COTTONWOOD IN THE MISSISSIPPI VALLEY. 7 
the stumpage value, S, could be expressed by the following formula, 
in which J/ represents the market value of the manufactured lumber 
at the mill, Z the logging costs, and 1/7 the sawmill costs: 
=—— — (L+ Mf) 
From the data supplied by the pe cottonwood concerns the 
following lumbering costs per thousand board feet may be considered 
typical for the lower Mississippi region: Felling, 65 cents; hauling, 
$4 (for maximum of three-fourths mile) ; rafting, 85 cents (50 to 75 
miles), or barging, $1 for average of 100 miles; which makes a total 
of approximately $5.50. Where the logging operation is within 25 
to 30 miles of the mill and the timber comparatively close to the river, 
the total cost for logging and transportation may easily fall as low as 
$4. The cost of sawing is believed by many millmen to be at least 
$5 per thousand. Often, however, $4.50 will probably cover the mill 
end of the operation, including the interest on the investment, cost of 
upkeep, and all overhead charges. Under average conditions, there- 
fore, the cost of manufactured lumber, f. o. b. at the mill, exclusive 
of stumpage and manufacturer’s oni should not exceed $10 per 
thousand board feet, and may be considerably less. 
The market value for manufactured cottonwood lumber mill-run in 
Missouri, Arkansas, Tennessee, Louisiana, and Mississippi was, in 1909, 
$19.09 per thousand feet, f. 0. b at the mill, varying in different States 
and at different seasons between $18 and $22. Boxboards practically 
clear of knots and from 13 to 17 inches wide sold during the same year 
for from $40 to $50, while wider boards of the same quality, termed 
panel stock, ran proportionally higher. The lowest grades quoted in 
the Forest Service Record of Wholesale Prices of Lumber, viz, No. 2 
common, ranged from $12 to $15. These quotations, since they in- 
clude no item for freight charges or selling costs, are, of course, 
considerably lower than the wholesale prices at the larger lumber 
markets, such as New York or Chicago. 
Assuming $19 per thousand board feet as a typical f. 0. b. mill value 
for the manufactured lumber, and logging and milling as $5.50 and 
$5, respectively, the formula works out as follows, where a profit of 
20 per cent to the manufacturer is allowed: 
S= 1557 (L+ Mf) = a = — ($5.50-+ $5.00) = $5.33. 
If several years are required to complete the logging operation, 
however, this formula should also include the interest on the money 
invested in stumpage, and the stumpage value in such an event would 
be found by deducting the interest at a fair borrowing rate, say 6 per 
