﻿24 



BULLETIN 13, U. S. DEPABTMENT OF AGEICULTUEE. 

 Table 7. — Average annual growth per acre, by quality classes. 



Age. 



Qualitv 



Quality 



Quality 



Quality 



Quality 



Quality 



I. 



II. 



III. 



I. 



II. 



III. 



Years. 



Cu.ft. 



Cu.ft. 



Cu.ft. 



Board ft. 



Board ft. 



Board ft. 



10 

 15 

 20 

 25 

 30 



78 

 93 

 108 

 120 

 135 



65 

 77 

 88 

 97 

 108 



53 

 60 

 68 

 74 

 82 















225 

 336 

 463 







216 

 320 





177 



35 



150 



119 



89 



643 



455 



266 



40 



163 



128 



95 



820 



588 



355 



*> 



171 



136 



100 



929 



680 



427 



50 



176 



140 



104 



982 



732 



482 



55 



176.4 



141.8 



107 



1,000 



764 



527 



60 



175.8 



141.7 



109 



1,003 



782 



560 



65 



173 



141.5 



110.1 



1,002 



794 



586 



70 



170 



140.6 



110.8 



999 



801 



604 



75 



167 



139 



110.9 



988 



803 



617 



SO 



163 



137 



110.3 



973 



800 



626 



85 



159 



134 



109.4 



958 



794 



632 



90 



155 



132 



108 



942 



788 



633 



95 



151 



129 



107 



926 



779 



632 



100 



147 



126 



105 



912 



770 



628 



SECOND-GROWTH WHITE PINE AS AN INVESTMENT. 



With the market and labor conditions now prevailing in New Eng- 

 land and elsewhere within the range of white pine, second-growth 

 stands, when properly managed, should yield a relatively high rate 

 of interest. In this chapter the factors which bear upon the success 

 of investments in second-growth white pine will be taken up sepa- 

 rately, and their combined effect considered when returns at dif- 

 ferent rates of interest are desired. The values and costs used are 

 based on a careful study of actual conditions in New England. 



Two things determine the profit or loss from investments in second- 

 growth white pine: (1) The gross returns from the financially mature 

 stand, here regarded as the stumpage value, and (2) the total cost 

 of raising white-pine stands at compound interest to the end of the 

 rotation. Strictly speaking, the gross returns would be the price 

 received for the lumber delivered, but, since stands are ordinarily 

 valued in terms of the standing timber, stumpage value can be consid- 

 ered the gross returns. If the total cost of production equals the 

 gross returns, the investment is a success. If the gross returns exceed 

 the cost, the excess represents either a higher rate of interest than 

 anticipated or a clear profit at the original interest rate. If the cost 

 exceeds the stumpage value, the investment at the original rate of 

 interest has been unsuccessful, although at a lower rate it may have 

 yielded a profit. 



GROSS RETURNS. 



The value of standing timber is the difference between the market 

 value of the finished product and the total cost of cutting, manufac- 

 ture, and delivery, including the operator's profit on his investment. 



