6 BULLETIN 152, U. S. DEPARTMENT OE AGRICULTURE. 
a rule, however, the stumpage value of most of the old-growth timber 
in a region is uniform enough to justify comparison with other regions. 
Table 7 gives such a comparison of average stumpage values of hem- 
lock in 1889, 1899, 1907, and 1912, within the States where it' is 
commercially important. 
Table 7. — Stumpage values per thousand board feet of hemlock in different States, for 
1912, 1 1907, 1 1899, and 1889. 
1912 
1907 
1899 
1889 
State. 
Average 
values 
(sales). 
Reports. 
Average 
values 
(esti- 
mates). 
Reports. 
Average 
values 
(esti- 
mates). 
Average 
values 
(esti- 
mates). 
Northeastern group: 
$4.72 
5.57 
5.40 
6.44 
7.46 
7.35 
30 
10 
5 
9 
29 
21 
$4.48 
5.22 
4.03 
6.10 
5.48 
7.38 
33 
17 
32 
24 
33 
62 
$2.52 
3.19 
2.01 
81 63 
New Hampshire 
Vermont 
New York 
2.98 
2.75 
1 45 
6.28 
5.72 
Lake States: 
5.07 
3.21 
14 
32 
4.22 
3.31 
85 
63 
2.25 
2,16 
1.05 
Wisconsin 
.96 
3.78 
3.83 
Southern States: 
M.25 
2 3.17 
6.00 
2.50 
2.50 
2.17 
24 
23 
1 
2 
3 
6 
3.88 
2.98 
3.26 
2.14 
2.07 
1.43 
4 
13 
45 
9 
11 
7 
2.50 
2.19 
North Carolina 
3.05 
2.84 
1 The figures for 1912 and 1907 are averages of reports collected by the Forest Service. For 1912, reports 
of both estimates and sales were collected. The averaged estimates (not shown for 1912) were slightly 
higher for almost every State than the averaged sales. 
2 Estimates. 
The table shows that recently the rate of increase in value of hem- 
lock has fallen off, at least in the Northeastern and Lake States. In 
Pennsylvania, for example, the stumpage value increased more than 
fivefold between 1889 and 1907, but during the next five years there 
was practically no increase. In 1889 hemlock was as yet practically 
unmerchantable in many parts of its range, and its cheapness and low 
taxable value assured large profits. At present, however, the 
increase in stumpage value is hardly rapid enough to yield a large 
profit, while taxes, insurance, and other annual charges often add 
substantially to the cost. To yield a return of 6 per cent compound 
interest it would be necessary for the stumpage value to double at 
least every 10 years. This, of course, applies only to old stands in 
which growth is very slow or is entirely offset by decay. In young, 
thirfty stands there is an increase in the amount of stumpage which 
may make the investment profitable without a great increase in 
stumpage value. 
