One of the most important items to be considered is the "cos_The Valuation of Public Service Corporation Property Transactions of the American Society of Civil Engineers, vol. LXXII, June, 1911, ASCE 1190

progress," which is sometimes referred to as "abandoned property," or as

"obsolescence." For illustration, in the revision of the grade and line

of a road, whereby the capacity of existing track is doubled, the

present instructions of the Interstate Commerce Commission require the

charge to operating expenses of the cost of that portion of the old line

no longer continued in use. If, however, the doubling of the capacity of

the line be secured by the construction of a second main track, the

entire cost of the new work can be charged to capital account and paid

for from the proceeds of the sale of capital securities. The latter

method becomes the easier to finance, but what of the comparative

results? Say, for example, the original cost of material of existing

property, including equipment, stations, yards, etc., was $10,000,000,

that the first main track cost $1,000,000, and that to double the

capacity of the main track would require a present expenditure of

$1,000,000, either for (1) a reduction of the grades and curves of the

first main track, or (2) for the construction of a second main track.

The increase in capacity is identical, but in the first case the cost of

train service to handle the tonnage is decreased 50%, and some reduction

in maintenance is secured, while in the second case no economies of

operation are effected, but the expenses may be increased. Undoubtedly,

Road (1) would be much more favorable than Road (2), yet the Commission

says a portion of the cost of perfecting Road (1) must be charged to

operating expenses, and cannot be capitalized. What general manager will

dare recommend such extensive improvements when the charging of a

portion of the cost to operating expenses will show the dividend as

unearned, and thus render the securities of the company no longer legal

investments for savings banks, trustees of trust funds, etc.? As an

alternative, he might permit the old line to remain, and by placing

thereon a few cars occasionally, could consider it as still in use, and

carry it in his capital account, thus avoiding the charge to operating

expenses. Thus, again, is it the method and not the result that is

controlled by these instructions. What should be done is to permit the

cost to be charged against the surplus accumulated during the years in

which the property to be abandoned was used. This would not affect

adversely the operating income of the year, and would not impair the

credit of the Company.

Plainly, the instructions of the Commission tend to compel a method that

is contrary to the economic law.

Obviously, any requirement as to valuation which would impose on the

carrier such a result as that shown would compel the continuance of the

less efficient service and prevent the progress which such replacements

express. The railway business is a continuing one, and an improvement

ought to be made whenever it can earn income, not only on its own cost,

but on that of the property abandoned, even though it cannot afford

income sufficient to wipe out the whole capital charge for the latter in

a single year. There is no reason for requiring each item of capital to

earn its cost in addition to its interest during its individual life.

Such a requirement would cry halt to progress. It is reasonable and

proper that such charges to operation should be made as far as the rapid

development of the art of transportation permits, and such is the

practice of every well-managed railway; but, to make the practice

uniform and compulsory, permitting no exceptions and allowing no scope

for individual judgment, is quite another thing. When the conditions

warrant such a course, the railway ought to be permitted to adjust its

accounts in a manner of which the following is typical:

Replacing. Not

replacing.

