| PAGE |
|---|
| Introductory | [1] |
| Reasons for Valuation | [2] |
| As a Matter of Public Interest | [2] |
| As a Matter of Corporation Necessity or Expediency | [3] |
| Difficulties of Accurate Valuation Encountered | [4] |
| The Relation of Public Service, or Quasi-Public Corporations, to the People | [6] |
| Supreme Courts | [8] |
| Regulation and Legislation | [10] |
| Explanation of Terms | [16] |
| Appraisal or Valuation | [16] |
| Cost of Reproduction | [16] |
| Cost, or Original Cost | [16] |
| Present Value, or Present Physical Value | [16] |
| Non-Physical, or Intangible, Value | [17] |
| Elements of Final Value | [18] |
| The "Physical Property" Element of Value | [18] |
| The "Non-Physical" or "Intangible" Elements of Value | [18] |
| True Method of Valuation | [19] |
| The Michigan State Appraisals | [20] |
| Organization | [20] |
| Administration | [20] |
| Civil Engineering | [20] |
| Mechanical Engineering | [20] |
| Telegraphs | [20] |
| Telephones | [21] |
| Vessel Properties | [21] |
| Methods of Procedure | [21] |
| Difficulties | [22] |
| Lack of Complete Understanding on the Part of the State Officials | [22] |
| The Attitude of the Railroad Corporation Managers | [22] |
| The Confused Condition of the Records | [22] |
| Forms Used | [23] |
| Board of Review | [36] |
| Office and Field Methods | [37] |
| Making the Inventories | [38] |
| Office Inspection as a Check on Field Work | [39] |
| Field Inspection | [40] |
| Special Work on the Chicago and Northwestern Railway | [40] |
| Special Valuations | [41] |
| Computation | [42] |
| Filing in Office | [42] |
| Computation Tables | [43] |
| Unit Prices | [43] |
| Classification | [45] |
| Compilation | [46] |
| Special Problems of the Mechanical Department | [46] |
| Assignment of Value to States | [46] |
| Freight Car Inspection | [47] |
| Locomotives | [48] |
| Vessels | [48] |
| Overhead Charges | [49] |
| Engineering | [49] |
| Legal Expense | [49] |
| Organization Expense | [49] |
| Interest | [49] |
| Discount on Bonds | [49] |
| The Charge of Ten Per Cent. for Contingencies | [50] |
| Right-of-Way Values | [52] |
| Comparison of Country Land Values | [59] |
| Average Price per Acre for Village Land | [63] |
| Comparison of Valuation Figures with Actual Considerations | [64] |
| Non-Physical Values | [64] |
| History and Results of the Michigan Appraisal | [67] |
| Market Value of Stocks and Bonds | [67] |
| Error in Published Reports as to Michigan Work | [67] |
| The Cost of the Work | [69] |
| Grand Summary of Railroad Appraisal of 1900 as to Seventy-eight Incorporated Railroads | [70] |
| The Result of the Michigan Appraisal | [70] |
| Railroad Appraisal of the State of Texas | [71] |
| Authority for the Work | [71] |
| Method of Physical Appraisal | [72] |
| The Result of the Texas Work | [73] |
| Railroad Appraisal of the State of Wisconsin | [75] |
| The Minnesota State Railway Appraisal | [77] |
| Land Valuation | [78] |
| Forms Used in the Compilation of Information | [79] |
| The Washington State Appraisal | [79] |
| The Valuation of Traction Properties in Chicago | [94] |
| The Commercial Valuation of Railway Operating Property of the Department of Commerce and Labor | [97] |
| The Extent of Appraisal Practice | [99] |
| Review of Some Methods of Valuation, and Some of the Criticisms on the Michigan Appraisal | [101] |
| The Determination of Elements of Value and Methods of Valuation by the Courts | [112] |
| Physical Values and Methods for Their Determination | [128] |
| The Preliminary Study | [132] |
| The Field Inspection | [135] |
| The Computation | [136] |
| Classification of Properties | [137] |
| Unit Values | [138] |
| Right of Way and Real Estate | [139] |
| Depreciation | [141] |
| Immaterial Elements of Physical Property | [142] |
| Organization | [143] |
| Legal Expense | [143] |
| Engineering | [143] |
| Administration | [143] |
| General Expense | [143] |
| Discount | [145] |
| Working Capital | [145] |
| Contingencies | [145] |
| Design | [146] |
| Adaptation | [146] |
| Apportionment of Values | [147] |
| Terminals | [147] |
| Development of the Art | [148] |
| The Preparation of the Final Figure | [150] |
| Non-Physical Values and Methods for Their Determination | [150] |
| "Going Concern" Value | [154] |
| Developed Business | [155] |
| Cost of Handling Business | [155] |
| Good Will and Established Organization | [155] |
| Franchise Values | [156] |
| Conclusions Regarding Non-Physical Rules for Determination | [165] |
| Conclusion | [165] |
| Bibliography | [168] |
| Railroad Valuation | [168] |
| The Chicago Appraisal | [169] |
| The Michigan Appraisal | [169] |
| The Minnesota Appraisal | [169] |
| The Texas Appraisal | [169] |
| The Washington Appraisal | [170] |
| The Wisconsin Appraisal | [170] |
| Water-Works Valuation | [170] |