LOBLOLLY OE NORTH CAROLINA PINE. 



131 



smallest trees by overcrowding, and this is accompanied by a rapid 

 increase in price which continues until all widths of boards and all 

 grades of lumber are represented in the stand, after which the rate of 

 increase in price rapidly declines, although some increase in price con- 

 tinues so long as diameter growth takes place and the trees remain 

 sound. 



Table 67 gives the value per cubic foot of the wood of trees of loblolly 

 pine of different diameters under different costs of operation in stands 

 45 to 65 years old. By the time the tree has attained a diameter of 21 

 inches the period of most rapid increase in value has been passed. 



TABLE 67. STUMPAGE VALUE PER CUBIC FOOT OP STEMWOOD OP TREES OP LOBLOLLY PINE OF DIP- 

 FERENT DIAMETERS IN STANDS 45 TO 65 YEARS OLD BASED ON VA.LUE FOR SAWTIMBER 



*The wood of trees of Quality I except of small diameters has a slightly higher value than that of 

 Quality II, and that of trees of Quality III a slightly lower value. 



The subsequent rate of increase in value is much slower. Younger 

 stands have less values per cubic foot than those given. In stands 20 

 years old, an 8-inch tree under a $13 cost of operation, would have 

 a value of about $.002 per cubic foot; in a 30-year old stand a value of 

 about $.005 per cubic foot. Larger trees would increase in value pro- 

 portionately with the value given. 



INCREASE IN STUMPAGE PRICE. 



Increase in volume and grade take place in a uniform manner with 

 growth. Increase in utilization is dependent upon trade demand. The 

 lowering of grades likewise meets trade conditions and can not be used 

 as an investment factor. The increase in price of stumpage while fixed 

 by supply and demand and subject to temporary fluctuations, is generally 

 constant although at a progressively declining rate. Table 74 shows 

 the rate of increase in thg value of stumpage as purchased by mills dur- 

 ing the past two decades, and the probable increase in value during the 