Capital account $19,750 $5,000

Additional net operating income attributable to 1,000 250

this item

Charge to operation for abandoned property 250

______ _____

Operating gain $750 $250

A valuation adjusted in recognition of this developmental need would

include, in addition to the item of $15,000 for the replacement cost of

the new locomotive, an item representing "cost of progress" of $4,750

for the former locomotive. It is not to be overlooked that in actual

practice it would be easy to obtain this allowance by cumbering the

yards and round-houses with obsolete and superfluous equipment. The plan

of Professor Adams places a premium on such a course, and there are many

conditions under which it could and would be followed where it would be

less obvious and more detrimental. For example, it might be that an

additional track over a steep grade and a new alignment which would

avoid it would cost the same. The new alignment would give greater

operating efficiency, but it would require the charging off of the old

line; the new track over the grade would be more costly to operate, but

would leave the apparent capital unimpaired. It is such possibilities as

this that are giving pause to the investors who would otherwise supply

funds for the needed development of the American railway system. How far

this development has so far required the abandonment of property capable

of further use and having genuine capital value is indicated by

available records. The aggregate capacity of all equipment has increased

much faster than the increase in number of locomotives and cars. The

reports of the Interstate Commerce Commission only show this information

for the years 1902 to 1908, both inclusive. The average tractive power

of locomotives in 1908 was 26,356 lb., as compared with 20,485 lb. in

1902, being an increase of 5,871 lb., or 28.7% per locomotive. The

average capacity of freight cars in 1908 was 35 tons, as compared with

28 tons in 1902, an increase of 7 tons, or 25 per cent. Undoubtedly, the

average capacity of locomotives and the average capacity of freight cars

in 1908 was not less than 60% above the average capacity of 1890.

L. F. Loree, M. Am. Soc. C. E., President of The Delaware and Hudson

Company, as Reporter (For United States) to the International Railway

Congress, held in Paris in 1900, communicated with all roads in the

United States then operating 500 miles of line, or more, relative to the

capacity of cars actually in service. The result is shown in Table 12.

As a result of these improvements in roadway and equipment, the average

number of tons of freight handled per freight train in 1908 was 351.80

tons, as compared with 296.47 tons in 1902, an increase of 55.33 tons,

or 18.6 per cent. The average tons per freight train in 1908 was 351.80,

as compared with 175.12 in 1890, an increase of 176.68 tons, or 100.8

per cent.

These improvements have not been solely or mainly for the benefit of the

carriers, though there is no question that they have been prompted by

railway self-interest. The new car of 40 tons capacity is but 20% longer

than the old car of 13 tons, which means a great augmentation of the

efficiency of the private sidings and tracks of the manufacturers, as

well as the side tracks and terminals of the railway. Who would retrace

the steps of progress of the last decade or of the last two decades? Yet

the project to tie railway earnings to replacement cost, which makes no

allowance for the costly steps in such progress, is in reality a project

to tie them to their present state of development and to prohibit future

progress. Nor can it be forgotten that it is an inviolable law of Nature

that that which does not go forward must go backward—nothing can remain

stationary.

The story of the crude millionaire who wanted to know the value of the

"plant" of Oxford University, in order that he might duplicate it, is

not inappropriate, and ought to have some significance to those who

imagine that replacement cost would tell the story of railway values. Do

they imagine, because they are ignorant of them, that a great railway

organization carries no traditions of loyalty, of persistence in the

face of overwhelming difficulty, of generous recognition of public needs

and rights, of courageous adherence to the real interests of its

shareholders that inspire its personnel and provide a genuine _esprit du

corps_? Do they find no superiority in one organization over another, no

systematic economies of method, no especial adaptation to economic needs

that has value more genuine than any replaceable element, and is at

least equally worthy of compensatory return?

TABLE 12.—CLASSIFICATION OF FREIGHT

EQUIPMENT ACCORDING TO THE CAPACITY.

═════╤═════════╤═══════╤════════╤════════╤═════════╤═════════╤═════════

Year.│ No. of │ Five │ Ten │Fifteen │ Twenty │ Twenty- │ Thirty

│ Roads │ tons │ tons. │ tons. │ tons. │ five │ tons.

