State Boabd of Forestry. 23 



Credited by 38 shocks of fodder at 10 cents each and 47 



bushels of corn at 50 cents per bushel 27 30 



The undercrop pays all expense to date with a balance of . . $0 20 



Part 3. Preparation of the ground, seedlings and planting $25 91 



Five cultivations 5 47 



Total $31 38 



Part 4. Preparation of the ground, seedlings and planting $43 37 



Five cultivations 7 08 



Total $50 45 



The items of expense and credits on each part will be added 

 each year, so that the value of each part may be obtained at any 

 time by crediting the account with the estimated value of the 

 stand. Thus a comparative value of the four parts may be ob- 

 tained and a satisfactory answer be given to the question which 

 one of the four parts is the most remunerative at any period. A 

 comparison of the four parts will also show which method of man- 

 agement will produce the best quality of wood and on which part 

 the diameter and volume growth has been the most rapid. 



The question naturally arises, which of the parts will be the 

 most remunerative in fifty, seventy-five or 100 years? Let a pre- 

 diction be made for a period of fifty and seventy-five years, using 

 in the discussion silvicultural experience, current prices, present 

 uses of the wood and the present proximity to market. Of course 

 it would appear safe to assume that in fifty years, labor would 

 be cheaper and stumpage value higher. In the following discus- 

 sion, additional expenses, such as interest on land investment, 

 taxes and management are not considered, since they would be 

 about equal on the four parts. 



By referring to the preceding tabulated statement of the items 

 of expense on part 1, it will be observed that at the end of the 

 first year it had an asset of $1.04, which should be considerably 

 increased by the proceeds of next year's undercrop. In about 

 twelve years the part could be thinned by cutting out the locust, 

 which at this time should be large enough to make an average- 

 sized fence post, with a stumpage value of 8 cents each. It will 

 be noted that when the trees are planted 8x8 feet apart that few 

 of them would be totally suppressed by this time, and since the 

 stand was complete in the beginning it appears that a loss of 14 



