132 



LOBLOLLY OR NORTH CAROLINA PINE. 



next two decades. While the table shows the actual increase in the 

 value of commercial stumpage, it by no means shows the increase in 

 the value of stumpage held as an investment, for the reason that the log- 

 ging standards have decreased. 



In 1893 lumber from the present commercial tree was worth $11.45 

 per 1,000 board feet. In 1913, on the basis of the same utilization, it 

 was wtfrth $20.81 per 1,000 board feet. With an operating cost of $11 

 in 1893, stumpage was worth 45 cents; with an operating cost of 

 $13.75 in 1913, stumpage of the same kind is worth $7.06 per 1,000 

 board feet. 



The following list prices of the North Carolina Pine Association for 

 1899 to 1911 inclusive, and actual reported sales to the Association for 

 April and May, 1912, June, 1913, and June, 1914, of different grades 

 4/4 edge below 12 inches, f.o.b. Norfolk, Va., show the general tendency 

 towards higher prices of North Carolina Pine lumber during the past 25 

 years : 



Price list prices generally were from $0.50 to $1.50 higher than actual 

 sales, consequently the increase has actually been greater than the 

 upward trend of the figures would seem to indicate. 



