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ELECTRIC RAILROADS IN THE UNITED STATES.
-Capital stock 1905.
[From the Street Railway Journal of September, 1907.)
275 New Hampshire..!
296 348 358 Vermont ........ 121 122 121 122
2,778 2,810 7,792 7,853 1,219 2,392 Rhode Island..
149 Connecticut .......
687 774 1,443 1,682 265 293
40,556,000 184,264,450 55,585,417 17,890,900 21,518,300 180, 654,200 26,453,000 17,507,000 77,049,500
43,191,000 208,550,875 70, 107,590 20,128,050 25, 176,200 181,960,200 29,955,000 31,700,000 85,462,000
Total Southern statesNorth Carolina... South Carolina... Georgia, ... Florida...... Alabama Mississippi Tennessee Louisiana Arkansas .....
309 229 100
97,718,294 102, 703,594 Western statesNorth Dakota.....
350,000 South Dakota....
50.000 Nebraska ...
10,592,500 10,832,500 Nevada ..........
100,000 Kansas ..... 182 268 127 186
7,200.000 Indian Territory.
700.000 Oklahoma 150 175
2,300,000 Texas ......
15,966, 305 22,507,500 Colorado 334 350
19,312,000 19,369,100 Montana
2,725,613 New Mexico..
350,000 Idaho .......
598,400 Utah ..... 160 143
7,712,500 Washington. 461 715 406
269 381 25,850,400 28,674,310 Oregon
9,035,000 21,830,000 California
1,840 1,829 1,726 2,194 204 527 100,003,500 108,513,500 Arizona .....
600,000 Total ..... .... 175 4,284 4,945 4,373 5,273 1,134 1,608 200,855,818 234,413,423 United States....... 1,164 32,517 36,212 63,391 66,206 13,059 15,442 1,844,565, 136 2,039,948, 375 Insular possessions
of U. S.-Hawaii, Porto Rico and Philippines .......
87 119 166 206 12 30 3,391,500 3,871.000 Canada, including Newfoundland ....
901 1,073 2,506 2,554 136 280 42,935,636 49,423,146 Cuba ........
460 18,750,000 22,162,500 MAURETANIA BREAKS THE RECORD. The Mauretania, sister ship of the Lusitania. es. | The vessel left New York Saturday afternoon, tablished a new east-bound transatlantic record by Nov. 30, and arrived at Queenstown Tuesday aftmaking the trip in 4 days 22 hours and 29 minutes. Iernoon, Dec. 5. The best day's run was 556 knots.
RECALL OF AMBASSADOR AOKI. Viscount Aoki, Japanese ambassador to the Unit- | Sir Kogoro Takabira appointed his successor Dec. ed States, was recalled by his government and I 5, 1907.
Much of the time of the state leglislatures in the early part of 1907 was taken up with the consideration of bills reducing passenger rates on the railroads. In most of the states in which the matter was taken up laws were enacted for straight 2-cent or 242-cent fares. Among those establishing the 2-cent rate were Arkansas, Illinois, Indiana, Kansas, Minnesota, Missouri, Ne
raska, Ohio, Pennsylvania, West Virginia and Wisconsin. The 242-cent rate was made compul. sory in Alabama, North Dakota and South Dakota.
Iowa fixed a maximum rate of 3 cents with 2cent rates for all roads earning more than $4,000 per mile. New Mexico passed a 3-cent fare bill, New York and Oregon passed sweeping legislation giving commissions full power over rates. Virginia's commission ordered rates on nearly all roads reduced to 2 cents. The Kansas commission will reduce rates to 2 cents if the railroads contest the 2-cent law. North Dakota and Maryland compel railroads to sell 1.000-mile books for $20.
in the new state of Oklahoma the constitution
fixes the maximum rate for passengers on steam railroads at 2 cents a mile unless proof is furnished that this rate is unreasonably low.
In New York Gov. Hughes vetoed (June 11) the bill instituting a flat passenger rate of 2 cents & mile on every railroad system in the state more than 150 miles long.
In the course of his veto message the governor pointed out that "the passage of the bill was not preceded by legislative investigation or suitable inquiry under the authority of the state. Nor is the fixing of this rate predicated on reports or statistics officially collated which would permit a fair conclusion as to the justice of its operation with reference to the railroads within its purview."
The governor said also, in part:
"Nothing could be more opposed to the interests of the community as a whole than to cripple the transportation corporations by arbitrary reduction of earnings."
(For the Illinois 2-cent fare law see page 403.)
