Periodical Literature 167 



ties. Failures to come to practically tenable results he ascribes 

 not to the method but the faulty application of the same. In 

 the part which brings together the basis for the valuation, the 

 elaborate determination of wood values for the different species 

 and diameter classes is especially interesting. The relationships 

 appear from the following table, giving values per fm. 



Diameter. Beech. Oak. Pitie. Spruce, 



cm. 



10 5.1 4 



20 6.4 8 



30 6.6 12 



40 6.8 15 



50 6.9 18 



5 5. 5.7 



8 6.4 8.1 



I g.i 10.6 



5 12. 1 13. 



13.9 14.4 



In the calculation the older stands appear with their sale 

 value and soil expectancy values, the younger stands with their 

 stand expectancy value. Regarding the soil expectancy value 

 the author states: "If soil values were figured with a pre- 

 determined interest rate, soils of equal value would appear as of 

 very different value according as to whether accidentally they 

 are stocked with one or another species." 



This, of course, would not do. Soil values are to be determined 

 so that they will be in conformity with prices lately obtained in 

 sales. He finds these to have been for smaller parcels about $31 

 per acre and arbitrarily reduces them for larger areas to about 

 $24. " Nevertheless for all existing site classes and methods of 

 management the soil expectancy value is to be figured for two 

 purposes, namely ( i ) to determine the interest rate which for a 

 soil of medium quality will produce the value of $24 ; and (2) to 

 determine the value relation between such average soil and the 

 better or poorer soils. With such limitation the calculation of 

 soil expectancy values serves its real purpose, namely to furnish 

 a precise expression for the profitableness of the different site and 

 management classes." [This modification seems to us substan- 

 tially an abandonment of soil rent theories, for if estimated sale 

 values of average soils are to be used for the basis of the calcula- 

 tion, we might as well continue estimating all the other values. 

 Rev.] The interest rate figured out with assumed rotations of 

 100 years for beech, 60 years for pine and 80 years for spruce is 

 found as 2, 2^, and 3.5% respectively. The cost of adminis- 

 tration is divided not according to actual areas, but areas re- 



