® 
10 BULLETIN 24, U. S. DEPARTMENT OF AGRICULTURE. 
operator or contractor, the stumpage value per cord for stave or ex- 
celsior bolts would be worked out as follows: 
ens 
1.20 
The costs of transportation either by barge or railroad or both to 
the paper mills in the North Central States is so great that it is doubt- 
ful if a much larger stumpage price than the above would be paid 
for peeled pulpwood in the Mississippi Valley between Cairo and 
Memphis. Such stock does not seem ever to have been bought farther 
south. Asa matter of fact, when such stumpage has been bought, it 
has seldom been considered worth more than 50 cents. On the other 
hand, if pulpwood should be grown on suitable land within 10 or 20 
miles of the mill, and provided the delivered cordwood was worth 
$7.50 per cord to the company, the stumpage would be far more 
valuable. Under such conditions the cost of cutting, hauling, and 
shipping might easily be reduced to $4, giving the following results: 
20) 
a yee 
As a rule, however, a company in need of pulpwood stock would 
not require that the stumpage return a profit, and unless the opera- 
tions took at least half a year probably no interest at all would-be 
charged to the purchase of stumpage. If the company had grown 
its own trees the determination of the stumpage cost would include 
all necessary interest charges of this character, but the stumpage 
value would be merely the difference between the value of the wood 
delivered at the mill and the cost of cutting and transportation, 
together with any profit that might be demanded on such costs. The 
question as to whether or not the growing of the trees has resulted in 
profit or loss can not affect the actual stumpage value. If the latter 
is insufficient to cover the costs of growing the wood, the loss must 
be charged against the planting investment, not TELS the stumpage. 
Therefore, the formula 
S= M—(1.0pL) = $7.50— Watcha) —$2 
—4.25= $0.75 
RANGE. 
The common cottonwood, Populus deltoides Marsh, occurs prin- 
cipally along the margins of streams from the Province of Quebec 
and the shores of Lake Champlain down the Connecticut River and 
along the Atlantic coast south to northern Florida; and westward, 
except in the higher altitudes of the Appalachians, through the 
Mississippi Valley to the foothills of the Rocky Mountains in New 
Mexico; and northward into southern Alberta. East of the Appa-- 
lachians it is very scattering and rare. It follows up the tributaries 
