155 



in reasonably short periods. This plot in Fulton county yielded 4,595 

 poimds per year, or 144 cubic feet of wood, and at 37 years of age had 

 produced a possible cut of 13,413 board feet of lumber or 363 feet per 

 year. Due to the small sizes produced at this age, the maple, elm, and 

 sycamore lumber would not command a high price as such. Ash, com- 

 posing 9 per cent of the stand, has a higher value. Adopting the aver- 

 age value of $12.86 per thousand board feet, the crop of timber is worth 

 $178.48 per acre. In addition to the sawlogs, 30.8 cords of wood are 

 yielded from tops, limbs, and smaller trees, worth 93 cents per cord on 

 the stump, or $27.42, a total of $199.90 per acre. 



Using 5 per cent for this period of 37 years gives a soil value of 

 $39.34 per acre, equivalent to a rental of $1.96 per year out of which 

 to pay taxes. There is no expense for planting. Such soils, unless 

 stumpage prices received are considerably higher than $13.86, can not 

 be retained as forest land if they are capable of being drained and farmed; 

 but if not, the forest crop gives them a definite productive value and 

 should not be neglected. 



Plot 11. Oaks in IVhitcside county on hilly land. 



This typical plot, on land of poor agricultural value, yielded at the 

 rate of but 1,561 lbs. or 43 cubic feet per year, or about the average 

 which the woodlands of the state are now yielding under the existing 

 lack of management. The species were 89 per cent oaks, and at 71 

 years would give 7,427 board feet of lumber, or 105 feet per year, worth 

 at $12.68 on the stump, $94.17 per acre. In addition, 1,124 cubic feet 

 of mine timbers can be secured, at 5.2 cents stumpage per foot, or $58.45, 

 leaving a residue of 3.33 cords at .92 or 3.05, a total yield per acre of 

 $155.67 or $2.19 per year. Such investments if capitalized at 4 per cent 

 indicate a soil value of $10.24 per acre, equivalent to a rental of 41 cents 

 per year to meet taxes. Such lands if valued at more than $10.00 do not 

 pay 4 per cent compound interest on timber crops, though it must never 

 be lost sight of that over 70 years this rate gives a return of 155.7 per 

 cent on the dollar, or $15.57 for every dollar invested and that when 

 established as a business yielding annual returns, such crops give the 

 soil with its average stand of half-grown timber a value of $54.75 per 

 acre, which is higher than they would have for any other purpose if 

 essentially unprofitable for agricultural use. 