NOBEL PRIZE AWARDS IN 1907.
The Nobel prizes for 1907 were awarded Dec. 10 to the following: The prize for literature to Rudyard Kipling. for physics to Prof. Albert A. Michelsen of the University of Chicago, for medicine to Dr. Laveran of Paris, for chemistry to
Prof. Edouard Buchner of Berlin. The peace prize was divided equally between Ernesto Teodoro Moneta of Italy and Louis Renault of France. The value of each whole prize was $38,000. (For previous awards see page 131.)
BANK FAILURES IN KANSAS CITY.
The National Bank of Commerce, the second of Commerce, the Union Avenue Bank of Comlargest institution of its kind in Kansas City, merce and the State Bank of Argentine, Kas., also Mo., closed its doors Dec. 5. 1907. It had deposits failed. These were smaller institutions in which of $16,942,694. The same day the Stockyards Bank I the National Bank of Commerce was interested.
GREAT MINE DISASTER AT MONONGAH, PA.
Four hundred men were killed by an explosion | Not one of those in the tunnels at the time escaped of black damp in mines Nos. 6 and 8 of the Fair. and all efforts at rescue were made unavailing mont Coal company at Monongah, Pa., Dec. 6. I by the large amount of poisonous gas encountered.
- LOSS OF LA PATRIE MILITARY BALLOON.
The French military balloon La Patrie, owned by the government, escaped from its fastenings at Verdun, France, Saturday, Nov. 30, 1907, and was
found Dec. 4 in County Down, Ireland.
CHICAGO REAL-ESTATE TRANSFERS.
OUTSIDE OF CITY.
Incumbrances 1892.... 19,283 $153, 169,047 1900.... 14,356
Year. $87,917 998
No. Consideration. No.Considera'n 15,449 101,386,357 1901....
15,871 100,664,279 1893....
10 16, 606 99,277,445
18,063 111.441,112 1902....
19,880 107,680.304 1895....
114,597,724 1903.... 15,802
46 1897.... 28.940
139.601.896 101,195,313 | 1905....
174,625 109 1898.... 141,342,920
157,100 13,359 93,100,276 1906.... 31.562
277,643 117 186, 441 1899....
108,210,111 / 1907*... 28,628 14,336
329,069 162 220,626 *First eleven months.
364 370,996 182 234,745 TORRENS SYSTEM TRANSFERS.
Total. 1,288 1,335, 683 659 922.492 WITHIN THE CITY.
*First eleven months. -Transfers- Incumbrances,
No. Consideration. .No.Considera'n. From beginning to Nov. 30, 1907, inclusive. 1899... 15 $23, 225
TORRENS TRANSFERS. 1900...
No. Consideration. 1901.
....2,517 $5,458.149 1902....
108 313,550 73 127,050 Outside city........................1,288 ' 1,335,683
233 666.910 127 193,670 1904.. 295 967,785 159 353,630 - Total for county....
.3,805 6,793,832 1905.. 478 976, 406 318 837,293
TORRENS TRUST DEEDS AND MORTGAGES. 1906. 1,278,120 459 943,151
No. Consideration. 1907*.... 663 967,153 476 865.634 In city.....
....1,681 3,463,503 Outside city...:
922, 492 Total .......
2,517 5458,149 1,681 3 ,463,503 *First eleven months.
| Total for county................2.340 4.385.995
CONGRESSIONAL CAMPAIGN COMMITTEES, 1907.
REPUBLICAN. Headquarters - 718-719 Metropolitan National Bank building, Washington, D. C.
Officers-Rep. James S. Sherman, New York, chairman; Rep. James A. Tawney, Minnesota, vice-chairman; Rep. Henry C. Loudenslager, New Jersey, secretary; Rep. William B. McKinley, Illinois, treasurer.
Executive committee-Senator George S. Nixon, Nevada; Rep. Nicholas Longworth, Ohio; Rep. Sydney E. Mudd, Maryland; Rep. James R. Mann, Illinois; Rep. James H. Davidson, Wisconsin; Rep. James M. Miller, Kansas; Rep. Richard Bartholdt, Missouri; Rep. John W. Weeks, Massachusetts; Rep. H. Burd Cassel, Pennsylvania. State. Name.
