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Rh per year, it would have been utterly impossible to have increased the value of the manufacturing business $440,000,000 a year, and to have found a market for the products, which increased from $5,369,579,191 in 1880 to $16,866,706,985 in 1905.

It may be urged that a development of waterways would provide needed transportation. The waterways, if very highly developed, would furnish a limited amount of transportation for narrow strips of country adjacent thereto, but trade could not be carried to any extent for more than a few miles away from the water. Climate in many parts of the country would close the waterways for a considerable period of the year. The railroads do not object to intelligent and economical use of waterways under the same conditions as govern the ownership and operation of railroads.

The American railroad-owners and managers have done a great work in creating the great transportation machine as it exists to-day, and they can progress still further and Rh