es, 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.

Evidently, as a financial investment, even if cost of maintenance and
operating is greater, the cable is to be preferred to horses.

How is it with electricity? The ratios of expenses, etc., stand for
themselves, the law of speed is far simpler than with cable, bringing
even greater receipts, and again in practice the saving of coal in
proportion to work done on track day or night is immensely more
economical than with the cable. This point will be touched upon later.

6th. Individual characteristics and advantages.

Under this head a few of the salient features of each system will be
mentioned. As the possibilities and limitations of the horse railroad
system are, however, so well known, it is needless to go over them. I
therefore will confine myself to the electric and cable systems.

With electricity single track lines, crooked streets, all descriptions
of turnouts, crossings, branches, etc., are as easy to construct and
operate as with horses. With the cable system they are either
impossible or enormously expensive.

With electricity the line is not a unit, so that the complete stoppage
of the whole line is absolutely impossible. With cable it is a unit
and it is possible.

With electricity the life of the conductor is infinite; with cable,
two years.

With electricity, and the imp