board measure per annum. The receipts from stumpage in 1926 

 -will have accumulated to 375,000 X (1.07'° — i) 



2. and 3. asunder I. 0.07 



EQUATION : 



375,000 X(i.07i»— i)_2ooo (1.0726 — 1)0 ,« 



1,200,000— ^^^ ^ — >^ — '- ^—80,000x1.0726 



' ' 0.07 0.07 ' ' 



RESULT : The stumpage price of Oregon pine, in that sec- 

 tion, must average about 17 cents per 1000 feet board measure, from 

 10 years from to-day on. 



