8 BULLETIN 24, U. S. DEPARTMENT OF AGRICULTURE. 
cent, for the average length of time invested. The equation then 
reduces to the form S= a , where 7 equals the number of years 
required for the operation. For a 2-year operation in the case con- 
Bef SS tae 
s ee 
sidered S 1.067: 5.03 
It is believed that this will represent a fair average for cottonwood 
in the southern part of the valley. In the river bottoms of the 
Northern States, such as Minnesota and Wisconsin, cottonwood yields 
wood of poor quality, and has a comparatively low value. Practically 
no grade corresponding to the wagon-box boards cut from the south- 
ern cpttonwood is obtained. The best grades are usually put together 
and sold locally for heavy shipping cases, the manufacture of cheap 
furniture, or for the framework, roofing, and siding of farm build- 
ings. Such lumber is sawed principally by portable mills and brings 
about $22 per thousand delivered to the consumer. The poorer 
grades, aggregating possibly one-third of the cut, are usually worth 
little more than $12 to $14 per thousand for the manufacture of pack- 
ing boxes or crates, or for use about the farm. An average of $19 
per thousand for mill-run delivered would probably be a representa- 
tive price in this region. From this must be deducted the cost of 
transporting the lumber either by wagon, railroad, or both, to the 
point of delivery. A man and team at $4.50 per day should haul on 
good roads 1,000 feet per trip and load the lumber on the cars. As- 
suming a possible distance capacity for the team of 18 miles per day, 
the cost of hauling should not exceed $1.50, $2.25, and $3, respec- 
tively, for hauls of 3, 44, and 6 miles, assuming an average day of 
10 hours. Freight charges to be deducted will seldom be over 60 
cents per thousand for the short shipments usually necessitated. 
Deducting $2.75 for hauling (43 miles) and freight, the lumber at the 
mill should be worth $16.25. Where the mill is set up on the tract 
to be logged the total cost of delivering logs at the mill should not 
exceed S2 or $3 per thousand, which would allow one-quarter to one- 
half mile haul. Portable sawmills will usually saw cottonwood for 
from $4.50 to $5.50 per thousand. Since in this case the stumpage 
value itself represents the profit of the owner, the stumpage-value 
formula would here take the form S=1/—(Z+J/7). By substituting 
in the formula what are considered to be representative values for 
this region, we get S=16.25— (2.50+5.00) =$8.75. With no lumber 
haul, as when the mill is located on a railroad, the value per thousand 
would be the full $19 and lumber near the mill might easily be worth 
$10 or more on the stump. This higher stumpage value for cotton- 
wood in the northern part of the valley, in spite of its poorer quality, 
is due partly to the lower logging cost from having the mill at the 
