FUTURE VALUE OF FOREST PRODUCTS 199 



The relative adaptability of wood and its substitutes for 



the services demanded. 



The relative cost, measured in first cost of raw material, 

 labor of construction and durability or cost of deprecia- 

 tion. 



The habits and customs of consumers as influenced by 

 advertising and imitation. 



When no substitutes can be found which will give the kind 

 of service demanded, the use of wood will be continued, at 

 constantly advancing prices, until the supply is completely 

 exhausted, when the need for which this wood was used will 

 remain unsatisfied. But ordinarily, high prices will force the 

 use of some substitute which, while not so satisfactory, is so 

 much cheaper that it is accepted. 



Formerly wood was used for many purposes because it was 

 cheaper than substitutes. Board fences and sidewalks have 

 been replaced by wire and cement, since the combined cost of 

 labor, material and depreciation is less for the latter materials 

 and they give better satisfaction. 



Wood for buildings .has until recently been much cheaper 

 than brick or stone, there being a saving in labor and material. 

 Old, well-constructed wooden houses depreciated slowly. At 

 present it is still cheaper to build wooden houses, but there 

 is less difference in the cost of materials, while the poor quality 

 of much of the lumber used increases depreciation in favor of 

 brick, cement or stone. A further element of cost is the insur- 

 ance of wooden buildings demanded by the extra fire risk. 



The use of wood for boxes and crates has been considerably 

 lessened by substitutes in the form of fibre and cardboard, 

 which are cheaper and fully as satisfactory for many purposes. 

 Shingles have been extensively replaced by patent roofing which 

 is cheaper in both labor and material, although possibly not 

 as durable. 



The effect of advertising and habit is especially noticeable in 

 the last two instances. Manufacturers of patent roofing and 

 of cheap boxes have expended large sums to capture the trade 

 and educate consumers into using their products. Such changes 



