. Annual report of the Public Service Commission, and the ... annual report of the Board of Railroad Commissioners . eserved for further consid-eration in connection with subsequent action on this case. Theinterest rate upon the bonds is 4| per cent. During the past 20years dividends of 2 per cent per annum were paid from 1898 to1905, 4 per cent in 1906, 5 per cent in 1907 and 6 per cent from1908 to 1917, inclusive. An extra dividend of 2 per cent, how-ever, was paid in 1916. The accounts of the company for the past six years have beenexamined by the accountants of the Commission and no itemsw
. Annual report of the Public Service Commission, and the ... annual report of the Board of Railroad Commissioners . eserved for further consid-eration in connection with subsequent action on this case. Theinterest rate upon the bonds is 4| per cent. During the past 20years dividends of 2 per cent per annum were paid from 1898 to1905, 4 per cent in 1906, 5 per cent in 1907 and 6 per cent from1908 to 1917, inclusive. An extra dividend of 2 per cent, how-ever, was paid in 1916. The accounts of the company for the past six years have beenexamined by the accountants of the Commission and no itemswere found which seemed to call for serious criticism. The prop-erty has been well maintained and the provision for depreciationhas been generous. On December 31, 1917, the depreciation re-serves amounted to $258,280, in addition to a profit and loss sur-plus of $143,354. Until recent years it was the custom of thecompany to write down the value of the property, rather than toset up a reserve, and the following table shows the original costof the equipment as compared with its present book value: — Book Locomotives,Cars, .Ferry boats,Total, . $389,434 89 During the past five years revenue has increased very slowlyand operating expenses more rapidly, as follows: — 1933. 1917. Increase. Per Cent. Operating revenue, ....Operating expenses, .... $1,003,492 45879,609 55 $1,048,142 56923,439 24 $34,650 1143,829 69 The comparatively small increase in expense thus shown, how-ever, is misleading, since the cost in 1917 was only kept down bya reduction in maintenance expenditures. In 1913, $262, expended for this purpose and in 1917 but $156, Theitem, Conducting Transportation, increased in the same periodfrom $559, to $723,, or nearly 30 per cent. In the calendar year 1917 the company failed by $1, toearn the dividends of 6 per cent which it paid. The companybases its claim for increased rates upon the advance during the 108 APPENDIX
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