﻿8 BULLETIN 24, U. S. DEPARTMENT OF AGRICULTURE. 



cent, for the average length of time invested. The equation then 

 reduces to the form S = ' , where n equals the number of years 



required for the operation. For a 2-year operation in the case con- 



5.33 

 sidered S = r 1 ^ = $5.03. 



It is believed that this will represent a fair average for cottonwood 

 in the southern part of the valley. In the river bottoms of the 

 Northern States, such as Minnesota and Wisconsin, cottonwood yields 

 wood of poor quality, and has a comparatively low value. Practically 

 no grade corresponding to the wagon-box boards cut from the south- 

 ern cpttonwood is obtained. The best grades are usually put together 

 and sold locally for heavy shipping cases, the manufacture of cheap 

 furniture, or for the framework, roofing, and siding of farm build- 

 ings. Such lumber is sawed principally by portable mills and brings 

 about $22 per thousand delivered to the consumer. The poorer 

 grades, aggregating possibly one- third of the cut, are usually worth 

 little more than $12 to $14 per thousand for the manufacture of pack- 

 ing boxes or crates, or for use about the farm. An average of $19 

 per thousand for mill-run delivered would probably be a representa- 

 tive price in this region. From this must be deducted the cost of 

 transporting the lumber either by wagon, railroad, or both, to the 

 point of delivery. A man and team at $4.50 per day should haul on 

 good roads 1,000 feet per trip and load the lumber on the cars. As- 

 suming a possible distance capacity for the team of 18 miles per day, 

 the cost of hauling should not exceed $1.50, $2.25, and $3, respec- 

 tively, for hauls of 3, 4^, and 6 miles, assuming an average day of 

 10 hours. Freight charges to be deducted will seldom be over 60 

 cents per thousand for the short shipments usually necessitated. 

 Deducting $2.75 for hauling (4^ miles) and freight, the lumber at the 

 mill should be worth $16.25. Where the mill is set up on the tract 

 to be logged the total cost of delivering logs at the mill should not 

 exceed $2 or $3 per thousand, which would allow one-quarter to one- 

 half mile haul. Portable sawmills will usually saw cottonwood for 

 from $4.50 to $5.50 per thousand. Since in this case the stumpage 

 value itself represents the profit of the owner, the stumpage-value 

 formula would here take the form S=M— (L-\-Mf) . By substituting 

 in the formula what are considered to be representative values for 

 this region, we get £=16.25— (2.50+5.00) =$8.75. With no lumber 

 haul, as when the mill is located on a railroad, the value per thousand 

 would be the full $19 and lumber near the mill might easily be worth 

 $10 or more on the stump. This higher stumpage value for cotton- 

 wood in the northern part of the valley, in spite of its poorer quality, 

 is due partly to the lower logging cost from having the mill at the 



