THE ASHES : THEIR CHARACTERISTICS AND MANAGEMENT. 



37 



Table 18. — Interest rates 1 (compound) to be expected on money invested in growing ash, 

 where yield quality I, II. or III stands are secured, calculated for different stumpage 

 values and/or different initial investments. 



(Blank spaces indicate less than 3 per cent interest.) 





Value of 

 stumpage 

 per 1,000 



board 



feet. 



Total initial investment per acre. 



Age 



of 



stand. 



$5.2 



$10. 3 sis.'' 



$20.6 $25.« 



$30.' 



Compound interest rates (per cent) for yield quality I, II, and III stands. 





I. 



II. 



III. 



I. 



II. 



III. 



i. 



II. 



III. 



I. 



II. 



III. 



I. 



II. 



in. 



I. 



11. 



in. 



Years. 

 20 



$5 

 10 

 1* 

 %i 



5 

 10 

 15 

 20 



5 

 10 

 15 



20 



5 



10 

 15 

 20 



5 

 10 

 15 

 20 



5 

 10 

 15 

 20 



5 

 10 

 15 

 20 



4.2 



7.5 



9.6 



11.1 



6.1 

 8.8 

 10.3 

 11.4 



5.S 



7.9 



9.1 



10.0 



5.3 

 7.1 

 8.1 

 8.8 



4.7 

 6.4 

 7.3 



7.8 



3.9 





































30 







3.9 



7.3 



3.7 

 6.3 



7.8 

 8.8 



4 







4.3 



5.6 







4.1 







3.3 















40 



4.6 

 6.2 

 7.3 





3.7 



4.8 



:::.. 



4.9 

 6.4 



7.4 



3.5 





3.9 

 5.4 

 6.4 







3.2 

 4.6 

 5.6 



::.. 





"4.' 6 

 5.0 



::.: 



..:.. 



50 



5.5 

 6.S 

 7.7 



3.3 

 5.6 

 6.6 



7.4 



3.0 

 5.3 

 6.2 



6.8 





6.1 



7.3 

 8.1 



3 8 



3.7 

 4.9 

 5.8 





5.0 

 6.1 

 7.0 



"3." 8 

 4.7 







4.2 

 5.4 

 6.2 



"3.'6 

 3.9 





3.6 



4.7 

 5.6 



'i'.z 





3.1 

 4.3 

 5.1 







60 



3.9 

 4.9 



5.6 

 6.6 

 7.3 



3 5 



4.1 

 5.2 

 5.9 



"i~4 



4.7 

 5.7 

 6.4 



'4." 2 

 4.9 





4.1 

 5.1 

 5.7 



~3.~6 

 4.3 





3.5 

 4.5 

 5.2 



'3.7 





3.1 

 4.1 



4.8 



"O 





70 



4.4 

 5.2 



5.2 

 6.0 

 6.6 



3 2 



4.1 

 5.0 

 5.6 



""3V2 

 4.0 



4.3 

 5.2 



5.8 



4.1 



4.8 





3.8 

 4.7 

 5.3 



"3.'<5 

 4.3 





3.2 

 4.2 



4.8 



'3.' 7 





"3.9 



4.6 



"3.4 





80 



6.4 

 6.5 



7.0 



4.8 

 5.7 

 6.3 



4.4 

 5.1 



4.6 

 5.4 

 5.9 



3.8 

 4.7 

 5.3 



"3." 4 

 4.1 



3.7 

 4.6 

 5.2 



'3." 8 

 4.5 





3.3 

 4.2 

 4.8 



*3." 4 

 4.0 





Y 7 

 4.3 



'3.' 5 





'3." 4 

 4.0 



'i.2 



::.:. 





4.8 

 5.G 

 6.1 



3.9 

 5.0 

 5.7 



3.8 



4.7 



3.9 

 4.7 

 5.2 



3.0 

 4.1 



4.7 

































3.9 

 4.5 



3.1 

 3.8 





3 5 

 4.1 



3.5 





3.6 







3.4 







Calculated by the formula p=10ol -J—^ — b^ -- 1 l> wnere p= compound interest rate, n= num- 

 ber of years or rotation, S= stumpage value at n years; L=cost of land; F=cost of formation; and A= 

 cost of administration and taxes in n years at 6 per cent compound interest. Five cents per acre annually 

 is allowed for administration (including fire protection) and one cent on the dollar (full valuation) annually 

 for taxes. 



2 $5 cost of land, and no cost of formation of stand. 



3 $5 cost of land, and $5 cost of formation of stand. 



* $10 cost ol land, and $5 cost of formation of stand. 

 6 $10 cost of land, and $10 cost of formation of stand. 

 8 $15 cost of land, and $10 cost of formation of stand. 

 ' $15 cost ol land, and $15 cost of formation of stand. 



Where Quality I yields and $20 stumpage are to be obtained, the 

 operator may spend as much as $20 per acre in buying land and 

 establishing a stand of ash and still get 6 per cent interest on the 

 investment. Where Quality II or average yields and $20 stumpage 

 are to be obtained, it is possible to get 6 per cent interest on an 

 investment of $ 10 per acre. Quality III yields with $20 stumpage will 

 only pay a little over 5 per cent interest on an original investment 

 of $5. 



