130 



LOBLOLLY OR NORTH CAROLINA PINE. 



TABLE 66. APPROXIMATE VALUE PER 1,000 BOARD FEET OF STUMPAGE OF LOBLOLLY PINE IN STANDS 

 OF DIFFERENT AGES AND ON DIFFERENT QUALITY SITES, BASED ON THE F. O. B., NORFOLK, VA., 

 VALUES OF LUMBER GIVEN IN TABLE 65 AND VALUED ON MILL CUT BAND-SAWED 1-7 INCH SAW 

 KERF (FIRST QUARTER, 1913). 



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

 years 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 scale. 

 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 

 were 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 

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

 given 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- 

 tinue to pass from nonmerchantable to merchantable diameters (Table 

 42) the rate of increase in price of stumpage is retarded. As soon, 

 however, as all the trees have entered merchantable size, rapid increase 

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



