last twenty-five years, and in the entire longleaf pine 

 region in Mississippi there are not more than two mills 

 which can continue cutting at the present rate for forty 

 years. 



