59 



of cutting, a very satisfactory return considering the fact thai it is 

 secured from land which is practically useless for any other purpose, and 

 which without a timber crop would be a source of constant expense for 

 taxes. The pulp wood crop not only gives a fair margin over and above 

 ordinary investments but it makes productive the capital locked up in the 

 land. 



In this estimate the cost is the record of actual facts; the assessed 

 valuation, such as could be obtained under the present forestry law of 

 Indiana: the rate of interest, the average per cent, that money returns 

 to its owner above taxes; the rate of growth, the average of planted Cot- 

 tonwood in the Mississippi Valley and the price less than that which has 

 already been received where fair access was baa to market. 



Since the estimate is based upon present conditions, it more nearly 

 applies to a plantation established 20 years ago, and to be marketed now, 

 than to one established now and to be marketed 20 years in the future. 

 Wood prices, according to B. E. Fernow in the Forestry Quarterly, vol. 

 Ill, No. 1, have steadily risen and are now rising much faster than in the 

 period lief ore 1800. This same authority says further that the rate of in- 

 crease in wood prices in general will be at least at the rate of 2 to 3 per 

 cent, per annum for the next 20 years. This means that the return on the 

 investment would be proportionately greater. 



Besides the financial advantages from raising pulp trees, the general 

 advantageous influences incident to forested areas would be more largely 

 secured and our State would be more diligently doing her share towards 

 the proper reforestation of areas which should naturally be in forest. 

 The progress is encouraging, investigations are being made and many 

 others are being planned. Both pulp men and foresters are taking an 

 increased interest in the matter, and in many other ways the indications 

 are that the industry of growing pulp wood will eventually occupy a 

 prominent place among the profitable employments in the States and 

 Provinces bordering our Great Bakes. 



At this point the author wishes to express his indebtedness to the 

 botanical department of Wabash College for substantial aid in collecting 

 statistics and in numerous other ways materially assisting in the prepara- 

 tion of this report. 



Crawfordsville, Dec. 1, 1905. 



