24 
BULLETIN 13, U. S. DEPARTMENT OF AGRICULTURE, 
Table 7. — Average annual growth per acre, by quality classes. 
Age. 
Quality 
Quality 
Quality 
Quality 
Quality 
Quality 
I. 
II. 
III. 
I. 
II. 
III. 
Years. 
Cu.ft. 
Cu.ft. 
Cu.ft. 
Boardft. 
Boardft. 
Boardft. 
10 
15 
20 
25 
30 
78 
93 
108 
120 
135 
65 
77 
88 
97 
108 
53 
60 
68 
74 
82 
"""225"' 
336 
463 
.......... 
320 
"""177""" 
35 
150 
119 
89 
643 
455 
266 
40 
163 
128 
95 
820 
588 
355 
45 
171 
136 
100 
929 
680 
427 
50 
176 
140 
104 
982 
732 
482 
55 
176.4 
141.8 
107 
1,000 
764 
527 
60 
175.8 
141.7 
109 
1,003 
782 
560 
65 
173 
141.5 
110.1 
1,002 
794 
586 
70 
170 
140.6 
110.8 
999 
801 
604 
75 
167 
139 
110.9 
988 
803 
617 
80 
163 
137 
110.3 
973 
800 
626 
85 
159 
134 
109.4 
958 
794 
632 
90 
155 
132 • 
108 
942 
788 
633 
95 
151 
129 
107 
926 
779 
632 
100 
147 
126 
105 
912 
770 
628 
SECOND-GROWTH WHITE PINE AS AN INVESTMENT. 
With the market and labor conditions now prevailing in New Eng- 
land and elsewhere within the range of white pine, second-growth 
stands, when properly managed, should yield a relatively high rate 
of interest. In this chapter the factors which bear upon the success 
of investments in second-growth white pine will be taken up sepa- 
rately, and their combined effect considered when returns at dif- 
ferent rates of interest are desired. The values and costs used are 
based on a careful study of actual conditions in New England. 
Two things determine the profit or loss from investments in second- 
growth white pine: (1) The gross returns from the financially mature 
stand, here regarded as the stumpage value, and (2) the total cost 
of raising white-pine stands at compound interest to- the end of the 
rotation. Strictly speaking, the gross returns would be the price 
received for the lumber delivered, but, since stands are ordinarily 
valued in terms of the standing timber, stumpage value can be consid- 
ered the gross returns. If the total cost of production equals the 
gross returns, the investment is a success. If the gross returns exceed 
the cost, the excess represents either a higher rate of interest than 
anticipated or a clear profit at the original interest rate. If the cost 
exceeds the stumpage value, the investment at the original rate of 
interest has been unsuccessful, although at a lower rate it may have 
yielded a profit. 
GROSS RETURNS. 
The value of standing timber is the difference between the market 
value of the finished product and the total cost of cutting, manufac- 
ture, and delivery, including the operator's profit on his investment. 