Postoffice. California-Rep. James C. Needham...... Modesto Colorado-Vacant. Connecticut-Rep. George L. Lilly....Waterbury Delaware-Rep. Hiram R. Burton....... .Lewes Idaho-Rep. Burton L. French............ Moscow Illinois-Rep. John R. Mann....... .. Chicago Indiana-Rep. Charles B. Landis..........Delphi Iowa-Rep. Albert F. Dawson............ Preston Kansas-Rep. James M. Miller...... Council Grove Kentucky--Rep. Joseph B. Bennett......Greenup Maine-Rep. Edwin C. Burleigh.......... Augusta Maryland-Rep. Sydney E. Mudd.......... Laplata Massachusetts-Rep. John W. Weeks....... Newton Michigan-Rep. Joseph W. Fordney......Saginaw Minnesota-Rep. James A. Tawney........Winona Missouri-Rep. Richard Bartholdt........ St. Louis Montana-Vacant. Nebraska-Vacant. New Hampshire-Rep. C. A. Sulloway.. Manchester New Jersey-Rep. Ñ. C. Loudenslager..Paulsboro New York-Rep. James S. Sherman........ Utica Nevada-Senator George S. Nixon..... Winnemucca North Carolina-Vacant. North Dakota-Rep. Asle J. Gronna........Lakota Chio-Rep. Nicholas Longworth.......... Cincinnati Oklahoma-Rep. Bird S. McGuire.........Guthrie Oregon-Rep. C. W. Fulton..................Astoria Pennsylvania-Rep. H. Burd Cassel....... Marietta Rhode Island-Rep. Adin B. Ca pron..... Stillwater South Dakota-Vacant. Tennessee--Rep. Nathan W. Hale.......Knoxville Utah-Rep. Joseph Howell.....
....Logan Vermont-Rep. Kittridge Haskins...... Brattleboro Virginia-Vacant. Washington-Rep. Francis W. Cushman... Tacoma West Virginia-Vacant. Wisconsin-Rep. James H. Davidson.......Oshkosh Wyoming-Rep. Frank W. Mondell.... New Castle Hawaii-Delegate J. K. Kalanianaole..... Honolulu New Mexico-Delegate Wm. H. Andrews.. Santa Fe
DEMOCRATIC. Headquarters-Minority conference room, Capitol building, Washington, D. C.
SENATE MEMBERS. Arkansas.......
.......James H. Berry Florida....
.....J. P. Taliaferro Idaho.
.Fred T. Dubois Missouri...
.... William J. Stone Montana....
....... William A. Clark Nevada.....
... Francis G. Newlands Tennessee...
... Edward W. Carmack Texas........
.. Charles A. Culberson Virginia........................ Thomas S. Martin
HOUSE MEMBERS. Alabama.....
....John L. Burnett Arizona.....
..Marcus A. Smith Arkansas....
......John S. Little California....
...James F. English Colorado.....
.John F. Shafroth Connecticut..
.... Henry F. Mooney Delaware....
.. William Saulsbury District of Columbia
..James L. Norris Florida...............
.......... Frank Clark Georgia ...............
......J. M. Griggs Illinois......
..... Henry T. Rainey Indiana....:
... William T. Zenor Indian Territ
......C. H. Tulley Iowa........
.Walter H. Dewey Kansas.....
......A. M. Jackson Kentucky...
.....F. A. Hopkins Louisiana...
Robert F. Broussard Maine.......
........Oliver Otis Maryland.....
......John Gill, Jr. Massachusetts
.John A. Keliher Michigan.:
..Frank H. Hosford Mississippi..
.......E. J. Bowers Missouri....
....James T. Lloyd Nebraska....
....G. M. Hitchcock Nevada.......
....C. D. Van Duzer New Jersey.....
....A. L. McDermott New Hampshire..
George L. Danforth New Mexico......
.........0. N. Marron New York.......
... William H. Ryan North Carolina...
William W. Kitchen North Dakota.
...... Willis A. Joy Ohio...........
......H. C. Garber Oklahoma......
... Roy E. Stafford Oregon........
...John E. La throp Pennsylvania....
.....M. C. L. Kline Rhode Island.
D. L. D. Granger South Carolina ....
.......D. E. Finley South Dakota....
.....0. B. Barrett Tennessee......
...John W. Gaines Texas........
William R. Smith Utah........
....... Henry W. King Vermont....
..Morris F. Atkins Virginia....
..... Robert G. Southall Washington......
.........Bo Sweeney West Virginia...
..... Thomas B. Davis Wisconsin........
... Charles H. Weisse Wyoming...........................J. E. Osborne
CAMPAIGN COMMITTEE. E. J. Bowers, chairman: F. G. Newlands, James T. Lloyd, W. H. Ryan, Henry T. Rainey, D. E. Finley, Charles H. Weisse, John A. Keliher, Frank Clark, Fred T. Dubois, W. R. Smith.
