CHAPTER XV. 



LOAN VALUE. 



Every tract of timber has its own individu- 

 ality, its distinct characteristics and its specific 

 value either as a going enterprise, a reserve 

 supply, an investment or a speculative holding. 



Timber in certain sections of the country is 

 worth more than timber in other sections. The 

 locations of different tracts in the same section 

 alter their value. Certain kinds of timber are 

 more valuable than other kinds. Difference in 

 size varies the value of the same kind. 



Timber that is close to transportation is 

 more valuable than remote stumpage. Tim- 

 ber that grows on good logging ground is more 

 valuable than that which stands on rough 

 ground. Timber tributary to deep water and 

 railroads is more valuable than that which has 

 only one outlet. Green and growing timber is 

 worth more than trees that have reached ma- 

 turity. Trees that have just reached maturity 

 are more valuable than those which are over- 

 ripe. 



The worth of the land on which the timber 

 stands is not now figured by bond dealers when 

 estimating the amount of money to loan on a 

 given timber property. This land is usually 

 valuable for agricultural purposes, and is often 

 very desirable fdr special uses. The exact 



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