TABLE OF CONTENTS 



FOREST VALUATION. 



PAGE 



I. INTRODUCTION i 



A. Literature i 



B. Scope and Application 2 



1 . General 2 



2. Valuation and Statics 3 



3. Application 4 



C. History of Valuation 7 



II. ARITHMETIC OF FOREST VALUATION 10 



a. General 10 



b. Prolongation, Discount and Rate 1 1 



c. Summation of Series 1 1 



d. Present Value of Series 13 



e. Series of Periodic Payments 14 



f. Sum of Infinite Series v 15 



g. Change of Periodic to Yearly Payments. . . , 17 



h. Table of Formulae 17 



III. APPLICATION 01? VALUATION 19 



A. Timber Crop, its Nature and Value 19 



B. Risk in Forestry 22 



C. Interest Rate in Forestry 24 



D. Valuation of Land or Soil 29 



a. Cost, Sale Income Value 29 



b. Cost and Sale Value of Forest Land in United 



States 31 



c. Income Value of Land in Forestry 32 



E. Valuation of Soil and Statics 36 



a. Relation of Se and its Factors 36 



b. Values of Factors of Se and Variation in these 



Factors . 38 



1. The Final Yield or Yr 38 



2. Thinnings 46 



3. Cost of Reproduction, c .", 48 



4. Current Expenses, e 5 1 



5. Rotation, r 54 



6. Interest Rate, p 55 



