Abstract Management of lands from which timber is the principal return is supposed to deal with the methods of producing and marketing a tree crop that will return continuous profit to ownership. It is required, therefore, that on such land species, sizes, and qualities be produced for whicha market can be found at prices for stumpage that will return a fair earning to the land. If the result is otherwise, ownership becomes bankrupt and land changes owners until a price level for land is reached at which the interaction of market and growth capacity can return a profit. It isto be noted that in spite of all recognized attendant social values of such forest land, stumpage returns only are available to meet the costs of ownership and management. American multiple use management, whether the principal objective is watershed protection or recreational use, cannotignore the cognate values derivable from sales of stumpage. Where wood is to be grown anyway in following such objectives, it might as well be good wood.
J. Alfred Hall (Sat,) studied this question.
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