56 BTTULETTX 1497 3 U. S. DEPARTMEUTE OF AGEICTLTITEE 
in the calculation of profitableness are land value, cost of planting, 
annual expense of fire protection and taxes, number of years to grow 
the crop, timber yield, and stumpage value. Most of these factors 
vary with the conditions under which planting is done. It has 
already been shown how the cost of planting varies with the species. 
size, and age of the trees planted, soil, and cover conditions, and 
number of trees planted to the acre. Similarly, the variations in 
taxes, yields, period of growth, and sttrmpage values have been 
discussed. 
The different values placed on cut-over land, depending not only 
on its intrinsic quality but on its location and the opinions of the 
owner and the local tax assessor, are well known. Some of the good 
agricultural land and some that is not so good in the northern Lake 
States is sold for more than $20 an acre. Many owners now would be 
glad to dispose of large areas for $5 to $10 an acre if they could find 
purchasers. Others are equally unable to dispose of their land, even 
at 82 an acre or less. In fact, it may be contended that much of the 
cut-over bare land has no value at the present time; because (1) the 
removal of the timber has also removed all sale value, and (2) the 
land, being nonproductive, has no rental value. Many owners are 
letting their cut-over lands revert to the State or county for taxes. 
However, owners prefer to place at least a nominal value on their 
land, and while it is not believed that cut-over lands in need of plant- 
ing are worth 82 an acre, that figure has been used as the investment 
in land on which interest is computed in the calculations of profit. 
Valuations as high as 85 or even 810. however, are not necessarily pro- 
hibitive for forest planting where other conditions are favorable. 
PRIVATE PLANTING OX BARE LAND 
T:ie ownership of the land, whether public or private, and also the 
degree to which the timber has been cut. affect several of the elements 
of profitableness in planting. 
To determine how much future stumpage value a timber crop will 
have to bring in order to earn certain rates of interest on the invest- 
ment and cost of private planting on bare land, different combina- 
tions of costs, taxes,* years to grow the crop, interest, return, and 
yield per acre have been worked out. The detailed figures and an 
example of the method of calculation will be found in the Appendix. 
Tables 11 to IS. 
It appears from the figures that a paper company could plant 
sandy lands with 1.210 jack pine seedlings to the acre at a cost of 
about $5.50, could pay an annual tax of 10 cents an acre plus 5 cents 
an acre for fire protection, and at the end of 40 years the yield of 30 
cords to the acre would have to have a value of only 83.28 a cord to 
earn 6 per cent compound interest on the investment. This is not 
much more than jack pine stumpage commands at the present time, 
and is certainly within reason as an estimate of future price. 
If the same company planted white spruce on loamy soils at a 
cost of 810 an acre and the spruce yielded 30 cords per acre in 60 
"The taxes ha? - m I taxation, such 
. Lou in M dgan, wuuld necessitate a different 
method of calculation. 
