24 TIMBER BONDS 



falling is liable to be excessive. It should be 

 a good logging chance. The breakage must be 

 deducted from the stumpage yield and the loan 

 value figured on the estimated feetage less the 

 estimated breakage for the entire tract. In red- 

 wood and other very large timber, the breakage 

 is heavy. 



In the South, where long leaf pine is bled for 

 turpentine, either by boxing or cupping, care 

 must be exercised in making valuations. Round 

 timber is the tree before being boxed or cupped 

 for working. Boxed timber is the tree that is 

 now or has been boxed or cupped for working. 

 The cup system is easier on the tree and more 

 modern than the box. Round timber is worth 

 more than boxed or bled timber and in bled 

 timber the tree that is cupped is more valuable 

 than the tree that is boxed. The value of bled 

 timber depends entirely on the condition of the 

 particular tract as shown by the detailed cruise. 



The logging equipment must be modern, in 

 good condition, ample to get out timber fast 

 enough to protect interest and retirements on 

 the loan. The cost of logging should not be 

 too far above the average for its particular 

 locality. If the cost of logging is under the 

 local average, it speaks highly for the enter- 

 prise. 



The logging railway should be well built, 

 fully equipped to handle the output and oper- 

 ated with economy. The kind of locomotives 

 used will depend on the grades. Where geared 