ROOSEVELT DECLINES THIRD TERM. The following statement was issued from the | it. On the 4th of March next I shall have served white house in Washington, D. C., Dec. 11, 1907: three and a half years, and this three and a half
“On the night after election I made the follow years constitute my first term. The wise custom ing announcement:
which limits the president to two terms regards " 'I am deeply sensible of the honor done me the substance and not the form, and under no by the American people in thus expressing their circumstances will I be a candidate for or accept confidence in what I have done and have tried to another nomination.' do. I appreciate to the full the solemn responsi “I have not changed and shall not change the bility this confidence imposes upon me, and I | decision thus announced. shall do all that in my power lies not to forfeit!
NATIONAL CONVENTIONS OF 1908. At a meeting beld in Washington. D. C., Dec. committee of the party at a meeting held in 7, 1907, the republican national committee decided Washington. D. C., Dec. 12. 1907. to hold the national convention of the party in The populist national nominating convention will Chicago June 16, 1908. Harry S. New of Indian- | be held in St. Louis. Mo., April 2, 1908. apolis, Ind.. was chosen chairman.
The prohibition national convention is to be held Denver, Col.. was selected as the place for hold in Columbus, O., but the date had not been fixed ing the 'democratic national convention of 1908 at the time this edition of The Daily News Aland July 7 was the date fixed upon by the nationalmanac and Year-Book was issued.
ILLINOIS NATIONAL GUARD.
Commissioned officers, 571; enlisted men, 8,216. Commander in Chief-Gov. Charles S. Deneen. Equipment Officer-Lieut. Ogden T. McClurg, ChiAdjutant-General-Maj.-Gen. Thomas W. Scott.
cago (1906). Assistant Adjutant-General-Col. Frank S. Dickson. Assistant Paymaster-Lieut. John A. Jameson. The Division (headquarters Chicago)--Maj.-Gen. Chicago (June 11, 1900). Edward C. Young cominanding.
Assistant Payinaster-Lynn Rutter, Chicago (1907). First Brigade (headquarters Chicago)-Brig.-Gen. Signal Officer-Junior Lieut. Stuart G. Shepard D. Jack Foster commanding.
(Nov. 21, 1905). Second Brigade (headquarters Decatur)-Brig.-Gen. Secretary-Junior Lieut. David C. Guest, Chicago Frank P. Wells commanding.
(1906). Third Brigade (headquarters Rock Island)-Brig. Surgeon-Commander David W. Graham (1906). Gen. Edward Kittilsen commanding.
Assistant Surgeons-Lieut. Halford H. Watson. First Infantry (headquarters Chicago)-Col. J. B. Chicago (June 21, 1904); Lieut. William N. Senn, Sanborn commanding.
Chicago (May 9, 1905); Junior Lieut. L. B. AshSecond Infantry (headquarters Chicago)-Col. John ton, Quincy (March 27, 1902): Junior Lieut. HarJ. Garrity commanding.
old K. Gibson, Chicago (May 28, 1902). Third Infantry (headquarters Rockford)-Col. Rich
FIRST DIVISION, CHICAGO. ings J. Shand commanding.
Lieutenant-Cecil Page (June 25, 1903). Fourth Infantry (headquarters Jacksonville)-Col.
Junior Lieutenant-Frank J. Baum (1907).
Ensign-J. Mulholland, Chicago (1907).
SECOND DIVISION, CHICAGO.
Junior Lieutenant-James Davidson (1907).
Ensigu-W. H. Brown (1907).
THIRD DIVISION, CHICAGO.
Lieutenant-Charles A. Dean (1906).
Junior Lieutenant-George H. Jackson (1906).
Ensign-R. J. Tucker (1907).
FOURTH DIVISION, CHICAGO. Signal Corps (Chicago)--Capt. John W. McConnell Lieutenant-William C. Davis (Dec. 7. 1904). commanding.
Junior Lieutenant-F. J. Arnold (1907).
FIFTH DIVISION (ENGINEER), CHICAGO.
Lieutenant-William N. McMunn (1907).
Junior Lieutenant-P. A. Engineer Frederick BarJudge-Advocate General-Col. E. R. Bliss, Chicago.
ker (1906). National Guard and Naval Reserve Association of
Ensign- Assistant Engineer W. H. Brown (1907). Illinois-President, Col. Milton J. Foreman, Chi
SIXTH DIVISION (ENGINEER), CHICAGO. cago; vice-president, Brig.-Gen. Frank P. Wells, Junior Lieutenant-William Sims (1907). Decatur; secretary, Capt. S. R. Blanchard, Ot
MOLINE DIVISION. tawa.
