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measured between 15 and 16 inches, and low-grade logs were included 
if they were not too defective. Comparatively little standing walnut 
timber was purchased for a short time after the close of hostilities, 
because of the large stocks on hand at the time of the signing of the 
armistice. 
Prices of $75 to $175 a thousand board feet at the mill were re- 
ported soon after the close of the war, $75 representing the price 
for 16-inch logs, and the average cost for logs of all sizes being 
about $90 a thousand. The higher prices were for large veneer logs 
of special value. If $50 a thousand is allowed for logging and 
freight costs, the variation of stumpage prices is from $25 to $125 
a thousand for logs 16 inches and over, or an average price of about 
$40 a thousand, this average price applying to a log about 19 inches 
in diameter. These prices are given only for the purpose of indicat- 
ing the variation. They vary greatly with the quality of the tim- 
ber and the distance from market. While the prices paid shortly 
after the war were slightly higher than those paid during the war, the 
quality of the logs was much better, the prices applying to logs that 
were comparatively clear. War-time costs of 16-inch logs at the mill 
amounted to about $110 a thousand on the average, while $75 a 
thousand was paid more recently for logs of the same size and of 
better quality. During the first half of the year 1920 prices for wal- 
nut and other hardwoods were very high. Prices paid in Indiana for 
walnut logs at the mill in some cases averaged about $300 a thousand 
board feet, log scale, and large, high-quality veneer logs brought 
about $500 a thousand board feet at the mill. Whether high prices 
will prevail depends for a large part on future prices of walnut 
lumber and on prices of other hardwoods. The very high cost of 
marketing timber is one of the main factors responsible for these 
greatly increased prices at the mill. Highly figured wood, includ- 
ing stumps, crotches, and burls, is worth more than the average 
veneer log, the value depending on the size and quality of log and 
the kind of figure. Burls are sold by weight, usually for 10 or 15 
cents a pound and up. 
If the farmer has walnut trees which he wishes to dispose of, it is 
generally more profitable for him to fell the timber and haul it to the 
railroad than to sell it on the stump. After the timber is sawed into 
log lengths its actual worth may be better judged than when it is in 
the standing" tree. Firms often buy standing timber by paying a 
lump sum for the lot. It is generally more satisfactory, however, 
to sell in conformity with a scale of prices, by the thousand board 
feet, according to the size of logs. The size is generally determined 
by the average of two diameters taken at right angles to each other 
and measured inside the bark at the small end. A 14-inch log is 
usually the minimum size desired: however, 12-inch logs are taken if 
