Throughout the preceding pages on the financial promise of timber-growing in the West, the attempt has been not to give conclusions but to state certain known facts regarding tree growth and indicate how these may be used in arriving at conclusions based largely upon the conditions and judgment of the individual owner. In many cases they will do little more than suggest further investigation necessary. The Western 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.