│Reporting│ and │ │ │ │ tons. │

│ (see │under. │ │ │ │ │

│ note). │ │ │ │ │ │

─────┼─────────┼───────┼────────┼────────┼─────────┼─────────┼─────────

1880 │A-7 │ 38,399│ 131,988│ 447,270│ 89,420│ │

│ 7 │ 38,399│ 131,988│ 447,270│ 89,420│ │

1890 │A-7 │ 16,450│ 71,982│ 182,175│ 651,740│ 441,475│ 548,670

│B-13 │ 16,450│ 72,082│ 240,900│ 933,040│ 624,125│ 638,100

1893 │A-7 │ 1,145│ 34,088│ 144,795│ 629,780│ 734,350│ 842,640

│C-13 │ 1,145│ 34,238│ 255,795│ 993,840│ 947,500│1,112,070

1895 │A-7 │ 355│ 13,978│ 120,435│ 589,140│ 743,975│1,011,030

│D-15 │ 355│ 20,863│ 245,709│1,186,320│1,103,100│1,493,700

1897 │A-7 │ 20│ 6,462│ 92,585│ 555,980│ 761,150│1,224,030

│E-16 │ 20│ 9,407│ 163,189│1,029,756│1,089,300│1,822,530

1898 │A-7 │ │ 1,540│ 94,275│ 523,080│ 721,425│1,314,840

│F-27 │ 63,565│ 9,491│ 418,551│2,190,360│1,654,850│4,831,170

═════╧═════════╧═══════╧════════╧════════╧═════════╧═════════╧═════════

═════╤═════════╤═══════╤══════╤══════╤═══════╤═══════╤═════════╤═══════

Year.│ No. of │Thirty-│Forty │Forty-│ Fifty │ Total │ Total │ Aver-

│ Roads │ five │tons. │ five │ tons │number │capacity,│ age

│Reporting│ tons. │ │tons. │ and │ of │in tons. │capac-

│ (see │ │ │ │ over. │ cars. │ │ity, in

│ note). │ │ │ │ │ │ │ tons.

─────┼─────────┼───────┼──────┼──────┼───────┼───────┼─────────┼───────

1880 │A-7 │ │ │ │ │ 53,733│ 707,077│ 13.2

│ 7 │ │ │ │ │ 53,733│ 707,077│ 13.2

1890 │A-7 │ │ 4,000│ │ 50│ 91,281│1,916,492│ 21.0

│B-13 │ │ 4,000│ │ 50│119,513│2,528,747│ 21.2

1893 │A-7 │ │ 4,000│ │ │103,315│2,390,798│ 23.4

│C-13 │ │ 4,000│ │ │145,440│3,848,588│ 23.0

1895 │A-7 │ 70,000│ 4,000│ │ 50│104,496│2,652,963│ 24.4

│D-15 │ 70,000│ 4,000│ │ 50│171,307│4,074,217│ 23.8

1897 │A-7 │ 74,865│ 4,400│ 450│ 150│108,118│2,720,042│ 25.2

│E-16 │183,190│ 4,400│ 450│ 150│174,315│4,322,432│ 24.8

1898 │A-7 │ 75,320│ 4,480│ 270│ 50,950│108,559│2,786,180│ 25.7

│F-27 │ 88,515│ 8,840│ 270│104,700│385,765│9,409,918│ 24.4

═════╧═════════╧═══════╧══════╧══════╧═══════╧═══════╧═════════╧═══════

Note:—A—Figures cover only these roads:

Reporting for 1880 and all other years, viz.:

Allegheny Valley

B. & M. R.

C. of G.

G. R. & I.

Penn. Lines W.

Phila. & Reading

Wis. Cent.

B—Includes roads under "A," also:

Ches. & Ohio

C. G. W.

M. K. & T.

N. D. & C.

Phg. & Western

Vandalia

C—Includes roads under "A," also:

Ches. & Ohio

C. G. W.

Mich. Cent.

M. K. & T.

N. D. & C.

Phg. & Western

D—Includes roads under "A" and "B," also:

Mich. Cent.

Southern Ry.

E—Includes roads under "A" and "C," also:

C. R. I. & P.

Seaboard Air Line

Southern Ry.

F—Includes roads under "A" and "B," also:

Ann Arbor

B. & M.

C. R. I. & P.

C. St. P. M.& O.

Grand Trunk

Lehigh Valley

Mich. Cent.

O. R. R. & Nav.

Penn. R. R.

P. B. & L. E.

Seaboard Air Line

So. Pacific

Southern Ry.

