22 THE PRINCIPLES OF HANDLING WOODLANDS 



investment, because of the risks from fire, possible bur- 

 densome taxes, and uncertainty of markets. 



Investments in Immature Forests. — On the other 

 hand, forests in such a condition that there are not only 

 merchantable trees but younger trees which will reach 

 merchantable size in a reasonable period, offer a splendid 

 opportunity for profitable forestry. During the few years 

 required for the young growth to reach merchantable size, 

 there will be a very rapid increase in value. Thus, for 

 example, a purchaser may in some sections secure second- 

 growth chestnut and oak at S5 per acre; in otner words, 

 to obtain land well stocked with second growth up to 75 

 years old for the same amount as it would cost to buy a 

 denuded land and plant a new crop, or even less. 



A lumber company which has purchased a tract on 

 the basis of the value of its mature timber, frequently 

 acquires an enormous supply of young trees, for which it 

 really pays nothing. The operation of the forest so as to 

 protect and bring these to maturity will result in produ- 

 cing timber at exceedingly low cost, and with consequent 

 high profits. 



Those large producers who will require stumpage 

 after the present abundant supply is depleted will find 

 it very profitable to grow their own timber, purchasing 

 young forests already well stocked and partly grown while 

 these are relatively cheap. The virgin timber in the East 

 will be largely cut in 25 or 30 years. The timber cut 

 after that time will be that which is now called second 

 growth. For example, after the old southern pine is cur, 



