228 LAND VALUATION 



The cost of regeneration is like the value of the land, an im- 

 portant but not a determining factor. It must be considered not 

 so much on account of the first cost as by reason of the accumu- 

 lated interest in a long rotation. Naturally it varies within wide 

 limits. Where artificial regeneration is necessary the cost per 

 acre may easily exceed $15, but there are many, many instances 

 in which natural regeneration may be rehed upon for a satisfac- 

 tory stand at a cost much less than would be required if the young 

 trees were sown or planted. Ten dollars an acre, before the 

 Great War, was an average figure for the cost of planting and it 

 has been used in these calculations since it represents very fairly 

 a mean between the sites where natural seeding will give good 

 results and those less favorable sites which can only be regen- 

 erated artificially. It is certainly fair to say that $10 an acre 

 will secure a satisfactory reproduction in all stands where the 

 climatic conditions are at all favorable to forest growth. 



Taking all the factors into consideration, both costs and 

 receipts, it is evident that what determines the profit from forest 

 investments is the yield. In other words, types in which the 

 yield is below 500 board feet per acre cannot be expected to be 

 kept forested unless the tree growth is valuable for other purposes 

 than wood production. Or expressed differently, our sawtimber 

 will in the future be produced in the following types: 



White pine. 



Southern bottomlands * 



Silver pine. 



Redwood. 



Douglas fir. 



Cedar flats. 



For the production of ties, pulpwood and boxboards the following 

 types in addition to those listed above are suitable under favor- 

 able conditions: 



Northern hardwood. 



Northern spruce. 



Southern pine. 



Southern Appalachian coves. 



