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BULLETIN 111, U. S. DEPARTMENT OF AGRICULTURE. 
FIXED INVESTMENT. 
The capital required for equipment and improvements varies 
greatly, depending for the most part on the output of the camp and 
the length of the railroad haul. In the case of going concerns, it- 
depends on the age of the operation or the amount that has been 
written off for depreciation. For example, in the case of the 20 Puget 
Sound camps which have been referred to — camps of varying ages — 
the fixed investment at each camp ranged from $50,000 to $750,000 ; 
in the 10 Columbia Eiver camps, from $75,000 to $750,000. 
The following tabulation shows the approximate amounts invested 
for equipment and improvements in the 20 Puget Sound camps, to- 
gether with their approximate daily output : 
Fixed investment for camps. 
Approximate 
daily output 
(1913). 
S50,000 to $100,000 
$100,001 to $150,000 
$150,001 to $200,000 
$200,001 to $300,000 
$300,001 to $400,000 
$400,000 to 8500,000 
$700,001 to $800,000 
LOG PRICES. 
From the log prices, shown in Table 5, which gives the prevailing 
prices paid for different grades of Douglas fir logs (the bulk of the 
output) for each month from January, 1909, to September, 1916, it is 
apparent that the prices fluctuate considerably, but that the spread 
between No. 1, No. 2, and No. 3 grades is practically uniform. The 
normal prices are $6, $9, and $12, and only when lumber prices are 
good do the log prices advance to $7, $10, and $13. The prices shown 
in the table are based on log scale and are considerably higher than 
the net cost per thousand feet of lumber produced, because of the 
surplus or overrun of the lumber tally over the log scale. In accord- 
ance with the usual practice of the region, the buyer may, at his 
option, take a 2 per cent discount by paying cash. 
The prices of cedar, spruce, and hemlock logs are less susceptible 
of discussion; because, for the most part, they are not based to any 
extent on standard grades. The following log prices, taken from a 
trade journal, of March, 1917, will illustrate this and will give a 
general idea of log values: 
The stock of logs in the Columbia River district is not very heavy at this 
time, but ample for all demands. Present prices are: Yellow fir (large, old- 
growth Douglas fir), $6, $9, $12, with some sales at $5, $8, $11; camp-run, 
red fir (relatively small Douglas fir), $8.50 ; hemlock, $7 ; spruce, $12 ; cedar, $11. 
There is a normal supply of logs on Puget Sound. Prices for fir on grade, 
are $7, $10, and $13, respectively, with hemlock in demand at $7. Cedar is in 
good demand and is bringing from $10.50 to $12, according to quality. No 
spruce is being offered. 
