LOBLOLLY OR NORTH CAROLINA PINE. 



133 



TABLE 68. PER CENT OF INCREASE IN UTILIZATION AND PER CENT OP INCREASE IN THE VALUE OF 

 STCMPAQE BY DECADES 1893 TO 1903 AND 1913, OF LOBLOLLY PINE TIMBER, NORFOLK DISTRICT.* 



(South of the Roanoke River the average log and tree are larger but freight rates are higher.) 



90 .4 per cent 

 54 per cent 

 70 bd. ft. 

 $14 .32 

 10 



100 per cent 

 58 per cent 

 32 bd. ft. 

 $17.77 

 25 



(j) 

 (k) 

 (D 



$12.10 

 2.22 

 2.03 



$13.75 

 4.02 

 4.02 



(e) Per cent of past utilization on basis of present 



utilization (d-j-c) 85.7 per cent 



(f) Per cent of length of tree utilized 50 per cent 



(g) Volume of average log 110 bd. ft. 



(a) Value f. o. b., Norfolk, per 1,000 board feet $11.45 



(h) Per cent of increase in operating costa over 1892 



(i) Operating costs per 1,000 board feet, including 



profits and freight to establish Norfolk price 



parity. !.. .$11.00 



Stumpage value of utilized timber per 1,000 



board feet (a i). 45 



Stumpage value based on total content of tree 



GXe) 39 



Annual rate increase in stumpage value based 



on used portion of tree (j) 1892 to 1902 17 percent; 1902 to 1912 6.3 per cent 



(m) Annual rate of increase in stumpage value 



based on total content of tree (k) 1892 to 1902 18.4 per cent; 1902 to 1912 7 per cent 



(n) Decline in rate of increase between 1902 and 



1912 (total content) 260 per cent 



(o) Probable rate of increase in stumpage value 



for the next 20 years 2.7 per cent a year. 



(p) Stumpage value 14-inch trees in 1923 based on 



this rate of increase 15 .19 per 1,000 board feet 



(q) Stumpage value 14-inch trees in 1933 based on 



this rate of increase $6-78 per 1,000 board feet 



However, if the current rate of increase during the past decade (7 per cent) shall continue for the 

 next 10 years, the price of stumpage in 1923 will be $7.65 per 1,000 board feet. 



Groups of three years taken to avoid abnormal fluctuations in prices. 



tApproximate prices furnished by Mr. W. B. Roper, Secretary North Carolina Pine Association. 



JBark strips were rarely saved prior to 1900. 



IThere was a large proportion of red heart and cull in the early period on account of many of the 

 very large trees being very defective. Small trees now being cut are seldom old enough to have a 

 large proportion of red heart, and have few large knots. A large proportion of the red heart output 

 of some mills comes from the pocoson pine. 



