MANAGEMENT. 



47 



show at a glance what are the most remunerative products. 1 They 

 also show the immense difference in the stumpage value per acre 

 caused by the comparatively slight difference of 50 cents in market 

 value of cordwood. This affects the stumpage value per acre of the 

 other products, owing to the inclusion of the "additional cordwood." 

 While the chief purpose of these tables is to show the wide differ- 

 ences in the value of a wood lot used for different purposes, they also 

 bring out graphically the relation between stumpage and profit. 

 This is most striking in the case of cordwood in Table 34. With a 

 market value of $4.50 per cord, the stumpage value per acre, for a 

 4-mile haul, is almost negligible. The profit which the operator 

 would have to receive to make his investment pay 20 per cent is very 

 much greater. If he wished to receive this profit he could not afford 

 to pay more for his stumpage than the amount indicated in the 

 stumpage column. In the case of the other materials, the amounts 

 given for stumpage value and profit cover not only the lumber, ties, 

 or poles but also the additional cordwood left in tops, branches, and 

 small trees. It should be remembered that the profit is figured on 

 the total investment, including both the expenditure for stumpage 

 and that for the total logging operation from stump to market. 



Table 34. — Stumpage values per acre 2 of different materials, when the price of cordivood 

 is $4-50, for quality II chestnut, by five-year periods. 



[For a stand 4 miles from market, 2 trips per day, with teaming wage rate of $5 per day.] 





Cordwood, at $4.50 

 per cord. 



Lumber, at $18 per 

 M board feet and 

 additional cord- 

 wood. 



First-class ties, at 

 50 cents apiece 

 and additional 

 cordwood. 



Poles, at $4.10 

 apiece with ad- 

 ditional ties and 

 cordwood. 



Age. 



Stump- 

 age, 4 

 cents per 

 cord. 



20 per 



cent 

 profit, 75 

 cents per 



cord. 



Stump- 

 age, $4.13 

 per M. 



20 per 



cent 



profit, $3 



per M. 



Stump- 

 age, 15 

 cents per 

 tie. 



20 per 



cent 



profit, 8 



cents per 



tie. 



Stump- 

 age, $2.44 

 per pole. 



20 per 



cent 

 profit, 68 

 cents per 



pole. 



Years. 

 15 



$0.50 

 .70 

 1.00 

 1.20 

 1.40 

 1.60 

 1.70 

 1.80 

 2.00 

 2.00 

 2.10 

 2.20 

 2.30 



$9,00 

 13.50 

 18.00 

 22.50 

 26.30 

 30.00 

 32.30 

 34.50 

 36.80 

 38.30 

 39.80 

 41.30 

 42.80 















20 















25 : 















30 



$4.80 

 9.80 

 16.50 

 23.50 

 33.00 

 42.00 

 50.50 

 58.80 

 67.40 

 74.30 



$23.00 

 28.10 

 34.40 

 39.50 

 44.90 

 50.70 

 55.50 

 60.80 

 65.50 

 69.20 



$4.10 

 9.50 

 16.20 

 23.60 

 33.20 

 44.20 

 55.20 

 66.20 

 76.50 

 86.10 



$23.40 

 29.30 

 35.30 

 39.50 

 44.10 

 48.90 

 52.80 

 57.50 

 61.90 

 66.50 







35 



$12.10 



27.90 



46.70 



70.50 



89.70 



108.30 



129.50 



149. 20 



166.50 



$29. 40 



40 



37.80 



45 



44.90 



50 



52.70 



55 



57.30 



60 



60.00 



65 



64.20 



70 



67.70 



75 



71.20 







» These figures should not be depended upon in any specific case. While they are based on approximately 

 average yield data and logging costs, individual costs may vary considerably from them. In the acre values 

 for poles, 35-foot poles are assumed in each case, though the average length would undoubtedly be less for 

 young and greater for old stands. It should also be borne in mind that the yield tables for ties, lumber, and 

 poles are based on the assumption of straight and sound timber, and do not take account of crookedness or 

 decay. 



2 These are the money equivalents of the yield tables for quality II chestnut, and are based on the stump- 

 age values given in Tables 10, 12, 14, and 16, to secure a profit of 20 per cent on the combined investment 

 in stumpage and logging. 



