It used to be, but with the advent of light-colored hardwoods coming into market prominence, a prudent manager should ask the question: "Is oak regeneration worth all the investment?" And the answer would be a resounding: 'No!'

Today, everything is stacked against the oak species. They are the choice of all leaf-munching insects. They compete well only on the hot, dry sites as far as regenerating without a great deal of extra work and investment to guarantee that the next stand has a reasonable number of oak stems per acre.

Industry has looked at oak as its main stay, but that is now in doubt. Competition for the remaining good quality oak has driven the stumpage price to where the margin of profit for processing the raw material through the primary stage is almost non-existent. Other woods such as tulipwood, cottonwood, ash and cherry will yield greater quantities of grade lumber and all now give a larger margin of profit if efficiently processed than oak sawlogs do.

What does this mean? Don't worry if you don't get natural oak regeneration when you have a timber harvest If you have it that's great, but work with the species you have and drive on! Have regular improvement harvests followed with whatever timber stand improvement work may be needed. Keep each forest stand fully stocked and healthy and your woodlands will earn maximum economic returns, if all you have is Tulip, then grow the highest quality Tulip you can. Just remember that quality growth is what counts!

Incidentally, much discussion has occurred in the past about whether investments in forest management provide reasonable rates of return. It is a good question because in many cases the yield were poor. But today stumpages prices have risen to the point where almost every type of investment, except tree planting, yield excellent rates of return. Some as high as 20 percent per year.

My prediction is that by the year 2000, the average stumpage price for competitive bid sales will hit $1.00 per board foot. When this happens, even tree planting will pay back a reasonable rate of return. Also, a person will be able to judge the earning power of a woods by knowing how fast it is growing in board feet. A growth rate of 100 board feet per acre per year can easily be obtained with good protection and minimal management.