further points I want to "bring out in connection with stump- 

 ago prices on small sales* 



The only criticism I have heard of the stumpage 

 formula is that the figures are hard to got - Of course 

 they arc, "but we havo got to get them, To can f t sell timber 

 scientifically without all tho cata necessary to retuce this 

 business to a scientific "basis. 



Uow as to tho small man policy: This was discussed 

 at tho Salt Lake mooting with Mr. Graves and Hr.Grcolcy,and 

 tho conclusion was arrived at that we can malie it possible 

 for tho small man to operate "by figuring his stumpage rates 

 on his own conditions* 



Hew littlfr- timber in one operation constitutes a 

 n sniall man" will vary, of course, with markets, localities 

 and general conditions. A small man in District 3 could 

 not be soon out horo. *7e can take care of the small man 

 without violating any of the principles of our sturapage 

 price appraisals. 7e will say that tha small man is an 

 operator whose timber does not g into the general markot . 

 As soon as his output comes into competition with the gen- 

 eral market ~ if it is shipped out of tho State or to San 

 Francisco, that man must talro his chances with larger oper- 

 ators and we have no business to make distinction between 

 him? fand tho man who will put more capital into his oper- 

 ation and turn out a larger out put , Tho small man is one 



"I LLA 



