30 
That, however, it is more profitable than otherwise to the farmer to 
keep his wood lot in fair producing condition, and to the timber-land 
owner to avoid all wasteful use of his property which prevents natural 
reforestation must be as patent as that a herd of cattle producing calves 
is more profitable than one which is bapren. 
(There followed in the original address, of which this paper forms a 
part, a discussion of the problem now before the State of New York of 
reserving the Adirondack forest lands as a State domain. 
The proper organization, involving an expenditure of $400,000, or 18 
cents per acre as against 48 to 87 cents in German states, and the net 
financial results were stated. It was shown that the stumpage of the 
2,500,000 acres to be reserved would be worth now $25,000,000, and that 
an annual net income above expenses of administration and improve- 
ments of over $1,000,000 should result from a couservative manage- 
ment. | 
“7 