TABLE 13.—STATEMENT OF RETURN ON INVESTMENT IN ROAD, EQUIPMENT,

ETC., FOR ROADS IN THE OFFICIAL CLASSIFICATION TERRITORY, FOR ELEVEN

YEARS ENDED JUNE 30TH, 1909, ALSO FOR THE YEAR 1890.

╒═══════╤════════════════╤═══════════════╤══════════════╤═════════════╕

│ Year. │ Cost of road. │ Cost of │ General │Material and │

│ │ │ equipment. │expenditures. │ supplies. │

├───────┼────────────────┼───────────────┼──────────────┼─────────────┤

│1909 │ $4,357,455,101│ $686,116,206│ $50,586,812│ $75,550,135│

│1908 │ 4,306,902,038│ 669,751,320│ 51,324,157│ 86,201,748│

│1907 │ 4,438,582,438│ 587,637,733│ │ 91,923,338│

│1906 │ 4,269,066,800│ 513,028,004│ │ 80,479,333│

│1905 │ 4,110,883,904│ 492,498,488│ │ 65,875,071│

│1904 │ 3,906,766,459│ 461,941,677│ │ 72,240,521│

│1903 │ 3,830,580,776│ 426,822,318│ │ 64,458,257│

│1902 │ 3,744,205,552│ 389,909,755│ │ 50,565,290│

│1901 │ 3,682,894,343│ 378,545,580│ │ 47,746,178│

│1900 │ 3,620,630,187│ 377,156,700│ │ 49,940,838│

│1989 │ 3,566,223,557│ 351,902,957│ │ 31,162,907│

│Total │ $43,834,194,155│ $5,335,310,738│ $101,910,969│ $716,143,616│

│ 11 │ │ │ │ │

│ years│ │ │ │ │

│Average│ 3,984,926,469│ 485,028,249│ 9,264,634│ 65,103,965│

│ 11 │ │ │ │ │

│ years│ │ │ │ │

│1890 │ $2,927,221,233│ $283,407,139│ │ $35,262,205│

│Total │ $46,761,412,388│ $5,618,717,877│ $101,910,969│ $751,405,821│

│ 12 │ │ │ │ │

│ years│ │ │ │ │

│Average│ 3,896,784,365│ 468,226,489│ 8,492,581│ 62,617,152│

│ 12 │ │ │ │ │

│ years│ │ │ │ │

╘═══════╧════════════════╧═══════════════╧══════════════╧═════════════╛

TABLE 13. (_Continued._)

