130 



LOBLOLLY OR NORTH CAROLINA PINE. 



. ArmoxiMATB VALUE PER 1.000 BOARD FEET or STCMPAGE or LOBLOLLY PINE IN STANDS 

 or DirrKBBNT AGE* AND ON DIFKKEEXT QUALITY SITES, BASED ON THE F. O. B., NORFOLK, VA., 



>j or I.i wiu.u r.ivtN IN TABLE 65 AND VALUED ON MILL CUT BAND-SAWED 1-7 INCH SAW 

 KK*r (FiBr QOABTU. 1913). 



"While the stumpage values given in Table 66 for stands above 60 

 is old, especially those on Quality Site I seem high, it is to be remem- 

 bered that they are for timber in fully stocked stands which at such 

 ages contain many long-bodied trees more than 25 inches in diameter, 

 and which yield a much larger proportion of upper grades than average 

 stands now being operated. 



These stumpage values are based on mill-cut, band-sawed 1-7-inch kerf. 

 Stumpage is bought, however, on the basis of Doyle-Scribner log soale. 

 Consequently the value of commercial stumpage for any one age class 

 would be greater than that given by the amount of the mill overrun 

 above the Doyle-Scribner scale for the average tree in this age class. 

 The mill overrun declines from about 40 per cent for stands in which 

 the average tree has a breasthigh diameter of 8 inches to 10 per cent 

 when the average tree becomes 17 inches in diameter breasthigh. 

 Since there has been a decline of more than $1.50 per 1,000 board feet, 

 mill run, in the value of lumber (July 1, 1914) after these computations 

 \vcre made in the first quarter of 1913, their stumpage values must be 

 correspondingly reduced to adapt them to current lumber prices. 



With the same cost of operation if lumber is cut with a circular saw 

 J /4-inch kerf the value of stumpage would be 15 per cent less than that 

 jrivcn in Table 66 if the cost of operation and the selling price of the 

 land were the same. 



The figures in Table 66 show that at a certain stage in the develop- 

 ment of a stand there is a very rapid increase in the value of its stump- 

 age, preceded by a period of slow increase and followed by a period of 

 slow increase. So long as a number of sound trees in the stand con- 

 tinuo to pass from nonmerchantable to merchantable diameters (Table 

 the rate of incn-iiso in ]>ric" <>f stumpage is retarded. As soon, 

 hou nil tho trees have entered merchantable size, rapid increase 



in average diameter begins to take place through the elimination of the 



