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