50 BULLE^iJIN 1402, U. S. DEPARTMENT OF AGEICULTUEE 
THE STUMPAGE INVESTMENT IN THE YETLLOW PINE TYPE, EAST SIDE 
It has already been shown that in those stands in the east side 
yellow pine type which have sufficient trees up to 20 inches in di- 
ameter to insure restocking, the investment averages about 1,000 
board feet per acre. In a representative township with but two 
20-inch seed trees per acre, and the area consequently but two-thirds 
provided for, the stumpage investment is TOO board feet per acre. 
To provide adequately for restocking a total investment of about 
1,000 board feet would be required. The average investment in 
trees under a 20-inch diameter limit for the various areas of the 
yellow pine type studied is 3.1 per cent of the total average stand 
of 18,000 per acre, or 560 board feet, xls this is 53 per cent sufficient, 
a total of 1,050 board feet per acre is required. On the forties with 
a stand of over 20,000 feet per acre the investment is 480 board feet 
per acre, which is 53 per cent sufficient, making 950 board feet per 
acre requisite. On a national forest cutting with a selection of seed 
trees made regardless of diameter, the average is about 1,500 board 
feet and the volume most frequently left is 1,200 board feet per acre. 
These instances point consistently to an average seed tree invest- 
ment of 1,000 to 1,200 board feet per acre as sufficient to provide 
for the restocking of cut-over areas in the yellow pine type. It 
appears to be of little moment whether this volume is entirely 
in small trees up to the diameter limit of 20 inches, or whether, 
as on. national forest cuttings, seed trees are selected for position. 
In general in this type some larger trees will be needed to sup- 
plement the trees caught under the 20-inch limit. 
T\^iat is the net cash loss tO' the operator if this general average 
of 1,^00 board feet per acre is left? With stumpage of western 
yellow pine w^orth $4 a thousand feet, the investment is $4.80 per 
acre or, with an average cut of 18,000 board feet, about 27 cents per 
thousand feet cut. But this is assuming the same net value for 
small timber as for large, whereas, it has just been shown that the 
" loss '' in small timber left may actually be a net gain in lower 
logging cost per thousand feet of output. 
THE INVESTMENT IN MIXED TYPES 
A large body of data for the mixed conifer type, for different 
total stands per forty, and for all trees 12 to 20 inches in diameter, 
show^s that the investment in seed trees ranges from 17,000 board feet 
per forty for the very open, non-merchantable stands, to 55,000 feet 
per forty for stands of over 40,000 feet per acre. A general average 
of 45,000 to 50,000 seems to be about right, or about 1,200 board 
feet per acre, as for the pine type. 
Although the absolute quantity of lumber tied up in the small 
trees increases as the total stand increases, the percentage of the 
total volume represented drops. For merchantable stands (10,000 
feet per acre or more) the maximum percentage is 7.5 and the 
minimum 3, with a general average of 5 to 6 per cent. 
Figure 21, based on analyses of different types, gives an excellent 
summary by types of the average investment, both absolute and 
relative, that would be made under a 20-inch diameter limit on the 
best forties (those with a total stand of 20,000 feet per acre or 
