Forest Management 29 



CHAPTER V— METHODS REGULATING THE IN- 

 VESTMENTS AND THE RETURNS 



The methods to be described in the three paragraphs following are: 



Judeich Method (Par. XXVI.) 



Raess Method (Par. XXVII.) 



Schenck Method (Par. XXVIII.) 



Judeich, Raess and Schenck advocate conservativism only when 

 conservative forestry pays better than destructive forestry. 



A "sustained yield" is considered only where it guarantees better 

 financial results than an irregular yield. 



No two forests are alike. The financial development of any forest 

 offers a problem of its own; on the basis of a difference existing in the 

 resources of the forest; the accessibility of the forest; the availability 

 of manual labor; the climate; the dangers threatening the forest, etc. 



Aside of these tangible differences there is invariably met another 

 intangible difference in two forest problems otherwise comparable, — 

 due to a difference in ownership. Among the problems confronting 

 the managing forester, the most difficult is, perhaps, the task of ascer- 

 taining the definite desire of the owner. This task is more trying in 

 the case of individual ownership than in the case of stock companies. 



Working plans cannot be made for a forest when an owner, lacking 

 continuity of purpose, is subject to whimsical fluctuations of mind; or 

 when the owner's financial status happens to be of a shaky nature. 



It must be clearly understood, on the other hand, that a "working 

 plan" is a plan merely outlining a definite policy; a policy to be fol- 

 lowed as long as (and no longer than) the economic conditions sur- 

 rounding the financial problem remain unaltered. 



The market of forest products in America is — unlike the German 

 market — an interstate market, not a home market. 



In Germany the sustained yield of the forests is framed, essentially, 

 with a view to the consuming capacity of a home market. 



In this country, so far, no attempt is being made towards the ad- 

 justment of a supply of lumber and demand for lumber — ^with the ex- 

 ception only of the cypress industry which, controlled by firms of re- 

 markable strength, seems effectually to establish an equilibrium be- 

 tween lumber demand and lumber supply. 



In the production of the hardwoods and of pine, concerted action 

 of the producers toward a similar end is, for the time being, a pious 



wish. 



"Concerted action" of the producers is usually decried as a "trust." 

 From the patriotic standpoint, no more beneficial trust can be imagined 

 than a lumber trust. 



The German sustained yield, adopted by practically all owners of 

 stumpage, amounts to a "trust-yield." 



