This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1915 Excerpt: ... destruction of young timber (Chapter XII). This argument is ingeniously used by the Forest Service to justify valuation of very young timber on the basis of cost and thus secure higher values than would be shown by capitalizing income on the basis of present stumpage prices. It is probably true that owners forced to ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1915 Excerpt: ... destruction of young timber (Chapter XII). This argument is ingeniously used by the Forest Service to justify valuation of very young timber on the basis of cost and thus secure higher values than would be shown by capitalizing income on the basis of present stumpage prices. It is probably true that owners forced to accept settlement on terms of expectation value based on present prices, for timber which will not mature for several decades, are losing a profit which in all reason they may expect. But the determination of the amount of this increase introduces a speculative element into a calculation already sufficiently complicated, and runs directly counter to principle g ( 133). Damages are intended to fully compensate the owner for reasonable profits, and no objection can be raised to admitting the effects of the growth of the timber or its increase in quality, but the fluctuation of stumpage prices will not ordinarily be admitted by a court and it is the part of wisdom to base the evidence upon prevailing prices. In such calculations as an owner may make for his own information, he is at liberty to speculate on the increase in prices as he sees fit. The rate of interest will remain a matter of dispute until forest production takes its place as a recognized business. The higher the rate used, the smaller and more conservative will be the value placed upon the damage. This is directly opposite to the effect of a high rate used in calculating cost of replacement. In such a case, the higher the interest rate, the greater will be the cost, and the smaller the value of the crop (121). 140. Damages to Merchantable Timber.--Timber killed by fire is saleable if accessibly located and a market exists capable of absorbing it before it deteriorates fro...
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