Considering the black walnut as timber, here is a picture of a black walnut log, published in Farmers' Bulletin No. 715, of the Department of Agriculture. The original owner, a farmer, sold the whole tree, standing, for fifty dollars; the buyer felled it at a cost of fifteen dollars, and sold it there for $138.26. It was resold, without being removed, for $164.84, and later sold (the last price is not published) to a large sewing machine factory, but it certainly brought more than that last price which is printed, of $164.84. We occasionally hear of prices of $100 or so being paid for black walnut trees on the stump. The reason we don't hear of such prices being paid more frequently is because the farmer in not more than one case out of twenty gets real value for his black walnut trees. There is a very highly organized and efficient system in the United States of gathering up the black walnut trees which are large enough to use for furniture and other purposes and paying for them as little as possible; but they make a practice of getting them even if they do have to pay more. There was a man living not so far from where I live, up in our country, who had a very fine black walnut tree standing in his yard. One day a man came around and entered into conversation with him, and said, "Mr. Harder, what will you take for that tree in your yard?" "It isn't for sale," said Mr. Harder. "Well," said the man, "I'll give you a hundred dollars for it." Mr. Harder merely shook his head. The buyer dickered along a little bit more and after a while said, "I'll tell you what I'll do; I'll give you $150 for that tree." Mr. Harder said "If you don't get off this place, sir, immediately, I'll shoot you." I am prepared to say that if you are going to plant trees for timber there is no other tree which will give such a yield as the black walnut, with the exception of the catalpa, and, perhaps, the black locust. It is the most valuable tree we have, and it is the most valuable wood grown in the North. I don't believe, either, the black walnut will ever be less valuable than it is. I know positively that the Stabler tree is not over sixty-five years old, perhaps, not over sixty, and yet that tree, judging from the prices I have seen paid for other trees of similar size, is worth from $125 to $150 on the stump. From the time that tree started until now, it has increased in value at the rate of two dollars a year, for timber alone, to say nothing of the nut. Suppose the tree had been purchased sixty years ago at two dollars from the nurseryman. It would have paid one hundred per cent annually on the investment. It bears, as a regular thing, a crop every other year. As to what Mr. Pomeroy said about the black walnut not cracking well and crumbling up when it gets to be old, I have some specimens here of the Stabler walnut I cracked this morning, which are of the 1915 crop.