A fully stocked acre of 5.j-year-old pin oak in Hamilton county suit- 

 able for piling bore trees as follows : 



The returns from this acre if harvested as piling ^re as follows: 

 fifty-four piles totaling 2,450 linear feet at the average value of $ .12 

 per foot equals a gross return of $29-1:. 00 per acre. The cost of cutting, 

 hauling, peeling, and loading averages $ .0575 per linear foot ; the operat- 

 ors profit of 20 per cent of this cost of manufacturing is $.0115 per foot, 

 making the total cost of production $ .069 per linear foot or $169.05 for 

 the acre. Average taxes of $ .35 per acre compounded for 55 years at 

 4 per cent per year total $66.90. With the gross return $294.00 and the 

 expenses $205.95 this acre gives a net return of $58.05 at the end of 55 

 years. Using 4 per cent over this period this return of $58.05 gives the 

 soil a value of $7.60 per acre if devoted to the production of piling. 



The returns from this acre if harvested as saw-timber are as follows: 

 9.9 M. B. F. having a stumpage value of $10.00 per M. gives a gross re- 

 turn of $99.00. Taxes at $ .35 annually, compounded for 55 years at 4 

 per cent total $66.90. Thus the acre yields a net revenue of $32.10 and 

 this gives the soil a value of $4.20 when devoted to saw-timber produc- 

 tion over a period of 55 years at an interest rate of 4 per cent. 



Since waste bottomland in this region sells for $20.00 per acre, these 

 unmanaged stands fail to return 4 per cent on this value. A yield of SO 

 piles or 3,200 linear feet in a 40 year period is possible in well-managed 

 stands and represents a possible net return of $129.94. This return dis- 

 counted at 4 per cent for 40 years gives the land a value of $34.18 per 

 acre devoted to the production of piling, if the cost of management is met 

 by returns from thinnings before the final crop is harvested. Under these 

 conditions $20.00 land, instead of growing timber at a loss, produces a 

 profit. 



The Big Muddy Rk'cr System 



The Big Muddy is a relatively small river, with a low gradient, flow- 

 ing through infertile, level uplands. Compared with the size of the 

 stream the bottomlands are disproportionately large. The bottomland soils 

 are deep gray silt loams approaching clays, and are fertile, though per- 

 haps less so than most bottomland soils. The true bottomlands with these 

 heavy loams are subject to flooding. On the lower course of the river 



