VALUE; OF STUM PAGE: 



93 



Beech usually sells at 4-7 cents per cubic foot and most of it, 

 even clear logs 12 inches diameter and better go as cordwood. This 

 cordwood is commonly sold from $3~$4 per cord. 



Table of size and value of average tree, all for site I : 



The above prices are for straight, well-cleaned, sound timber. 

 They clearly indicate that prices in parts of the United States are 

 rapidly approaching and in many cases have fully reached those 

 paid in the forests of south Germany and other European countries. 

 In fact it is doubtful if the same grade of large stems could be 

 bought for the same prices in Ohio or Indiana and several other 

 states. 



2. Sale value of stumpage, determined by consideration of 

 the various factors. Here the calculation attempts to show : 



price of lumber at mill ; 



cost of logging and milling ; 



the assumption being that the stumpage price should be the dif- 

 ference between these two, i. e., if the lumber is worth $15 and it 

 costs $10 to log and mill then the stumpage should be $5. 



a. Price of lumber at mill. 



Where the lumber is sold "mill run" this value is easily obtained 

 providing the sale of the lumber is bona fide and under normal con- 

 ditions. 



Where lumber is graded at mill and sold by grades to various 

 dealers, attempts are made to get at the true average price by learn- 

 ing the per cent each grade makes of the cut and the price of each 

 grade. 



In some cases this is quite simple, in most it is not. Any change 

 in the quality of the timber in the woods affects the per cent of 