Junior Lieutenant-M. Emil Freeman (Aug. 15,
1904). ILLINOIS NAVAL RESERVE.
Ensign-William A. Darling (Jan. 17, 1905).
Ensign-Frank H. Hyde (May 22, 1905).
ROCK ISLAND DIVISION.
Lieutenant-Fred L. Tubbs (Jan. 21, 1902). Commanding-Capt. Warren F. Purdy, Chicago Junior Lieutenant-Samuel S. Davis (1906). (June 22, 1905).
Ensign-Maurice T. DeKay (1906). Executive Officer-Commander Louis C. Roberts,
Lieutenant-Cyrus Maxfield (1906)
Ensign-Henry A. Potter (1906).
QUINCY DIVISION. Foord, Chicago (June 7, 1904).
Lieutenant-H. E. King (1907). Paymaster-Lieutenant-Commander C. G. Y. King, Junior Lieutenant-William E. Thesen (1906). Chicago (1907).
Ensign-W. A. Johnson (1906). Ordnance Officer-Vacancy.
Ensign-A, Anderson (1907).
DEDICATION OF THE M'KINLEY MONUMENT.
The McKinley mausoleum and monument at Can I "William McKinley, president of the United ton, O., was dedicated Sept. 30, 1907. Addresses States; a statesman singularly gifted to unite the were made by President Roosevelt and Justice discordant forces of the government and mold William R. Day of the Supreme court. Miss Helen the diverse purposes of men toward progressive McKinley, the only sister of the late president, I and salutary action; a magistrate whose poise of unveiled the bronze statue which stands in front judgment was tested and vindicated in a succesof the tomb. On the pedestal of the statue is sion of national emergencies; good citizen, brave this inscription, the words of which are those used soldier, wise executive, helper and leader of men, by President Wheeler of the University of Cali exemplar to his people of the virtues that build fornia in 1901 when he conferred upon President , and conserve the state, society and the home." McKinley the degree of LL. D.:
QUEBEC BRIDGE DISASTER.
Part of the new cantalever bridge across the the contracting company of bridge builders. The St. Lawrence river five miles below Quebec col Icollapsed structure is to be rebuilt and when comlapsed while under construction Aug. 29, 1907, with pleted will be a mile and a half long and will the loss of eighty-four workmen, many of whom have cost $10,000,000. The central span is to be were skilled American mechanics. The financial | 1.800 feet, the longest for a cantalever bridge in loss involved was about $1,000,000, which fell on the world.
LAKES-TO-GULF WATERWAY PROJECT.
Practical steps looking to the construction of a fourteen-foot waterway from Chicago to the Gulf of Mexico were taken in 1907 both by Illinois and by the representatives of many other states. The estimated cost of the whole undertaking is $100,000,000, of which $31,000,000 would be for that part of the canal from the terminus of the Chicago drainage district canal to St. Louis. In March President Roosevelt appointed an inland-waterways commission to consider the whole subject of inland waterways, especially in relation to the conservation of all the great permanent natural resources of the country. The names of the commissioners will be found on page 82.
ACTION TAKEN BY ILLINOIS. At a special session of the Illinois legislature a joint resolution was passed Oct. 16, 1907, by the unanimous vote of both houses for a constitutional amendment to be submitted to the voters at the next general election allowing the state to embark upon the work of building a deep-sea channel from Joliet to Utica; to issue bonds to the amount of $20,000,000 at 4 per cent and to build and maintain dams, power plants and appliances for the development of water power by the canal, the income to go to the state. Power so developed may be leased as the general assembly may provide, but the rent. als shall be revalued every ten years. Another joint resolution was passed at the same time for a commission of fifteen members, five to be appointed by the governor, five by the senate and five by the house, to make an investigation of the deep-waterway problem and to report not later than August. 1908.
MESSAGE OF NOV. 6. This action was taken in response to a general demand by the people of the state and was strongly urged by Gov. Charles S. Deneen. In the meantime a situation had developed which required further legislation by the assembly as clearly explained by the governor in the following special message submitted Nov. 6:
"In view of the present situation of waterway legislation, I deem it proper again to call your attention to the subject.
