With cable these figures would hold true, but more work is required. A greater loss is entailed. Since but 32 per cent. is recovered, the figure for 1 horse power on the track would be 2.86 horse power. At the above rates this would be $110 per horse power per year.
Our ratio here is: Electricity, 1; cables, 1.71; horses, 3.38.
This is by no means the whole of the story, for just here must we compute the depreciation and hence repairs due to time. Let us take the road figured on heretofore, and make three tables.
In the following I have under each system taken the estimated costs, allowed a fair per cent. for depreciation, summed up and obtained the ratios.
Any figure then like interest, etc., which would not affect ratios, I have omitted.
| ELECTRICITY. | |
| Conductors, 1 per cent. | $160.00 |
| Engine and dynamos, 5 per cent. | 525.00 |
| Cars, 10 per cent. | 5,280.00 |
| Roadway, 10 per cent. | 2,007.00 |
| Total. | $7,972.00 |
| HORSES. | |
| Horses and appurtenances, 20 per cent. | $7,780.00 |
| Cars, 10 per cent. | 2,880.00 |
| Roadway, etc., 10 per cent. | 3,500.00 |
| Total. | $11,740.00 |
| CABLES. | |
| Cable, 50 per cent. | $7,500.00 |
| Engine and boiler, etc., 5 per cent. | 1,000.00 |
| Cars, 10 per cent. | 4,320.00 |
| Roadway, 10 per cent. | 3,500.00 |
| Total. | $16,320.00 |
These totals put in ratio are as follows: Electricity, 1; cable, 2.04; and horses, 1.47.
Placing all the ratios obtained in a table, we have the following:
| Electricity. | Horses. | Cables. | |
| Depreciation. | 1 | 1.47 | 2.04 |
| Operating expenses. | 1 | 3.38 | 1.71 |
| Construction of tramway. | 1 | 0.53 | 2.09 |
| Motors, cars, etc. | 1 | 1.63 | 1.21 |
| Cars. | 1 | 0.54 | 0.81 |
| Totals. | 5 | 7.55 | 7.86 |
| Average. | 1 | 1.51 | 1.57 |
Now this table must stand by itself for what it represents, and no more. It will be noted that I have not introduced the subject of men. This would unquestionably show favorably for both electricity and cable. Again, note, please, that this table does not represent your profits exactly as per ratios. I have to get them operated the same number of cars and under the same headway. Now with either electricity or cable a higher rate of speed can be maintained with but a very small proportionate increase of cost. This means quicker time, more trips, and greater receipts.