THE ASHES : THEIR CHARACTERISTICS AND MANAGEMENT. 
37 
Table 18. — Interest rates 1 (compound) to be expected on money invested in growing ash, 
where yield quality I, II. or III stands are secured, calculated for different stumpage 
values and for different initial investments. 
(Blank spaces indicate less than 3 per cent interest.) 
Value of 
stumpage 
per 1,000 
board 
feet. 
Total initial investment per acre. 
Age 
of 
stand. 
$5.2 
$10.3 
$15.^ 
$20.5 
$25.« 
$30.7 
Compound interest rates (per cent) for yield quality I, II, and III stands. 
I. 
II. 
III. 
I. 
II. 
III. 
I. 
II. 
III. 
1. 
11. 
III. 
I. 
II. 
in. 
I. 
II. 
in. 
Years. 
$5 
10 
1^ 
20 
5 
10 
15 
20 
5 
10 
15 
20 
5 
10 
15 
20 
5 
10 
15 
20 
5 
10 
15 
20 
5 
10 
15 
20 
4.2 
7.5 
9.6 
11.1 
6.1 
8.8 
10.3 
11.4 
5 8 
30 
3.9 
5.9 
7.3 
3.7 
4.3 
5.6 
4.1 
::::: 
3.3 
40 
4.6 
6.2 
7.3 
6.3 
7.8 
8.8 
4.0 
6.1 
7.3 
8.1 
3 8 
"3." 7 
4.8 
4.9 
6.4 
7.4 
'3*5 
3.9 
5.4 
6.4 
3.2 
4.6 
5.6 
:::: 
"4.* 6 
5.0 
:::: 
::::: 
50 
60 
70 
80 
. 7.9 
9.1 
10.0 
5.3 
7.1 
8.1 
8.8 
4.7 
6.4 
7.3 
7.8 
3.9 
6.4 
6.5 
7.0 
5.5 
6.8 
7.7 
3.3 
5.6 
6.6 
7.4 
3.0 
5.3 
6.2 
6.8 
3.7 
4.9 
5.8 
5.0 
6.1 
7.0 
"3." 8 
4.7 
:::.. 
4.2 
5.4 
6.2 
"3." 6 
3.9 
3.6 
4.7 
5.6 
"3.' 3 
::::: 
3.1 
4.3 
5.1 
**3.9 
4.9 
5.6 
6.6 
7.3 
3 5 
4.1 
5.2 
5.9 
"3." 4 
4.7 
. 5.7 
6.4 
*4.-2 
4.9 
4.1 
5.1 
5.7 
"3."6 
4.3 
3.5 
4.5 
5.2 
3." 7 
::::: 
3.1 
4.1 
4.8 
"i'3 
'"■4*4 
5.2 
5.2 
6.0 
6.6 
3 2 
4.1 
5.0 
5.6 
"§."2 
4.0 
4.3 
5.2 
5.8 
"4*i 
4.8 
3.8 
4.7 
5.3 
'3.* 6 
4.3 
.v..'. 
3.2 
4.2 
4.8 
"3~7 
"3*9 
4.6 
'3." 4 
::::: 
4.8 
5.7 
6.3 
"*4.' 4 
5.1 
4.6 
5.4 
5.9 
3.8 
4.7 
5.3 
"3." 4 
4.1 
3.7 
4.6 
5.2 
*3.'S 
4.5 
3.3 
4.2 
4.8 
3.4 
4.0 
::::: 
"3.*7 
4.3 
"i'5 
::::. 
"3." 4 
4.0 
"3*2 
4.8 
5.G 
6.1 
3.9 
5.0 
5.7 
"3*8 
4.7 
3.9 
4.7 
5.2 
3.0 
4.1 
4.7 
3.9 
4.5 
3.8 
4.1 
'3.5 
3.'6 
*3.*4 
1 Calculated by the formula p=10o[^/ S + L F A -l], where p=compound interest rate, n= num- 
ber of years or rotation, S= stumpage value at n years; L=cost of land; F=cost of formation; and A= 
cost of administration and taxes in n years at 6 per cent compound interest Five cents per acre annually 
is allowed for administration (including fire protection) and one cent on the dollar (full valuation) annually 
for taxes. . _ , . , 
2 $5 cost of land, and no cost of formation of stand. 
3 $5 cost of land, and $5 cost of formation of stand. 
4 $10 cost ol land, and S5 cost of formation of stand. 
s $10 cost of land, and $10 cost of formation of stand. 
« $15 cost of land, and S10 cost of formation of stand. 
^ $15 cost ol land, and $15 cost of formation of stand. 
Where Quality I yields and $20 stumpage are to be obtained, the 
operator may spend as much as $20 per acre in buying land and 
establishing a stand of ash and still get 6 per cent interest on the 
investment. Where Quality II or average yields and $20 stumpage 
are to be obtained, it is possible to get 6 per cent interest on an 
investment of $ 10 per acre. Quality III yields with $20 stumpage will 
only pay a little over 5 per cent interest on an original investment 
of $5. 
