. Stumpage price responses to changes in volume of timber sold. Lumber trade United States; Timber Price United States. 1950 52 54 56 58 60 62 64 66 68 YEAR Figure 11.— unemployment rate, all workers, 1950-68. 2 0. YEAR Figure 12.—Private and public, farm and nonfarm housing starts, 1950-68. Further evidence of the effect of prod- uct prices can be seen in a comparison of the periods before and during the rapid rise in log export volume (table 4). Over the 13-year period 1951-63 when log exports were negligible, the ratio of bid to ap- praised price was :1, and bid prices exceeded appr
. Stumpage price responses to changes in volume of timber sold. Lumber trade United States; Timber Price United States. 1950 52 54 56 58 60 62 64 66 68 YEAR Figure 11.— unemployment rate, all workers, 1950-68. 2 0. YEAR Figure 12.—Private and public, farm and nonfarm housing starts, 1950-68. Further evidence of the effect of prod- uct prices can be seen in a comparison of the periods before and during the rapid rise in log export volume (table 4). Over the 13-year period 1951-63 when log exports were negligible, the ratio of bid to ap- praised price was :1, and bid prices exceeded appraisals by an average of $ per thousand board feet. During the 5-year period 1964-68, bid prices averaged $ more than appraisals and the bid-appraisal ratio was :1. Since log exports are not considered when appraisals are made, their effect should be like that observed — bid prices increasing at a much more rapid rate than appraisals. Stumpage Price-Sale Volume Relationships There is an imperfect year-by-year rela- tionship between sale volume and allowable cut levels on National Forests. The allow- able cut has increased steadily over the period we have been considering, the larg- est increase being percent in 1957 (table 5). The only decline occurred in 1955 when allowable cut decreased percent. Since we are concerned with the price effects of changes in available timber sup- ply, sale volume rather than allowable cut 15. Please note that these images are extracted from scanned page images that may have been digitally enhanced for readability - coloration and appearance of these illustrations may not perfectly resemble the original Hamilton, Thomas E. cn. Portland, Or. : Pacific Northwest Forest and Range Experiment Station, Forest Service, U. S. Dept. of Agriculture
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