60 FOREST VALUATION 



with, it is an analysis of value such as is used in other lines of bus- 

 iness. The estimate of value or the assessment of every farm in- 

 volves this same analysis and the only difference lies in the time eie- 

 ment, a peculiarity of the forest business. 



Just as the forester uses yield tables, expenses of starting the 

 crop, caring for this crop, taxes, improvements, etc., so the farmer 

 has accepted standard figures for costs of plowing, seeding, culti- 

 vating, his "stock figures" or yield tables, and finally his average 

 prices which guide him in setting a value on the land, on different 

 crops and methods. 



e. The Se in coppice woods. 



Since in ordinary coppice the crop is cut clean and the ground 

 cleared there is a temptation to use the calculation for Se without 

 any allowance and put cost of reproduction equal to zero. This is 

 not correct for a piece of coppice woods recently cut is not bare land, 

 but bare land plus living stumps. These stumps are the equivalent 

 of a good plantation safely established and so have value. 



f. The Se in the selection forest. 



Here the crop is never entirely removed. Where the forest has 

 been in use for a long time and satisfactory records of growth have 

 been established the stumpage value of the material removed during 

 one rotation and properly prolonged may be substituted for Yr -j- 

 5 Ta (i.op r ' a ) in the usual calculation. 



In most cases it is simpler to estimate the Yr, etc., from the 

 size, quality and growth of the timber found upon the land at any 

 time and make up a new case, 



F. VALUE OF STAND OF TIMBER OR THE GROWING 

 STOCK IN THE EVEN-AGED STAND. 



A stand of white pine now fifty years old may be sold without 

 the land to a man who intends cutting the timber at once. In a 

 neighborhood in New Hampshire where many such stands are cat 

 every year, this kind of a stand will have a fairly definite market- 

 or sale value. 



Stands of white pine in this same vicinity but less than thirty 

 years old would probably have no ready market and there would be 

 no established or accepted sale value, while there would be leady 

 sale value for any stand over fifty years old. Under ordinary con- 

 ditions stands not yet ready for use. non-merchantable or immature, 



