Periodical Literature. 501 



for the middle age classes, and he advocates estimating since ab- 

 solute certainty is unattainable. Wimmenauer calls for expect- 

 ancy values for the younger stands. Other methods are cited. 

 The author choses a method like Martin's, using cost value for the 

 age classes i to 40 years, constructing a sale value curve for the 

 rest and correcting this curve by a tax value curve, which connects 

 the space from 40 to 60 years. Prices were secured by average 

 of actual sales for 8 years. The total capital value of the stock is 

 then figured to be $130 million. The cost of production is then 

 set in with 35% of the gross wood value and the final stock value 

 of the Wiirttemberg forests is set down as around $93 million, 

 to which is to be added the soil value with $19 million, making the 

 entire forest value $112 million. 



As regards interest earnings, either the material stock may be 

 compared with the annual felling budget or the forest value with 

 the annual income. 



While the normal volume increment per cent, is figured at 3.1%, 

 taking the cut for 1908 with 86 cubic feet per acre the relation to 

 actual stock was 2)-Z%y that is to say higher than that corres- 

 ponding to the rotation of 103 years — an over cutting of .2%. 

 The annual net money returns represent the interest not only of 

 the stock capital but of all other investments involved. For 1908 

 the total income was $3.2 million ; this related to the forest value 

 of $112 million gives the interest rate of a little over 2.'/%. But 

 if note is taken of the over cutting, this rate is reduced to 2.5%. 



Der Kapitalwert der zvurttembergischen Staatsforsten. AUgemeine 

 Forst- u. Jagdzeitung. April, 191 1, pp. 1 18-126. 



The income of small forest owners in the 

 High Forest Schwarzwald depends upon which of the 

 Versus two sharply contrasted forms of forest they 



Coppice. possess. The owners of the higher slopes 



which are clothed with conifers, have a de- 

 pendable income large enough to well repay this labor. Their 

 forests are well stocked and well managed. The owners of the 

 lower forests adjoining the meadows and farm lands in the nar- 

 row valleys are less fortunate. Here coppice management 

 obtains with crops of grain interspersed. Now the income from 

 coppice stands has declined markedly in the last quarter-century 

 and there is no prospect of a rise. The growth of transportation 



