[33]. Michigan Central vs. Powers Record, p. 500.

[34]. Second Annual (1888) Report of the Interstate Commerce Commission, p. 64.

[35]. Letter of Hon. Martin A. Knapp, Chairman of the Interstate Commerce Commission, to Hon. Stephen B. Elkins, Chairman of the Senate Committee on Interstate Commerce, covering a then pending bill providing for railway valuation, March 25th, 1908.

[36]. Pages [18]-[19].

[37]. C., C., C. & St. L. Ry. vs. Backus, 154 U. S., 445.

[38]. Proceedings of the 22d Annual Meeting of the American Economic Association.

[39]. Page [11].

[40]. Decision and order of the Railroad Commission of Wisconsin, issued August 3d, 1909, in the case of Hill et al. vs. Antigo Water Company, pp. 84-85.

[41]. Page [139].

[42]. Shortly after the Kansas City Water Company case and the classic decision of Mr. Justice Brewer, and since developed by the suggestions of a number of engineers, among them John W. Alvord, M. Am. Soc. C. E., whose admirable article on "Going Value of Water-Works," presented at the Milwaukee Convention of the American Water-Works Association, held in 1909, is familiar to all students of water-works valuation.