$18,378.02 for lands, buildings (including power plants), parks and other permanent property, making a total average cost of $74,769.70 per mile of main track.

The following table gives the average cost, classified as above, and also the average capital investment (amount of outstanding capital stock, premiums and funded debt), per mile of main track, as returned by all of the companies at the end of each of the last nine years and of the nine months ended June 30, 1910:

Cost and Capital Investment per Mile of Main Track, 1909–1918.

The total income of the companies from all sources for the year ended December 31, 1918, was $48,695,166.29, and the total expenditures (including dividends declared) for the same period were $53,994,917.53,- making a net deficit of $5,299,751.24 to be deducted from the surplus of previous years.

The sources of total income, and the amount derived from each source as compared with 1917, are shown in the following table:

The items of total expenditure, with the increase and decrease in each item over the previous year, are shown in the following table:

Total Expenditures, December 31, 1917 and 1918.

REVENUES AND EXPENSES OF OPERATION.

The operating revenues and operating expenses the last year are classified and compared with those of the previous year in the following table:

Operating Revenues and Expenses, December 31, 1917 and 1918.

The following table gives the operating revenues, the operating expenses, the ratio of operating expenses to operating revenues, and the net revenue from operation for each of the last nine years and for the nine months ended June 30, 1910:

Ratio of Operating Expenses to Operating Revenues, 1909-1918.

The following table gives the ratio of operating expenses (divided into the general operating accounts) to the revenues for the year ended December 31, 1918:

operating

The following table gives for each of the last nine years and for the nine months ended June 30, 1910, the average operating revenues, operating expenses and net operating revenue per total mile of main track owned:

1909,

1910,1

1911,

1912,

1913,

1914,

1915,

1916, 2

Revenues and Expenses per Mile of Main Track Owned, 1909-1918.

1917,2 1918,

1 For nine months ended June 30, 1910.

2 Year ended December 31.

The following table gives the cost of operating expenses (divided into the general operating accounts) per car mile. The cost of power per car mile is based on the actual cost of power less power sold.