TABLE OF CONTENTS 



FOREST VALUATION. 



PAGE 



I. Introduction i 



A. Literature i 



B. Scope and Application 2 



1. General 2 



2. Valuation and Statics 3 



3. Application 4 



C. History of Valuation 7 



II. Arithmetic oi? Forest Vai.uation 10 



a. General 10 



b. Prolongation, Discount and Rate 11 



c. Summation of Series 11 



d. Present Value of Series 13 



e. Series of Periodic Payments 14 



f. Sum of Infinite Series 15 



g. Change of Periodic to Yearly Payments 17 



h. Table of Formulae 17 



III. Application of A'aeuation 19 



A. Timber Crop, its Nature and Value 19 



B. Risk in Forestry . 22 



C. Interest Rate in Forestry 24 



D. Valuation of Land or Soil 29 



a. Cost, Sale — Income Value 29 



b. Cost and Sale — Value of Forest Land in United 



States 31 



c. Income Value of Land in Forestry 32 



E. Valuation of Soil and Statics 36 



a. Relation of Se and its Factors 36 



b. Values of Factors of Se and Variation in these 



Factors 38 



1. The Final Yield or Yr 38 



2. Thinnings 46 



3. Cost of Reproduction, c 48 



4. Current Expenses, e 51 



5. Rotation, r 54 



6. Interest Rate, p 55 



