Besides, the rate of growth of all species has been carefully in- 

 vestigated 'by the several governments. 



In the United States the forester must find out the truth 

 himself, at so high an expense, that the private individual gen- 

 erally detests forest investigations. 



When I came over to this country and was put in charge 

 of about 100,000 acres of forest, I was mudh embarrassed on 

 account of my absolute ignorance as to the value of the land 

 of stumpage, of trees, of tree-growth, the rate of taxation, the 

 value and output of logs, the cost and risks of lumbering, mill- 

 ing, selling etc., etc. "With the kind assistance of my young 

 friends Griffith, Price, Olmsted, Loup arid Schleussner, who 

 were situdying forestry at Biltmore during the last three years, 

 I have now gathered some data concerning the main financial 

 questions which meet a forester in Western ifTorth Carolina. 



Mr. G. W. Vanderbilt's liberality and interest in forestry 

 have enabled me to extend my investigations in relation to the 

 following species : 



Poplar, Tulip tree, (Liriodendron tulipifera L.) 



Chestnut, (Castanea Americana Sarg.) 



Red oak, (Quercus alba L.) 



White oak, (Quercus rubra L.) 



Hemlock, (Tsuga Canadensis Oarr.) 



Of course, I do not claim that the data given in the follow- 

 ing pages relaJtive to YELLOW POPLAE hold good for any 

 other conditions than those prevalent in Western Horth Caro- 

 lina, nor is it possible for private individuals to make any such 

 invegtigations oH a scale sufiicieut to guarantee their absolute 

 correctness. 



However, my tables and remarks will throw some light upon 

 the financial questions involved in forestry, and — ^this is my 

 main hope and wish and expectation — will show the wood 

 owner engaged in lumbering that the difference between 

 aesthetic and financial forestry is about as great, as the differ- 

 ence between the principles applied on the flower bed in a 

 gentleman's garden and those followed on the vegetable bed 

 of a truck farm. 



