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16 for the reduction in stage during minor floods. To show how little this greet expenditure of money will affect big floods, the report says that the maximum nood of record will be reduced only one tenth of a foot at the largest city in the drainage area. Figures such aa these are 60 far inEide of the renge of error in tbe calculations as to be meaningless. The actual result might well be an increase in stage for the same nood. Every objection listed in this paper to multi-purpoee dams for flood control purposes is applicable to this project. An exlllllination of the 2l. valley projects representing a total of 114 dams in the recent Flood Control and Rivers end Harbors bills which included flood control in the list of their stated purposes, shows that not a sillgle one of these enterprises would sfford complete protection against noods. On the contrary, the flood control present was in some cases infinitesimal. Every one of these valley plans in respect to their flood control features are open to all of the objec- tions listed in this paper. In each case, the great annual loss in' agricultural output by reason of the permanent flooding of the best farm lend in the area and the economic loss due to the displacement of a large number of families and small businesses, is ignored as well as the all important it8lll of taxes. There are other omissions in the economics used to justify multi-purpose enterprises. For eJUlJnple, the formulae used for the value of power are far from realities, as is MOY.-n by Chart nv. This, on an equitable basis at preeent-day interest rates and without taxes shows: 1. The actual cost of electric power from a multi- purpose dam now in service. 2. The foI'lllula now being used in the 88me area as the value of steam-electric power in order to justify more 1IlUlt.1-purpose dams.