e 
A6 BULLETIN 523, U. S. DEPARTMENT OF AGRICULTURE. 
Twenty per cent of the cost of production is here allowed for profit 
in figuring what future ash stumpage, grown under forest manage- 
ment, will be worth, and on this basis Table 18 is constructed, which 
gives for different costs of production the value of standing ash 
timber which, when produced, will sell (mill-run) f. o. b., at the 
different prices indicated. 
Ash stumpage to be used for other purposes than lumber, as for 
handles, oars, etc., will sometimes be worth more, especially small 
second-growth trees conveniently located which would not cut out a 
high per cent of upper grades of lumber because the boards would 
be too narrow. Stumpage values of ash used in different industries 
have already been referred to (see pp. 28 to 31). 
TABLE 18.—Stumpage values per 1,000 board feet for different f. 0. b. mill values 
and different costs of lumbering, allowing 20 per cent margin for profit on 
cost of lumbering. 
Cost of lumbering.! 
F. o. b. mill value. 
$10 | $12 | $14 
$16 | $18 | $20 
Per 1,900 board feet. Stumpage? value per 1,000 board feet. 
¢ PAU a Ue Ys Pre ry Ae ASNT. PRR me Aer Ra ee aE aN SSH OO) SS5e COMP G3s 20/5 een SON teers | eens 
Oe ore at eo te NR ll ae eal fe tan eRe a cp a 10.00 7.60 5. 20 2580)|) - $0840 2) sees 
APY UP SAYIN re ORE AN TEN CSAC Baa ee ri CRE en Sa TT aay 12.60 9.60 7.20 4.80 2 A0 ts Rae 
OIE YS Ie se YS ST Fe SS ERO ah pal ad aoe ner ree pO re ete neCe eI arts Tegra 14.00 | 11.60 9. 20 6.80 4.40 $2. 00 
IAS ett EPIC eS AGN Ua Soa eR Nee eee aR aE AEN ena Seater 16.00 | 13.60] 11.20 8.80 6. 40 4.00 
BOO) eee Sch ee eo IN GLP Silla CU UR ay Soa NH HOR ea 18.00 | 15.60} 13.20] 10.80 8. 40 6.00 
Litas ales SAN aacne eye AZT Che SNE ee ae IRR RN A nn MESS 20.00 | 17.60} 15.20] 12.80} 10.40 8.00 
By eres hese ares eye Rares aes NIB sR SSE tS eg 22.00 | 19.60} 17.20 | 14.80) 12.40 10.00 
Sra OSD cspan eater Neo cll a hed cane ah TE Ana Merits Petia gh oC 24.00 | 21.60] 19.20] 16.80] 14.40 12.00 
Ra tose heya corte Duce Cy ee eect ae Nin NWR as Been Ae oe a eet 26 00 | 23.60} 21.20] 18.80} -16.40 14.00 
F(R sec anes nea Sp ba Pera Nig) CEN. Sk pea La NA CaS a) Ks 28.00 | 25.60] 23.20} 20.80} 18.40 16.00 
1 Cost of lumbering, including logging and milling costs and depreciation. 
2 Figured by the formula: S= F—(1-+rate of interest) times C, where S=stumpage value, F=f. o. b. mid 
value, and C=cost of lumbering. 
Irom the standpoint of management the value of second-growth 
stands is the important thing, and this in turn depends largely on 
the proportion of grades which any particular stand will cut. Table 
19 indicates the proportion of the different grades cut from second- 
growth white ash under 75 years of age of different diameters from 
comparatively straight and sound trees, such as would be grown in 
properly managed second-growth stands. The second half of this 
table shows mill-run value f. 0. b. mill per 1,000 board feet of trees 
of different diameters, taking the following f. o. b. mill prices for the 
different grades: 
Firsts | No.1 | No.2 | No.3 
and é 
n. | common.| common. 
seconds, |CO™mmion. | co te) to) on 
1 Fi Sec) ote wees hee ah ly poe RL SC Wy Ae Nabe eens eee merle, Wed ray a Le cae! a $60 $35 $25 $15 
NETO OR IEEE NSU SERN S Ne | WO Eee Cte det eee ae ee 50 30 20 10 
1 (0 Rey ie piace a ais COMET Nis 4 tos LM rua com UR e Mit Es Fe: 40 25 15 5 
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