stern Forestry & Conservation Association and,
doubtless, the District Foresters for the Forest Service, will
be glad to discuss such work and assist if possible.

There are, however, several conservative deductions to be made:

1. The Pacific coast states contain large areas having species
and climatic conditions peculiarly favorable for forest-growing
as a business. The rapidity and quantity of yield insure profit
under conditions which would be prohibitive elsewhere.

2. In many cases, perhaps in most, a second crop can be started
with little initial expense.

3. There is much land of no value for any other purpose.

4. Even if the owner does not care to hold his land long enough for
another crop, or if he is prevented from doing so at some future
time by excessive taxation or other prohibition, its disposal value
will be greater if it bears young forest growth than if it does
not.

5. Stumpage values are certain to advance greatly and their advance
will be governed largely by these factors:

a. Speculative influence necessarily accompanying the lessening
of the nation's and the world's timber supply.

b. The carrying charges of fire prevention and taxation imposed
by the community upon virgin timber, which, since they represent
an investment which must be recouped, will either be added in the
long run to the price of stumpage exactly in the measure of their
severity and so transferred to the consumer, or result in rapid
cutting and consequently raise the speculative value of that which
escapes cutting. (This the consumer will pay also.)

c. The quantity of new timber grown.

6. It is probable that future demand for timber will reimburse the
cost of growing it, be this cost high or low _within reasonable
limits_.

7. This does not mean, however, that the timberland owner will or
can generally engage in the business when the cost is excessive.
While he could probably make a good profit eventually, such an
investment is too heavy and prolonged to be inviting; besides there
is the possibility of entire loss by fire. He will naturally compare
it with other investments having less disadvantages. For example,
since conditions which discourage the growing of new competing
forests tend for this very reason to enhance the value of existing
forests, he might invest further in the latter instead, with equal
ultimate profit and with easier access to his money at any time.

8. Consequently the growing of timber is