For electricity, allowing 35 per cent. loss in transmission, etc.,
1.54 horsepower would be the work done by engine to get 1 horse power
on the track. There are to-day plenty of steam plants producing 1
horse power for work at from $30 to $50 per annum. Take the average,
$40. With electricity then $65 would well represent the price of
producing 1.54 horsepower.

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