34 C. A. SCHENCK. 



If the lumber weighs 2,500 lbs. per M. its f. o. b. price must 

 be at points having:^ 



20 cents rate per 100 lbs. $20.00 



40 15.00 



50 12 50 



60 10.00 



If the lumber is cut, logged, milled, and loaded on cars at 

 15 dollars per M. the stumpage from which the lumber is pro- 

 duced, has a value at points having: 



20 cents rate $5.00 per M. 



30 2.50 per M. 



40 nothing per M. 



50 2.50 per M. 



60 5.00 per M. 



The distance from the market for points having a 

 20 cents rate is about 600 miles. 

 30 1000 

 40 1300 

 50 1700 

 60 2000 



It is obvious that, under the conditions described, lumber 

 cannot be shipped over distances exceeding 1300 miles unless 

 its value in the market exceeds 25 dollars. Inferior lumber having 

 a lesser value is doomed to become "mill cull," 



We may distinguish between the various belts or zones en- 

 circling a consuming centre as follows: 



a zone 600 miles away having stumpage values of $5.00 

 M 100 stumpage values of 2.50 



1300 no stumpage values 



1700 negative stumpage values: the 



manufacturers losing $2.50 when converting stumpage into 

 lumber. 



Stumpage is most valuable in close proximity to the market; 

 as a consequence it can be produced or grown best in such 

 close proximity to the market; and can be produced or grown 

 least at a distance far from the market. 



