2 FOREST VALUATION 



chiefly because the writers clung too much to mathematics and 

 formulae. The chapter, ''Choice between agriculture and forestry 

 in the use of land," to which thirty-five per cent of the book is 

 devoted is one of the best discussions of this subject and particularly 

 interesting at the present time to students of forestry and economics 

 in the United States. 



Schlich, Dr. W. Manual of Forestry, vol. Ill, 1895, 4th 

 ed. 1911. 



A brief chapter, fifty-nine pages in the first edition, following 

 closely the treatment by German authors. * 



Schenck, Dr. C. A. Forest Finance, published by Dr. Schenck, 

 Biltmore, N. C., 1909. 



Chapman, H. H. Forest Valuation, Wiley & Sons, New York, 



Professor Chapman treats the subject from the American stand- 

 point, and adds a number of topics not ordinarily treated in this 

 connection, particularly, Appraisal of damages; Forest taxation; 

 Stumpage values; Future values of forest products, and Risks. 

 Convenient tables of the various formulae, compound interest values 

 and logarithms form the appendix. 



Fernow, Dr. B. E. Forest Economics and Forest History. 



Dr. Fernow, now Professor of Forestry at Toronto University, 

 himself a student of Gustav Heyer, points out the historic develop- 

 ment and the application of Forest Valuation and Statics. 



B. SCOPE AND APPLICATION OF FOREST 

 VALUATION AND STATICS. 



i. General. 



In Forestry, just as in farming and other lines of business, 

 nearly every transaction involves expense and income and demands 

 judgment of values. If a piece of land, the timber on the land, or 

 a piece of forest (land and timber together) is bought, sold, rented, 

 leased, or in any way contracted for, the first question concerns the 

 value of the property under consideration. If a forester plants an 

 acre of land to forest trees the owner wants to know what such 

 work should cost and if under the particular conditions it may be 

 expected to pay. Since it may take the crop fifty or more years to 

 grow to useful size, the question as to whether it will pay or not 

 involves the future and the owner must of necessity have faith in 

 certain premises. He must believe that the trees will grow and 



