147 



At present prices and costs, fence posts are by far the most profitable 

 wood crop that can be grown. This product commands a fair price 

 nearly equal to that of the highest quality of lumber, when comparison 

 is based on cubic contents of the tree required to yield each product re- 

 spectively. But it requires 100 years or more to grow logs suitable for 

 high-priced veneers, and 50 to 70 years for good piling, while posts can 

 be grown in from 15 to 35 years depending on the soil. By comparing 

 the second table on page 145 with these values, it becomes evident that, 

 in spite of the advantage to the farmer of cutting his own fuel, the prac- 

 tice of utilizing growing timber for this purpose exclusively or to too 

 great an extent does not pay. As shown, the ratio of sale-value per cubic 

 foot of these products to cordwood varies from 2.4 for mine timbers up 

 to around 5 for posts and veneer logs, 3.0 for cross-ties and about 3.5 

 for lumber, piling, and cooperage. But the true comparison is found in 

 the relative stumpage values, for these measure the value of the timber 

 crop itself and not merely the return of cost of labor in harvesting. These 

 ratios are shown in the last table on page 146. 



On the basis of these relative crop values, the wood-lot should evi- 

 3ently be managed so as to produce as great a volume as possible of the 

 higher priced products, utilizing only the non-saleable tops, limbs, and 

 slabs as cordwood. 



The loss through converting a stand into cordwood when it will make 

 other products is shown in the following table, assuming a stumpage value 

 of $1.00 per cord for cordwood. 



A cord of wood has an actual stumpage value of 92 cents but if it 

 can be converted into other products the value is as follows : 



Lumber 6.18 



Veneer logs 16.91 



Posts 13.60 



Mine timbers 4.1 6 



Cross-ties 6.09 



Piling 11.29 



