able crop for $5 per acre, instead of $10, as given in the table, he will have 

 a stumpage cost of $6.55 per thousand at 70 years, with the present method 

 of taxing, and of $7.33 per thousand, with the only tax one of 25 percent 

 of the yield. With land and stocking at $5 per acre, the stumpage cost at 

 100 years becomes $12.54 per thousand in the first case, and $12.98 in the 

 second. Thus, while the growing of longleaf pine is not an attractive 

 investment to the man who must pay from $5 to $10 per acre to start with, 

 the outlook becomes more favorable for the owners of large areas on which 

 natural reproduction can be secured at low cost by leaving a few seed trees 

 and keeping out fires. Under such conditions there is an opportunity for 

 the profitable growing of longleaf pine. 



EED OAK. 



The first cut for red oak is set at 40 years, with timber averaging 10.3 

 inches in diameter, which should give a range of from 6 inches to 16 inches 

 and a yield of 11,000 board feet. The estimated cost (shown in Table 4) 

 is $5.39 per thousand for Case 1, and $6.07 per thousand for Case 2. While 

 in both cases the cost of production runs above the present stumpage prices, 

 it is not excessive until 80 years, when it is $14.02 per thousand for Case 1, 

 and $13,64 for Case 2, with a yield of 25,000 feet of timber averaging 16.7 

 inches in diameter. At 90 years, with a tax on yield only, the cost is $18-.70 

 per thousand for timber averaging 18 inches in diameter, which will give 

 many trees running up to 24 inches or more. With the increase which may 

 be expected in stumpage prices, the chance for profitably growing red oak 

 of the smaller sizes is evidently very good. 



Table 4. Red Oak in the Southern Hardicood Region. 

 CASE 1. 



Land and stocking, $10 per acre ; administration and protection, 5 cents per acre ; 

 taxes, 10 cents per acre up to 40 years, thereafter 1 percent actual value, with reassess- 

 ment every 10 years ; interest, 4 percent. 



Present 



Land Administra- stumpage 



and, tion and 

 stocking, protection. Taxes. 



AGE 

 YRS. 



40. 



50. 



$ 45.01 $ 4.75 $ 9.50 



68.07 7.63 17.06 



102.20 11.90 31.01 



152.72 18.21 55.37 



227.50 27.56 95.52 



90 338.19 41.40 159.74 



100.. 502.05 61.88 259.47 



70. 



SO. 



Total 

 cost. 

 59.26 

 92.76 

 145.11 

 226.30 

 350.58 

 539.33 

 823.40 



Size, 

 in. 

 10.3 

 12.4 

 14.1 

 15.4 

 16.7 

 18.0 



Yield 

 M.It. 

 11 

 15 

 19 

 22 

 25 

 27 



19.0 29 



Cost 

 per M. 

 $ 5.39 

 6.18 

 7.64 

 10.29 

 14.02 

 19.98 

 28.39 



price 

 per M. 

 $ 2.00 

 3.00 

 4.00 

 5.00 

 6.00 

 7.00 

 8.00 



in Case 1. 



A.;K 

 YRS. 



40. 



50. 



60. 



70. 



80. 



90., 

 100 . . 



CASE 2. 

 No annual tax on land or timber ; final tax, 25 percent of yield. Other factors as 



Land Administra- 



and tion and 

 stocking, protection. 



45.01 

 68.07 

 102.20 

 152.72 

 227.50 

 338.19 

 502.05 



$ 4.75 

 7.63 

 11.90 

 18.21 

 27.56 

 41.40 

 61.88 



Taxes. 

 One- 

 quar- 

 ter 

 of 

 yield 



* Excluding taxes. 



t Three-fourths of total yield, one-fourth deducted in lieu of taxes. 



12 



