178 TIMBER VALUATION 



dieting the probable trend. On account of the lack of data for 

 other products, attention will be wholly confined to lumber prices. 

 Fig. 2 shows graphically the course of prices from i860 to 1918 

 in the United States. These were prepared in the main by 

 Compton by computing the average prices of the important 

 grades and species of lumber and weighting the various species. 

 "Organization of the Lumber Industry," Wilson Compton, 1916. 

 The figures for 19 15 to 1 918 were secured from the War Industries 

 report on Prices of Lumber by R. C. Bryant. The following 

 species are included: 



1860-1865 White piae, spruce, oak and hemlock. 



1865-1887 Southern pine added. 



1887-1896 Douglas fir and redwood added. 



1896-1910 North Carolina piile and cypress added. 



1910-1912 Maple added. 



1912-1914 Yellow poplar and western red cedar added. 



1914-1918 Eastern white pine, eastern hemlock, spruce, 

 southern yeUow pine, plain oak, Douglas fir, 

 hard maple, gum, chestnut, birch, yellow pop- 

 lar, ash and hickory. 



The base price, 100, is the average price for the 36 months, 

 1901-1903. Relative prices are used rather than absolute prices 

 to eliminate possible errors in quotations. In many cases it is 

 difficult if not impossible to determine the exact sale value of any 

 particular grade so that the trade journals from which the data for 

 the curve has been obtaiued are liable to make minor errors in 

 this way. 



While the curve shows a general upward tendency there are 

 many small depressions and two periods during which lumber 

 went back to prices nearly as low as those obtained before the 

 Civil War. The first of these, from 1875 to 1880, marked the 

 opening up of the Lake States region. Prior to that the indus- 

 tries of the country had depended mainly upon lumber cut in 

 New England, New York, and Pennsylvania. But the depletion 

 of these sources of supply was offset in large measure by the 

 development of railroad transporation from the Lake States to 



