8o forestry Quarterly. 



ally increasing profit, and during the later years of the opera- 

 tion, the profits will be far above normal and will more than 

 compensate for the passing of the dividend during the first years 

 the business was conducted. 



It is inconceivable, however, that the operator would expect 

 the seller to reduce his stumpage price as the length of time it 

 was to be held increased. 



In discussing the growth and yield of stands the author states 

 that fully stocked pure stands, 40 years of age, yield an average 

 of 31,000 board feet per acre and that some stands will cut as 

 high as 36,000 board feet on the overflow bottom lands of the 

 Mississippi Valley. Fifty year old stands in Minnesota and 

 Iowa uplands will seldom cut more than 20,000 board feet. 



The author points out the practicability of growing cotton- 

 wood on a commercial basis in the bottom lands of the Mis- 

 sissippi river. On account of the expense of establishing new 

 stands by planting, it is recommended only where there is an 

 uncertainty of. securing a new crop from seed trees. Natural 

 reproduction is recommended on bottom lands subject to over- 

 flow in the spring but which are only moist when the seed falls. 

 It is not successful on low ridges, or where spring overflow is 

 uncertain, and planting is recommended for such sites. 



Coppice reproduction is not recommended because many stands 

 will not be cut until they reach 35 or more years, at which age 

 the stumps have lost much of their sprouting vigor. The latter 

 declines rapidly after the tree is 20 to 30 years old. Sprout 

 management is recommended only for stands managed for pulp- 

 wood on a rotation of from 10 to 13 years. At the latter age 

 the largest average annual yield per acre is secured, namely 47 

 cords. 



A rotation of 35 years is recommended for saw-log produc- 

 tion in natural stands of pure cottonwood, at which time the 

 maximum mean annual yield is about 840 board feet per acre. 

 This is based on present market requirements. 



The average returns from growing cottonwood for saw-logs 

 is estimated at from 6 to 7 per cent., and on pulpwood only from 

 4 to 6 per cent, due to the low value of cottonwood cordwood. 



In summarizing, the author states that cottonwood is destined 

 to play a large part in the future production of lumber, veneer 

 and pulpwood in the Mississippi Valley. 



