does not keep pace with the increase in population, i.e. property in this case is more stable and unchangeable than population. On the other hand, in a new region never having felt the influence of a commercial route such as the Erie Canal, property within about six miles of the route increases as rapidly and even more rapidly than the population. This increase of property is not confined within the six mile limit, but extends much farther away from the route than it does in an old well-settled region having previously felt the influence of a commercial route. Thus the extension of a waterway into new fields is beneficial to the region along the banks of the old waterway, but affects the territory a distance from the route little or none at all; while a waterway extended into a new region is of very great benefit to the region immediately along the route and it is also beneficial, to a less degree, to the remote regions. It must be remembered that a waterway is different from a railroad, in that material can be shipped at almost any point, while a railroad has certain stations were material can be shipped; thus a
