14 



MISC. PUBLICATION 10 9, U. S. DEPT. OF AGEICULTTJPtE 



local lumber industries. Stumpage prices allow sufficient margin 

 between operating cost and lumber selling price to enable efficient 

 timber operators to secure a fair return on their investment in log- 

 ging equipment and milling plant. All sales amounting to over 



Logging. The national forests of California furnish about 400,000,000 board feet 

 of lumber each year 



$500 in value are advertised, and anyone may bid who can deposit 

 the required amount of money with the designated depository to 

 guarantee good faith. Timber-sale contracts contain only such 

 requirements as. are necessary to secure complete utilization of felled 



