State Board of Forestry. 25 



final cut. Now the original item of expense of $50.45, at 6 per 

 cent, compound interest, in fifty years would amount to $929, and 

 in seventy-five years to $3,982, 



The following is a comparative financial statement of the parts 

 at the end of fifty and seventy-five years, based upon the preced- 

 ing figures and figuring parts 3 and 4 to contain the same area 

 as parts 1 and 2 and proportioning the cost accordingly: 



At 50 Years. At 75 Years. 



Part 1 has an asset of $458 00 $1,964 00 



Part 2 has an asset of 5 00 19 00 



Part 3 has an asset of 235 00 1,008 00 



Part 4 has an indebtedness of 759 00 3,258 00 



Each part would also have a credit of the standing tulip, which 

 no doubt would vary somewhat in each part. The most rapid di- 

 ameter growth would be expected in part 1, where the trees are 

 the farthest apart. The greatest number of trees to the acre 

 would be expected in parts 2, 3 and 4. The best quality of wood 

 would be expected in parts 3 and 4. Now the question remaining 

 unanswered is, will the greater number of trees and quality of 

 wood on parts 2, 3 and 4 equal the value of the undercrop and 

 the early crop of locust in part 1. The difference between parts 

 1 and 4, expressed concretely, is $1,217 at fifty years and $5,222 

 at seventy-five years. 



The foregoing hypothetical statement of the maturity of this 

 tract is given to show the anticipated value of this experiment. 

 Attention is called especially to the value of an undercrop in re- 

 ducing the cost of a forest investment and the value of an early 

 rotation of the crop. An early rotation diminishes the risk of 

 fire, of windstorm and of the damage by insects and disease. It 

 also gives greater security against decline in prices, removal of the 

 markets and against a loss occasioned by some unexpected reason 

 for ending the investment. 



Tract 43. 



The greater part of this tract is a gentle eastern slope. The 

 east third is low and flat. The natural drainage is to the south, 

 through a shallow depression near the east side. Average eleva- 

 tion about 540 feet. The soil is a light clay loam. The area is 

 5.78 acres. 



This is an experiment in planting an old cleared field with 

 ash, elm and sycamore. It is designed to show the effect and 



