150 



Plot 1*. Catalpa Plantations in Stark county. 



Yields from plantations in Stark county, at 15 years, planted 3 

 feet apart in rows 6 feet apart, produced 2,-130 cubic feet of wood, 

 equivalent to 163 cubic feet or 1.8 cords per year of growth. From 

 these trees 2,000 posts averaging 4 inches could be cut, leaving 830 cubic 

 feet or 34 per cent in the form of stakes and small fuel wood which 

 equals .612 cords per year. The annual average production is, then, 133 

 posts and .612 cords of stake or fuel wood per acre. According to table 

 on page 86, the requirements of an average farm of 13-1.8 acres if 

 catalpa is used, are 56 posts yer year, or for 100 acres, 42 posts. In 

 order to maintain perpetually the fences on the average farm all posts 

 needed will be furnished by a plantation of .42 of an acre or .315 ac'.'es 

 respectively. In other words, the posts may be grown on the farm by 

 devoting a little over 3^10 of 1 per cent of the fertile or crop area to 

 this crop. 



The value of these posts, per year, at 30 cents each, is $40.00, and 

 the cost of cutting and hauling should not exceed 6 cents each, or $8.00 

 per acre, leaving a net stumpage value or income per acre annually, of 

 $32.00 on an average annual expenditure, for planting, of $2.00 (if cost 

 .of establishment is $30.00 per acre). If this sum of $30.00 per acre 

 is expended to establish a plantation the outlay per post is IJS cents, 

 which in 1 5 years will return 30 cents minus 6 cents for cutting at present 

 prices, with the owner in position to profit by every increase in value 

 of post material from now on. This first cost and taxes are the sum 

 total of actual expense in growing this post timber. It is frequently 

 argued that compound interest on these expenses should be included as 

 a cost, since the money so expended might be earning interest for 15 

 years at 6, 7, or 8 per cent. Quite true ; but the investor who puts his 

 money out at tli^e rates does not consider this interest a cost to him, 

 it is, rather, his income. In the same manner, the compound interest 

 on the cash costs of a plantation may be computed if desired, but these 

 do not represent a dollar expended nor do they increase the actual cost 

 a cent. They do enable the farmer to judge how good his investment 

 is ; but here again, the returns if gaged by compound interest are bet- 

 ter than those ordinarily secured by investors who receive annual inter- 

 est payments, since compound interest, especially at rates of 6 to 8 per 

 cent, increases much faster than simple interest at the same rates. In 



These numbers refer to the plots listed on page 131. 