In my message of April 10, 1907, transmitting to your honorable body the report of the internal-improvement commission, I had occasion to 'recommend that legislation be enacted conferring upon the canal commissioners the powers necessary for the development, use and distribution of this water power, and that no construction of dams by private parties for the creation of water power for their use be permitted without a permit to be granted by the governor upon the approval and recommendation of the canal commissioners, and upon terms making due provision for compensation to the state for the use of any such water power.' Again, in my message of May 10, 1907, in referring to the subject of water-power development. I said: *This power will aggregate many thousand horse power. * * * In this connection I may say that it is most important that private interests should not become intrenched along these streams to the detriment of the rights of the whole people and to the hampering of the great waterway which is to be constructed. This phase of the question appeals for prompt action on your part to prevent the complications and legal difficulties arising from the attaching of vested rights.'
"Concurring with me in appreciation of the importance of the matters to which I had the honor of calling your attention on May 16, prior to adjournment on the same day, a joint resolution was adopted in which the opinion was expressed by your honorable body that "The subject matter of the governor's message [of May 101 was of general interest to the entire state of Illinois and that some legislation should be enacted in the very near future.'
"In conformity with that resolution your honorable body convened Oct. 8 last and adopted a joint resolution providing for a submission to the voters of a constitutional amendment permitting the issuance of $20,000,000 in bonds to provide for the construction of a deep waterway and the development of water power incident thereto.
“The basis for the proposal to submit to the people this constitutional amendment was the ascertained fact that the resulting water power would more than repay the cost of construction of the proposed waterway, provided that the state should preserve its undoubted right to the total water power available along the line of the proposed waterway.
"It is apparent, therefore, that in this situation of the waterways interests of our state an emergency existed which necessitated the prolongation of your session with a view to the early passage of such legislation as would maintain the present status of those interests pending the submission of the proposed constitutional amendment. I think a brief recital of the physical facts of the situation and of the legislative programme in reference thereto will make this plain.
"From the end of the main channel of the sanitary district above Joliet to the head of the lower Illinois river at Utica bridge is a distance of about sixty-one miles. The internal-improvement commission proposes to establish the Joliet level below the power plant of the sanitary district, at 40 feet below the low water of Lake Michigan in 1847, known as Chicago datum, and the low-water level of the lower Illinois river at Utica when the same shall be improved, at 146 feet below Chicago datum, thus fixing the fall from the Joliet level to Utica at 106 feet.
""The internal-improvement commission further proposed to construct the Joliet level with a depth of twenty-four feet, or the same as that of the main channel of the sanitary district of Chicago, and to drop thirty-five feet to the proposed level of Lake Joliet, below the city of Joliet and some five miles below the sanitary district power station. Three levels or pools were proposed between the head of Lake Joliet and Utica, to be created by the construction of three dams; one with a fall of 20 feet at the most available point between the mouth of the Kankakee river and Morris; a second with a fall of 20 feet in the vicinity of Ottawa and the third with a fall of 31 feet near Starved Rock above Utica. These three pools were to be given a preliminary depth of 14 feet, as the channels could be readily deepened later by dredging. The five locks, including the one at the end of the sanitary canal, were projected for the ultimate depth of 24 feet at the outset.
“It was estimated that the four power points between Joliet and Utica would produce 130,000 effective horse power on the turbine shaft when the deep waterway was fully improved and when the main channel on the sanitary district was operated to its full capacity, together with the natural lowwater volume of the river. The value of this power as a going concern is variously estimated at $400 to $500 per horse power, or an aggregate of $52,000,000 to $65,000,000. The annual income is also variously estimated at $2,600.000 to $3,250,000.
“The Joliet power will have an immediate market as soon as it can be developed. This is estimated at 43,000 horse power, with an income of $860,000 to $1,075,000, which is alone sufficient to pay the interest on the entire investment between the end of the main channel and Utica. A revenue of $1,400,000 will be sufficient to pay the interest and provide a sinking fund which will redeem the cost in twenty years on a 4 per cent basis, and such a revenue will be insured as soon as the works can be completed. The entire project is, therefore, of such a character that the cost of the works can be paid out of the revenue by a mere use of the credit of the state and without burden to the people.
"In order to produce such a beneficial result and insure the construction of the deep waterway in the best possible manner, it becomes necessary to remove all encroachments upon or within the stream.
"The state owns and controls the major part of the interests in the Joliet level and the remainder is divided between the holdings of the sanitary district of Chicago and the Economy Light and Power company, aside from some private property which may be required.
"The Economy Light and Power company is now
insun best muss eneroa
into the message of The subsexpressing was