You will see from this that the great desideratum of the central station system is, from the investors' point of view, the necessity of getting customers for your product whose business is of such a character as to call for a low maximum and long average use. This question of load factor is by all means the most important one in central station economy. If your maximum is very high and your average consumption very low, heavy interest charges will necessarily follow. The nearer you can bring your average to your maximum load, the closer you approximate to the most economical conditions of production, and the lower you can afford to sell your current. Take, for instance, the summer and winter curves of the Chicago Edison company. The curve of December 20, 1897, shows a load factor of about 48 per cent.; the curve of May 2, 1898, shows a load factor of nearly 60 per cent. Now, if we were able in Chicago to get business of such a character as would give us a curve of the same characteristics in December as the curve we get in May; or, in other words, if we could improve our load factor, our interest cost would be reduced, an effect would be produced upon the other items going to make up the cost of current, and we probably could make more money out of our customers at a lower price per unit than we get from them now. Many schemes are employed for improving the load factor, or, in other words, to encourage a long use of central station product. Some companies adopt a plan of allowing certain stated discounts, provided the income per month of each lamp connected exceeds a given sum. The objection to this is that it limits the number of lamps connected. Other companies have what is known as the two-rate scheme, charging one rate for electricity used during certain hours of the day and a lower rate for electricity used during the balance of the day, using a meter with two dials for this purpose. Other companies use an instrument which registers the maximum demand for the month, and the excess over the equivalent of a certain specified number of hours monthly in use of the maximum demand is sold at greatly reduced price. The last scheme would seem particularly equitable, as it results in what is practically an automatic scale of discounts based on the average load factor of the customers. It does not seem to be just that a man who only uses your investment say 100 hours a year should be able to buy your product at precisely the same price as the man who uses your investment say 3,000 hours a year, when the amount of money invested to take care of either customer is precisely the same. Surely the customer who uses the product on an average 30 times longer than the customer using it for only 100 hours is entitled to a much lower unit rate, in view of the fact that the expense for interest to the company is in one case but a fraction per unit of output of what it is in the other. This fact is illustrated by the interest columns on the