BULLETIN 13, U. S. DEPAHTMEKT OE AGKICULTTTKE. 
$100,000, and $150,000, and was finally sold, on a stumpage basis of 
$2.25 per thousand for large and $2 for small logs (20 logs per thou- 
sand feet), for a total of $365,000. In another case the stumpage 
on a 30-acre tract of second-growth pine in New Hampshire was 
bought for $1,000. When cut and sawed the pine yielded 530,000 
board feet, worth at least $5 per thousand on the stump, or in all 
$2,650. Such underestimates, often resulting in loss to the owner, 
are constantly being made. Usually the cause is ignorance either 
of the amount and quality of the timber or of how to determine its 
value. Farmers and owners of small woodlands in connection with 
other property are most likely to lose money in this way. 
As might be expected, the decrease in the output of pine has been 
accompanied by an increase in the value of the lumber. Thus, while 
the production of pine has fallen off over 56 per cent since 1890, the 
mill value of the total annual cut has declined only about 35 per cent. 
The average mill value per thousand feet has increased 50 per cent. 
The high-grade white-pine lumber once so widely used in house 
building and finish is now largely restricted to pattern making, sash 
and door manufacture, and other exacting uses. White-pine uppers 
bring $90, $100, and even $130 per thousand board feet. It is proba- 
ble that these prices mark practically the upper limit for high-grade 
pine lumber. In the case of the lower grades, however, which com- 
prise much the larger part of the lumber manufactured, prices will 
no doubt continue to rise as the supply becomes scarcer. 
Even the high price of the best white-pine lumber would not, under 
present conditions, warrant private owners growing trees to the ages 
necessary to produce these grades. Within the relatively short rota- 
tions of 70 years or less, which at present appear to be the only ones 
under which white-pine management can be made profitable, only 
grades of moderate value can be produced. Most second-growth 
lumber is manufactured "round,"" or bark edged, and disposed of to 
box and match factories. 
In New England, where the timber is practically all second growth, 
box-board lumber is purchased round edged, usually in thicknesses 
of |, 1, If, or 2 J inches. The demands of the box manufacturers are 
extremely moderate. The boards are first cut into box lengths and 
in the widths involving the least waste of material. Often the boards 
are tongued and grooved parallel to the bark "wane," which gives 
them a trapezoidal shape. Widths as small as 2 inches and lengths 
of 3 and 4 feet are often accepted, if they do not form too large a pro- 
portion of the total amount. Box boards 2 J inches thick are resawed 
in the factory into two 1-inch boards. Box-board lumber usually 
brings from $14 to $18 per thousand feet f. o. b. local markets, the 
price varying with thickness and to some extent with quality. One- 
inch boards, commonly called "sidings," are the least valuable and 
