62 WESTERN YELLOW PINE IN ARIZONA AND NEW MEXICO. 
netted almost exactly 5 per cent on the capital. If the shortage of 
lumber becomes as great as freely predicted, stumpage values will be 
much higher than those just given and the profits in consequence 
much greater. Changes in the present method of taxation to one in 
which a tax will be levied only on the final output would also ma- 
terially increase the net returns. In addition to the revenue from the 
timber, most tracts can be leased for grazing during the 20 years be- 
tween ane first and second cuts and a substantial revenue secured 
from this source. 
SUMMARY. 
Western yellow pine in the Southwest does not reach the develop- 
ment attained on the Pacific coast. Yet it is a tree admirably 
adapted to the semiarid conditions of the region and is capable of 
yielding excellent saw timber. It withstands disease well and ex- 
cept in early life is not especially susceptible to fire, drought, frosts, 
or snow. Its growth is slow; from 160 to 200 years are usually 
necessary to produce a saw log. The better grades of lumber are ex- 
cellent for finish, and with preservative treatment the wood is durable 
in the ground. Lumbering in the Southwest is expensive, chiefly on 
account of the high price of labor. The higher grades of lumber are 
easily disposed of, but the lower grades are difficult to market. 
Nevertheless the timber on the National Forests in the Southwest 
offers excellent opportunities for investment. A conservative method 
must be adopted upon the National Forests, and it appears essential 
that the cut should be regulated, either by volume or by area, upon 
the basis of a 200-year rotation. 
Western yellow pine yields excellent resin and turpentine, which 
may become of commercial importance as by-produets. 
While fire lines are not essential, an efficient patrol.is an absolute 
necessity. Where natural regeneration fails artificial reforestation 
will be necessary. Sowing is preferable, but where impracticable 
transplants or seedlings may be set out. 
The private owner can well afford to protect his holdings from 
fire, to insist upon a close utilization of the product, to plan for a 
second cut, and to adopt many of the conservative methods of lum- 
bering used on the National Forests. By doing this he may reason- 
ably expect a 5 or 6 per cent return upon his investment, plus the 
rental value of his land for grazing purposes during at aes a portion 
of the time. 









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