MARKET AND STUMPAGE. 25 



present value of standing timber in Connecticut at different distances 

 from market. They also serve to illustrate a method by which a 

 forest owner may obtain a substantially correct valuation of his 

 standing timber. 



The chief factor affecting the value of timber, aside from its char- 

 acter and quality, is the distance to market. The character of the 

 topography and the condition of the roads must, of course, be taken 

 into account, since these influence the cost of hauling and therefore 

 the stumpage value. In Tables 9 to 16 the stumpage values are 

 classified according to the daily hauling capacity of a single team and 

 wagon for a specified material. The column headed " Total logging 

 cost per thousand" includes the hauling (varied) costs and the average 

 combined (constant) costs of all other parts of the operation. 



Tables 9, 11, 13, and 15 give the combined stumpage and profit, 

 and Tables 10, 12, 14, and 16 the stumpage value alone, reckoned for 

 an assumed profit of 20 per cent on the total investment in timber 

 and logging operations combined. The amount remaining as stump- 

 age value after deducting the profit includes also interest and taxes 

 on the woodland which have accrued up to the present time. Interest 

 for one year on the cost of operation has already been included (see 

 Tables 4, 6, 7, and 8), and it may be disregarded in the stumpage 

 calculation. 



LUMBER. 



Tables 9 and 10, which give stumpage values for lumber, are based 

 on the total costs, including interest, given in Table 4, which in turn 

 are based on the average cost, $7.75 per thousand feet for logging and 

 sawing, given in Table 3. They are also derived from market values 

 of from $18 to $35. The combined stumpage and profit is the differ- 

 ence between these two amounts. The stumpage value is this differ- 

 ence minus an assumed profit of 20 per cent on the total investment. 

 The figures for stumpage value, with and without an included profit, 

 are given for each market value of lumber and for each logging cost, 

 as determined by the different wage rates and different wagonload 

 capacities per day. The last can easily be converted to distances 

 from market for any specified case. With good roads of easy grade, 

 and with loads of 1,000 board feet, a round-trip haul of 1,000 board 

 feet per day ought to correspond to a distance of 9 miles from market; 

 two round trips, hauling 2,000 board feet, to a distance of 4^ miles; 

 and three round trips, with 3,000 board feet, to 3 miles. 



Under the conditions presented in Table 9 the purchaser who had 

 to pay for stumpage the amount per thousand feet specified could not 

 market his timber for more than enough to pay the costs of stumpage 

 and lumbering. The reader should avoid confusing this with the true 

 stumpage value shown for a profit of 20 per cent in Table 10. 



