proximity to established mills which see their own supply running
short and have failed, through inability or lack of foresight, to
engage in reforestation themselves. It will also be affected by
tax and fire charges, and the latter, especially, will be largely
a matter of location.

4. The owner with no peculiar advantages, who can only set the
general certainty of a market for second growth against his ability
to carry a costly and uncertain investment for an indeterminate
time.

Of course a first consideration in most cases is the comparative
profits of other possible investments or, in other words, the exact
interest demanded as satisfactory. Individuals are in by no means
the same position in this respect by either inclination, opportunity
or talent. Where one might be safer with his money in timber, another
could make more by manufacturing. Generally speaking, however,
conservative judgment leads to the conclusion that the present
attitude of the public warrants the first of the above four classes
of owners in undertaking inexpensive reforestation where the land
has little sale value for other purposes and where the growth and
fire factors are reasonably favorable. The second class can also
undertake it to advantage on much the same basis, but having less
capacity for meeting the carrying charge, requires still more favorable
conditions. The third class must have the maximum advantage of
every kind. It must calculate closely on the factors of cost and
profit indicated by present conditions. In most cases the risk
will be too great for prudence, and in nearly all financial ability
will be lacking. The fourth class cannot even consider it until
the public's attitude changes.