this excess pays a profit over the entire cost of
horse-movement, leaving the _Baxter_ in debt for her entire cost of
movement, for her entire time, and an excess in addition.

Again, suppose _Baxter's_ were multiplied and _reduced to horse-boat
regulations_, then she would have to make eleven trips to deliver at
tidewater the freight of nine horse-trips--as 11 x 7,200 = 9 x 8,800. This
she cannot do in the _same time_, nor can she do it at the _same expense_.
Her necessity for the two extra trips would destroy her economy and
practicability, or her competitive abilities as against horses.

Hence she is obviously and largely deficient in economy as compared to
first-class horse-boat.

The _Wm. Newman_ run 5,000 miles from May 17th to November 7th, carrying in
the aggregate 2,330 tons of freight. Her time is 5-2/3 months; her mileage
is five round trips from Buffalo to and from New York, by the canal 1,000
miles round, each; her freightage is (5 x 210 or) 1,050 tons down and (5 x
120 or) about 600 tons up, total 1,650 tons This amount carried indicates a
towage of two boats down with full freight, and up, through the canal, with
half freight; all of which make her aggregate tonnage.

If we allow one and two-thirds months for her towing trip, and leave four
months for her four round trips, or a run of 4,000 miles, delivering in New
York (4 x 210 or) 840 tons, and in Buffalo (4 x 120 or) 480 tons, total
1,320 tons, it may be supposed nearly correct in the absence of details.

A horse-boat, in same time and circumstances, would have made the 4,000
miles and have delivered in New York (4 x 244 or) 976 tons, and at Buffalo
(4 x 120 or) 480 tons, total 1,456 tons. Excess of down freight 136 tons,
equivalent to 4,850 bushels of corn. To make this wantage of freight good,
requires nearly two-thirds of a full cargo, or of a full round trip. Hence,
she is obviously and largely deficient in economy, as compared to a
first-class horse-boat.

_Therefore steam in 1872 is less economical than horses_.

HORSE-BOAT TIMES.

Under another view of the case we have the following relations of horses
and steam to show that steam in 1872 is less economical than horses.

The captain of the _Vosburg_ states that he left West Troy in Oct.,
carrying over 100 tons of freight, after the _Baxter_ had left there for
Buffalo, _and with two mule teams_, alternating one with the other every
six hours, he arrived at Buffalo in advance of the _Ba