LOBLOLLY OR NORTH CAROLINA PINE. 135 



case of the fully stocked land. Moreover, the earning capacity of 

 the soil can be largely increased, though not to the full possibilities, 

 with slight additional cost. It is largely a question of (1) regulating 

 cutting, (2) adequate protection for young growth from fires for fifteen 

 years after lumbering, and (3) closer utilization. 



Few eastern American trees offer better and quicker returns under 

 management and protection than the loblolly pine. It has the following 

 advantages : 



(a) It is a tree of rapid growth, especially in its youth. 



(b) It attains merchantable dimensions at an early age, making pos- 

 sible the realization of early financial returns. 



(c) It seeds abundantly and at an early age; with proper protection 

 there is no difficulty in securing on most soils thorough regeneration 

 after logging. 



(d) On account of the large use of small timber for fuel and for cross 

 ties, when logging with steam railroads, there is an excellent opportunity 

 on large tracts for occasional improvement cutting at no cost, for better- 

 ing the condition of the forest and placing it on a higher earning basis. 

 It is also possible in many places and in many types of forest to make 

 thinnings economically, since logs even of the smallest sizes, from 5 to 6 

 inches in diameter at the small end, can be profitably used when the cost 

 of operation is not too high. 



(e) This pine forms in many places pure even-aged forests, which 

 make logging and administration inexpensive. 



Under this caption the management of loblolly will be discussed as to 

 the most profitable age and size at which to cut, the reduction of waste in 

 logging, the methods of cutting to secure natural restocking and thin- 

 ning. 



MOST PROFITABLE AGE AND SIZE AT WHICH TO CUT. 



Mixed Stands. 



In mixed stands of loblolly pine and hardwoods, in which culling or 

 cutting to a diameter limit can be practiced, the most profitable trees 

 to cut can be determined by the rate with which they increase in value. 

 When the rate of increase in value declines to six per cent, the tree can 

 be considered financially mature. This is not, however, a six per 

 cent investment as the rate is not reckoned on the investment value 

 of the property as a whole but merely on the current value of the 

 tree. Since the rate of increase in value during the earlier part of its 

 life is much higher than six per cent, and since in addition there is a 

 constant appreciation in the value of stumpage through the increase in 

 the price of lumber, the average rate of increase in value during the two 

 decades preceding cutting is higher than six per cent. From this rate, 

 however, are to be deducted taxes, the cost of protection and admin- 

 istration charges. Table 69 gives the rate per cent of increase in 

 value of trees of loblolly pine on Quality I sites in culled hardwood 

 swamps. 



