VAI,UE OI' AI^-AGKD STAND 71 



and young on the ground. Theoretically at least, the following 

 holds: if the rotation is 120 years, the area 3,600 acres, the period 

 of return 20 years, so that each year 180 acres are cut over, each 



rotation 



one of the 180 acre lots contains six age classes, - , and on 



return 



the 3,600 acres all age classes, from I 120 year old stuff, are repre- 

 sented, provided reproduction is secured promptly, as is here as- 

 sumed. On each i8o-acre lot the trees of the six. age classes would 

 occupy the same amount of ground, 30 acres, not in separated areas, 

 but mixed, so that every acre would have old, young and middle aged 

 stuff, i. e., trees of all six age classes. If this forest were cut over 

 every ten years, each lot would have twelve age classes, and if cut 

 over every year every lot should contain every age class from one 

 to one hundred and twenty years old. 



The work, expenses and income from this regulated forest of 

 many-aged stands would be similar to that on the regulated forest 

 of even aged stands. Every year there is : 



a. A cut of 180 acres, (but not clear cut), which takes: 



1. The mature, i2O-y ear-old stuff, theoretically occupying 30 

 acres, but scattered all over the 180 acres. 



2. Thinnings, and stuff cut to improve the woods on the 180 

 acres, really from 150 acres. 



b. The entire 3,600 acres are protected and cared for in im- 

 provements, etc., and have taxes paid on them. 



c. The growing stock must pay rent on the 3,600 acres of land. 

 To illustrate the computation : The yearly income is the stuff 



cut from the 180 acres, or 30 Yr + 150 acres thinnings, say, $10,000 ; 

 the expenses $5,500 per year; net income $4,500 per year; cap- 

 italizing this at 3% gives the forest an income value or expectation 



4500 

 value of - - or $150,000 for land and timber together. 



03 



To find the value of the growing stock on this forest the value 

 of the land is deducted. This value of the land may be cost value 

 or sale value or expectation value, according to the object of the cal- 

 culation or viewpoint of the person making this valuation. If the 

 land cost $10 per acre and this value appears satisfactory to use, 

 the growing stock on this forest is worth $114,000, or about $3i.6c 

 per acre, on the basis of the yearly income it can produce and i 

 pected to produce. 



