large capital i ? or which lie nuot figure into root, and figure 

 that tho sinlzing fuud must brine him baa 1 .: his capital plus 

 profit , 



In mailing a lone; tine contract with the Government 

 the first consideration that occurs is how much of the loss 

 valuable species will the proposition carry. That is 

 largely met in tho differential; - the pines will talro caro 

 of themselves. The less valuable species, such as fir, 

 cedar, lodgepole, otc., are figured by averse lumbermen as 

 rnoro or less dead weight. He figures he I'd. 11 be fortuaate 

 to get them out of the woods at cost, so that averaging in 

 they will nalre the profit on the pines loss* 



The objection wo met most frequently fro::a our as- 

 sociates was, 37-011 are entering into a long tine contract 

 involving an o::ponse erual or equivalent to the price of 

 sturrpage on -private holdings - if 7011 purchase private 

 stunpage you liave before you every factor which enters into 

 an investment, If jou do business with the Government they 

 have a system of mar-ing, and you will probably find they 

 will marl: tho fir and cedar acid leave a pore ion of the pine. 

 It is unfortunate, but true, that that has been the general 

 understanding. The average lumberman I thin.": is a nan who 

 has gro\7n up in the business. Speaking generally, 3 r ou 

 don T t find the investor who will go into a lar^e investment - 

 you don't find him buying a tract unless he hac sorb of 



B26 



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