﻿10 BULLETIN 24, U. S. DEPARTMENT OP ^AGRICULTURE. 



operator or contractor, the stumpage value per cord for stave or ex- 

 celsior bolts would be worked out as follows : 



£ = -|-- 4.25 = $0.75 



The costs of transportation either by barge or railroad or both to 

 the paper mills in the North Central States is so great that it is doubt- 

 ful if a much larger stumpage price than the above would be paid 

 for peeled pulpwood in the Mississippi Valley between Cairo and 

 Memphis. Such stock does not seem ever to have been bought farther 

 south. As a matter of fact, when such stumpage has been bought, it 

 has seldom been considered worth more than 50 cents. On the other 

 hand, if pulpwood should be grown on suitable land within 10 or 20 

 miles of the mill, and provided the delivered cordwood was worth 

 $7.50 per cord to the company, the stumpage would be far more 

 valuable. Under such conditions the cost of cutting, hauling, and 

 shipping might easily be reduced to $4, giving the following results : 



£ = 7^0-4.00 = $2.25 



As a rule, however, a company in need of pulpwood stock would 

 not require that the stumpage return a profit, and unless the opera- 

 tions took at least half a year probably no interest at all would be 

 charged to the purchase of stumpage. If the company had grown 

 its own trees the determination of the stumpage cost would include 

 all necessary interest charges of this character, but the stumpage 

 value would be merely the difference between the value of the wood 

 delivered at the mill and the cost of cutting and transportation, 

 together with any profit that might be demanded on such costs. The 

 question as to whether or not the growing of the trees has resulted in 

 profit or loss can not affect the actual stumpage value. If the latter 

 is insufficient to cover the costs of growing the wood, the loss must 

 be charged against the planting investment, not against the stumpage. 

 Therefore, the formula should properly be — 



S= M- (l.OpL) =$7.50- (1.20X4.00) =$2.70. 



RANGE. 



The common cottonwood, Populus deltoides Marsh, occurs prin- 

 cipally along the margins of streams from the Province of Quebec 

 and the shores of Lake Champlain down the Connecticut River and 

 along the Atlantic coast south to northern Florida; and westward, 

 except in the higher altitudes of the Appalachians, through the. 

 Mississippi Valley to the foothills of the Kocky Mountains in New 

 Mexico; and northward into southern Alberta. East of the Appa- 

 lachians it is very scattering and rare. It follows up the; tributaries 



