22 



In the spring of 1870 corn was planted in every other row, thus 

 giving nearly a half stand. Both the corn and the trees were thoroly 

 cultivated and a good half crop of corn was raised that year. In the 

 spring of 1871 the land was sowed to oats and an excellent crop was 

 raised. The oats were harvested with a sithe. The ground was left 

 in the stubble and the plantation has received no further cultivation. 



In the spring of 1872, and again in 1875, the trees were pruned, at a 

 total cost of $2 per acre. No further expense has ever been incurred 

 in the care of the plantation. The practise has been to cut the sup- 

 prest or otherwise inferior trees. These have furnished about 1,000 

 fence posts, or 80 posts per acre, and the additional firewood has paid 

 for the cost of harvesting the posts. The plantation has been mod- 

 erately pastured to hogs since the third year of its life. 



There is only a trace of humus. The litter consists of leaves and 

 twigs and is from one-fourth to one-half an inch deep. Bluegrass 

 and weeds cover the entire surface, though the sod is nowhere dense. 

 An occasional clump of elderberry and a few gooseberry bushes con- 

 stitute the only underbrush. 



The trees were pruned early and there is a large percentage of clear, 

 straight boles. A few would make small saw logs. They have made 

 an excellent height growth and are in a healthy, thrifty condition. 

 The practise of making gradual thinnings to favor the best trees leaves 

 the present stand comparatively free from disease or defects of any 

 kind. 



The statement of the cost of this plantation is taken from the 

 owner's record. The two field crops raised in the plantation paid for 

 its entire cost, which is, therefore, not considered in calculating the 

 final returns. 



COST (ACTUAL). 



Plowing the ground $0. 75 



Harrowing and marking 25 



Nuts, 2 bushels, at 25 cents 50 



Planting 40 



Pruning 2. 00 



Total . . 3. 90 



RETURNS. 



First-class posts, 1,862, at 12 

 cents $232.75 



Second-class posts, 316, atScents. 25. 28 

 Posts sold in the past 80. 00 



Value at the end of thirty- 

 four vears . . 338. 03 



Three hundred and thirty-eight dollars and three cents as the net 

 income at the end of thirty-four years is equivalent to an annual net 

 income at 5 per cent compound interest of $3.97. It is estimated 

 that the rental value of the land as a hog pasture has been at least 

 $1 per acre, which added to $3.97 gives nearly $5 as the total annual net 

 income per acre above 5 per cent compound interest. 



[Cir. 45] 



