36 C. A. SCHENCK. 



In America, unfortunately, where stumpage is found in large 

 quantities, it is low-priced, and, as a consequence, not worth 

 reproducing; where stumpage would be high-priced, none is left 

 to pay for its own rejuvenescence. 



Conservative forestry is possible only where there is stumpage. 

 .Where there is none, constructive forestry, with its many disad- 

 vantages, is the only chance left. 



C. DIFFERENTIATION OF STUMPAGE VALUES. 



We have spoken thus far of stumpage values as if they were 

 a unit within a given zone. Such is not the case: within a given 

 zone stumpage values depend : 



1. on the fixed charges connected with the production of 

 lumber, and 



2. on the percentage of the various grades of lumber ob- 

 tainable from the stumpage. 



ad 1. The fixed charges are: 



(a) expenses incurred for felling trees, cutting logs, swamp-, 

 ing, and so on (about one dollar per thousand); 



(b) expenses incurred for milling in the saw-mill (about one 

 dollar to four dollars per thousand) ; 



(c) expenses for logging from the stump to the mill (ranging 

 between one dollar and ten dollars per thousand ap- 

 proximately). 



The felling expenses given under (a) are not apt to be subject 

 to heavy fluctuations. 



The milling expenses given under (b) depend, notably, on 

 the daily out-put of the mill. The out-put is governed, in its 

 turn, by the quantity of stumpage economically tributory to the 

 mill (small portable mills versus large stationary mills). The 

 milling expense is smaller for big and soft logs than for hard 

 and defective and small logs. Nevertheless, it can be considered, 

 for a given set of conditions, to be a fixed and unalterable sum. 



The logging expenses given under (c), on the other hand, are 

 very variable : least variable where steam is used ; most variable 

 where animal labor is used for logging. The logging expense 

 depends on: 



