148 



The time element in growing timber must be considered in this com- 

 parison. Posts and mine timbers may be grown in practically the same 

 period as cordwood, with the exception of bars and legs which require 

 about twice as long. Setting this period at 25 years, lumber, cross-ties, 

 and piling will require approximately 100 years, or 75 years longer. With 

 cordwood at $1.00, the value of the other products in order to earn 3 per 

 cent compound interest on price alone, regardless of growth or volume, 

 would be : 



Lumber, cross-ties, and piling 75 years $ 9.18 



Veneer logs, 105 years $22.28 



The actual prices and per cents earned are : 



Price per cord Per cent 



Lumber $ 6.18 2% 



Cross-ties 6.09 2% 



Piling 11.29 3% 



Veneer logs 15.91 3 



The average annual income from farm woodlands is indicated as 

 standing around $1,688 per acre for stumpage alone, clear of all ex- 

 penses of harvesting. It is obvious that such income per acre will not 

 indicate a value equal to corn land. But corn land would grow from 

 2 to 3 times as much wood as this per acre annually. True forest soils, 

 too rough and hilly or with soil too poor in quality to permit of profit- 

 able agriculture, will not command corn-land values nor a tenth part 

 of them. The capitalized value of an income of $1,688 at 5 per cent 

 is $33.76 per acre. But this allows nothing for cost of crop production. 

 In a wood-lot which is normally stocked with many-aged trees, has abun- 

 dant reproduction, and every prospect for continuing to produce the nor- 

 mal yield of the soil every year, the only deduction from the above value 

 per acre would be such annual expenses including taxes, as are required 

 to protect and maintain the stand in its healthy and productive condition. 

 Even if these expenses reached 50 cents per acre, which, capitalized, 

 is $10.00, the value of the property would still be $23.76. Reproduction 

 in such wood-lots is by natural processes largely, and the chief expense 

 is vigilance to keep fire out of the lot. 



The above value of course represents that of the land with its stock 

 of standing trees, and not the bare denuded soil, which is worth very 

 much less than this amount. True forest land of this quality is assessed 

 in the southern counties at around $5.00 per acre. 



