. Electric railway journal . 6 per cent of its total oper-ating revenue to take care of this item. Since injuriesand damages show a general trend toward an increase,it is scarcely to be expected that any radical reductioncan be looked for in the account. The expenses for the express department have showna steady increase since 1908, but the department ismore than self-supporting and the revenues have in-creased more rapidly than the expenses. The percentage that the total taxes were to the oper-ating revenue was in 1908. The percentagereached its lowest point of in 1911, from whichit
. Electric railway journal . 6 per cent of its total oper-ating revenue to take care of this item. Since injuriesand damages show a general trend toward an increase,it is scarcely to be expected that any radical reductioncan be looked for in the account. The expenses for the express department have showna steady increase since 1908, but the department ismore than self-supporting and the revenues have in-creased more rapidly than the expenses. The percentage that the total taxes were to the oper-ating revenue was in 1908. The percentagereached its lowest point of in 1911, from whichit increased every year but one up to 1917, when itmounted to If the percentage were based on therevenue obtained from passengers only, it would , which means that of every nickel taken in practi-cally 10 per cent or cent has to be paid out in express the total change over ten years, the taxes in1917 were 89 per cent greater than in 1908, althoughthe operating revenue had increased only 41 per cent. RHODE ISLAND—FIG. 1—AVERAGE COST OF POWER PER KILO-WATT-HOUR FOR LAST DECADE 818 ELECTRIC RAILWAY JOURNAL [Vol. 50, No. 18 and the cost of reproduction of all companies only 28per cent. The growth of the tax burden is shown inFig. 3. The engineers prepared a statement of rentals paidfor all leased properties, their outstanding securitiesand total cost of reproduction adjusted to the time theywere taken over, togetherwith the per cent returnthat the rentals were of boththese values for the last tenyears. The average rate ofreturn on securities in 1917was per cent, and onthe cost of reproduction cent. The highest ratesin the decade were percent and per cent re-spectively. These rates, theengineers state, indicate thateither on total securities orcost of reproduction therentals are moderate as com-pared to those for similarproperties elsewhere. Fig. 4 shows the relationbetween value, income, ex-penses, car-miles and track-miles in re
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