╒═══════╤═══════════════╤═══════════════╤══════════════╤══════════════╕

│ Year. │ Total. │ Operating │ Operating │Net Operating │

│ │ │ Revenues. │ Expenses. │ Revenue. │

├───────┼───────────────┼───────────────┼──────────────┼──────────────┤

│1909 │ $5,169,708,254│ $1,032,285,890│ $700,694,007│ $331,591,883│

│1908 │ 5,114,179,263│ 1,049,545,984│ 746,575,094│ 302,970,890│

│1907 │ 5,118,143,509│ 1,141,324,116│ 794,998,803│ 346,225,313│

│1906 │ 4,862,574,137│ 1,044,552,909│ 714,461,452│ 330,091,457│

│1905 │ 4,669,257,463│ 944,805,659│ 658,337,498│ 286,468,161│

│1904 │ 4,440,948,657│ 899,868,519│ 636,217,217│ 263,651,302│

│1903 │ 4,321,861,351│ 871,697,611│ 601,864,284│ 269,833,327│

│1902 │ 4,184,680,597│ 782,975,559│ 528,681,892│ 254,293,667│

│1901 │ 4,109,186,101│ 730,590,144│ 491,657,899│ 238,932,245│

│1900 │ 4,047,727,725│ 698,368,829│ 467,462,093│ 230,906,736│

│1899 │ 3,949,289,421│ 610,724,301│ 413,390,359│ 197,333,942│

│Total │$49,987,556,478│ $9,806,639,521│$6,754,340,598│$3,052,298,923│

│ 11 │ │ │ │ │

│ years│ │ │ │ │

│Average│ 4,544,323,317│ 891,512,684│ 614,030,963│ 277,481,721│

│ 11 │ │ │ │ │

│ years│ │ │ │ │

│1890 │ $3,245,890,577│ $524,767,906│ $348,388,268│ $176,379,638│

│Total │$53,233,447,055│$10,331,407,427│$7,102,728,866│$3,228,678,561│

│ 12 │ │ │ │ │

│ years│ │ │ │ │

│Average│ 1,436,120,588│ 860,950,619│ 591,894,072│ 269,056,547│

│ 12 │ │ │ │ │

│ years│ │ │ │ │

╘═══════╧═══════════════╧═══════════════╧══════════════╧══════════════╛

TABLE 13. (_Continued._)

╒═══════╤══════════════╤═══════════════╤══════════════╤═══════════════╕

│ Year. │ Net revenue │ Total Net │ Taxes. │ Operating │

│ │ from outside │ Revenue. │ │ Income. │

│ │ operations. │ │ │ │

├───────┼──────────────┼───────────────┼──────────────┼───────────────┤

│1909 │ $2,425,726│ $334,017,609│ $37,397,973│ $296,619,636│

│1908 │ 3,446,600│ 306,417,490│ 36,021,974│ 270,395,516│

│1907 │ │ 346,225,313│ 35,876,148│ 310,349,165│

│1906 │ │ 330,091,457│ 34,863,314│ 295,228,143│

│1905 │ │ 286,468,161│ 27,675,211│ 258,792,950│

│1904 │ │ 263,651,302│ 28,091,468│ 235,559,834│

│1903 │ │ 269,833,327│ 26,537,954│ 243,295,373│

│1902 │ │ 254,293,667│ 25,297,465│ 228,996,202│

│1901 │ │ 238,932,245│ 28,797,264│ 215,134,981│

│1900 │ │ 230,906,736│ 22,616,893│ 208,289,843│

│1899 │ │ 197,333,942│ 21,692,694│ 175,641,248│

│Total │ $5,872,326│ $3,058,171,249│ $319,868,358│ $2,738,302,891│

│ 11 │ │ │ │ │

│ years│ │ │ │ │

│Average│ 533,847│ 278,015,568│ 29,078,941│ 248,936,627│

│ 11 │ │ │ │ │

│ years│ │ │ │ │

│1890 │ │ $176,379,638│ $14,753,550│ $161,626,088│

│Total │ $5,872,326│ $3,234,550,887│ $334,621,908│ $2,899,928,979│

│ 12 │ │ │ │ │

│ years│ │ │ │ │

│Average│ 489,360│ 269,545,907│ 27,885,159│ 241,660,748│

│ 12 │ │ │ │ │

│ years│ │ │ │ │

╘═══════╧══════════════╧═══════════════╧══════════════╧═══════════════╛

TABLE 13. (_Continued._)

