Mr. Thompson says[[9]]:
"Another significant fact is that only a short time before the Stock and Bond Law became effective about 39% of the railroads in Texas were in the hands of receivers. To-day there is not a mile, of the 11,300 miles in Texas, in the hands of receivers, and, with a few unimportant exceptions, no railroad has been in the hands of receivers since the law went into effect. The fact is that there has been no piece of legislation, in this or any other State of the Union during the past decade, which has been so fruitful of results and beneficent in its action, alike to the railroads and the people."
[7]. Transactions. Am. Soc. C. E., Vol. LII. p. 328.
[8]. Transactions. Am. Soc. C. E., Vol. LII. p. 346.
[9]. Ibid., p. 364.
Railroad Appraisal of the State of Wisconsin.
The State of Wisconsin made a valuation of railroad properties of the State as of June 30th, 1903, the work being under the direction of W. D. Taylor, M. Am. Soc. C. E. The plan adopted, the methods of work, and the general result of independent studies conducted by Professor Taylor have been described so fully in various technical papers and reports elsewhere listed, that a very brief statement of points of difference between the Michigan and Wisconsin works appears to be all that is necessary here.
Professor Taylor associated with him for consultation Professor Cooley, of Michigan, made a careful study of methods used in earlier appraisals, used the Michigan blank forms as a basis for the preparation of his own, and thoroughly outlined his general plan and the scope of the information desired before actually organizing his staff or commencing work.
In connection with the earlier stages of the work, conferences were held with the officials of the principal railways of the State, and developed a thorough understanding and plans for co-operation between the appraiser and the roads. As a result of these conferences, each large railway company of the State, acting through its heads of departments, made an inventory and appraisal of its own property in the State, using therefor the forms and blanks prepared by the appraiser. At the same time, the appraiser organized a considerably smaller force than was used in Michigan, made his own office and field inspection, and secured data to complete the appraisal on the small roads, in which their own engineering or operating departments were not organized so as to do the work according to plan.