ARTIFICIAL REPRODUCTION. 11 



operating at a less percentage of profit' than at present. It is neces- 

 sary, therefore, in figuring on the probable returns from forest plan- 

 tations, to assume higher stumpage prices than are now being paid, 

 particularly in the far West. Second-growth white pine, for instance, 

 now sells for from $6 to $10 per thousand board feet on the stump, 

 while old virgin growth readily commands a price of $14 per thousand. 

 On the National Forests it is not necessary to figure the value of the 

 land or taxes into the investment, since the land already belongs to 

 the Government and remains its property after the timber is cut. 

 The cost of establishing forest growth, and its subsequent care and 

 protection, are all that need to be reckoned with. 



From actual experiments made it is estimated that a white-pine 

 forest artificially established on second-class forest soil, in Minnesota, 

 will yield 46,500 board feet per acre in 50 years, w r orth at least $10 

 per thousand, or $465 per acre. Figuring the cost of planting at $7 

 per acre and the cost of care and protection at 3 cents per acre per 

 year, and reckoning both at 3 per cent compound interest, gives a 

 total cost of $34.07 per acre at the time the timber is cut and a net 

 profit per acre at the end of 50 years of $430.93. 



From red pine, which is native to Minnesota and the Lake region, 

 approximately similar returns may be expected. This tree, moreover, 

 can be planted on poorer soil than white pine, though it is probable 

 that where this was done the yield would be slightly less. 



With Douglas fir in the Northwest it is conservative to assume that 

 the timber will be worth $6 per thousand feet on the stump 50 years 

 from now, and that it will increase in price 50 cents every decade 

 thereafter for perhaps 50 years, making its stumpage value a hun- 

 dred years from now $8.50 per thousand. Douglas fir, if as closely 

 utilized as the white pine cited, namely, to a top diameter of 4 inches, 

 should yield per acre in 50 years 47,000 board feet; in 60 years, 

 58,000 board feet; in 70 years, 70,000 board feet; in 80 years, 81,000 

 board feet; in 90 years, 91,000 board feet; and in 100 years, 103,000 

 board feet. These yields are somewhat higher than at present are 

 obtained, but it is reasonable to assume that within the next 50 years 

 Douglas fir will be as closely utilized as white pine is now. Using 

 the above figures for stumpage and yield gives gross profits of $282, 

 $377, $490, $607.50, $728, and $875.50, respectively. Douglas fir can 

 be sown direct at a less cost than if seedlings were planted. Placing 

 the cost of seeding at $4 per acre and protection at 3 cents per acre 

 per year, and figuring both at 3 per cent compound interest, gives a 

 net profit at the end of 50 years of $261.08 ; at the end of 60 years of 

 $348.54 ; at the end of 70 years of $451.41 ; and at the end of 80 years 

 of $555.30. It must be remembered in all these calculations that the 

 money invested is earning interest at 3 per cent, and that the net 

 profits given are earnings in excess of this 3 per cent interest. 



