FOREST MANAGEMENT. 339 



price of lumber was low, when the margin of profit was small, the producers 

 have usually increased the production so as to obtain the surplus receipts 

 required to meet pressing financial obligations (mortgages, bonds, notes 

 due, etc.V 



The output of the lumber industry has risen by leaps and bounds; 

 and it is astounding that the prices of lumber have advanced, nevertheless, 

 by bounds and leaps. 



The advance of lumber prices is certain to continue, the available 

 supplv of merchantable timber declining from month to month. 



An increased production of stumpage we may expect, indeed, to take 

 a start when the price of stumpage has increased at a ratio proportioned to 

 the increased price of lumber. 



Still, many a year must elapse before an increased production of trees 

 can result in increased offerings of lumber. In the meanwhile, the famous 

 ' law of demand and supply " is set at rest; and prices will continue to 

 climb upward. 



Jadeicl) i^etfyod 



Judeich's method treats every part of the forest according to its own 

 financial merits. The management of the forest as a whole is merely a 

 consequence of the requirements of the individual woods composing it. 

 Sustained yield of volume or money does not underlie Judeich's method. 

 Where the capacity of the market requires it, however, sustained yield is 

 advised. 



The treatment for each piece of wood is prescribed in detail for the next 

 working period. From these prescriptions the total volume yield of 

 the period as well as the total area to be cut during the period is finally 

 ascertained. 



The normal growing stock is entirely disregarded. Working plan 

 periods shall not exceed ten years; and every five years a thorough revision 

 of the entire working plan shall take place. 



Judeich puts great stress on the development of proper cutting series 

 (small). The lumberman's axe is meant to enjoy freedom of action and a 

 multitude of points of attack. 



For each working section the financial rotation is determined. Judeich 