╒═══════╤═══════════════════╤════════════════════╤════════════════════╕

│ Year. │ Operating ratio. │ Percentage to cost │ Mileage of line │

│ │ │ of road, cost of │ owned. │

│ │ │equipment, material,│ │

│ │ │ and supplies │ │

├───────┼───────────────────┼────────────────────┼────────────────────┤

│1909 │ 67.88│ 5.738%│ 56,563.41│

│1908 │ 71.13│ 5.287%│ 56,328.79│

│1907 │ 69.66│ 6.063%│ 56,415.25│

│1906 │ 68.40│ 6.071%│ 55,990.12│

│1905 │ 69.68│ 5.542%│ 54,963.20│

│1904 │ 70.70│ 5.304%│ 54,643.50│

│1903 │ 69.04│ 5.630%│ 53,873.11│

│1902 │ 67.52│ 5.472%│ 52,980.70│

│1901 │ 67.30│ 5.235%│ 52,911.46│

│1900 │ 66.94│ 5.146%│ 52,495.25│

│1899 │ 67.69│ 4.447%│ 52,009.93│

│Total │ 68.88│ 5.478%│ 599,174.72│

│ 11 │ │ │ │

│ years│ │ │ │

│Average│ 68.88│ │ 54,470.45│

│ 11 │ │ │ │

│ years│ │ │ │

│1890 │ 66.39│ 4.980%│ 43,094.73│

│Total │ 68.75│ 5.448%│ 642,269.45│

│ 12 │ │ │ │

│ years│ │ │ │

│Average│ 68.75│ │ 53,522.45│

│ 12 │ │ │ │

│ years│ │ │ │

╘═══════╧═══════════════════╧════════════════════╧════════════════════╛

If there were not abundant evidence that the railway industry is not

excessively profitable, there would be more reason on the side of those

who continually put forward new schemes of restriction; but, not only is

such evidence ample, but there is no evidence of any sort tending to

establish the contrary. Limiting the inquiry to the region east of the

Mississippi and north of the Ohio and Potomac Rivers, commonly known as

Official Classification Territory, the statement in Table 13, based on

the book cost of railways, with their equipment, supplies, and materials

on hand, is instructive. The data are from the reports of the Interstate

Commerce Commission.

The amounts shown in Table 13 as "operating income" are, as should be

remembered, those earned, and not those distributed as interest on bonds

and dividends on shares, which were necessarily much smaller. Bearing

this in mind, it is significant that the percentage of such operating

income to cost of property has not but once in the last twelve years,

the most prosperous duo-decade in the Nation's history, exceeded 6%, and

then only by a very small fraction; and that the average for the whole

period is less than 5½ per cent. Every one knows that the real value and

the actual cost of the railway property in this region greatly exceeds

its book cost, so that these percentages are undoubtedly much in excess

of the real rates of net earnings to value or cost of property.

P. E. GREEN, ASSOC. M. AM. SOC. C. E. (by letter).—It is not often that

there is presented to the Society a paper which shows such thoroughness

of understanding of a difficult problem, and as much real experience in

its solution, as is manifested therein; and the author is certainly to

be congratulated on such a logical and forcible presentation of the

subject. There may be some points on which engineers who have been

engaged in such work cannot agree with him; but certainly it cannot be

said that he has not argued very clearly and logically on nearly all the

debatable questions.

Those who have not had actual experience in making a valuation of a

railway company's property cannot have any idea of the enormous amount

of detail and labor necessary to make such a compilation of any real

value. It simply means that every detail of every structure of whatever

kind must be investigated, together with the various considerations

covering "intangible values," which the author has so ably discussed.

The writer was fortunate enough to be employed on the valuation of the

Chicago and Northwestern Railway property in Minnesota in 1906, and

possibly some details of the manner in which the actual field work of

the survey was done may be of interest.

The work consisted of making a compilation from records, or from actual

surveys when necessary, of about 625 miles of railway property,

including several important terminals. The property had been built

between 1860 and 1901, mostly in the early part of this period. The

portions which had been constructed during the latter part of the

period, say from 1890 to 1906, presented no difficulties, as the records

were very clear and complete, but the portions constructed in the

Sixties had practically no records. Some had been built by small

independent companies, which were acquired later by the Northwestern

System. On these old lines the records were practically nil, and those

in existence were soon found to be of absolutely no use. Even on the

newer lines it was found that many changes had been made within a few

years after their construction, and that it was sometimes more

economical, as regards time at least, to make a new survey of the

property than to use the records.

After examining all the old records very thoroughly, and endeavoring to

get some order and information out of them, it was decided that the only

way to do the work properly was to make a complete survey and valuation

of all the physical property. Several field parties were organized and

also an office force, about twenty men being put on the work. The

parties ran levels for profile purposes, cross-sectioned cuts where

necessary, noted evidences of clearing and grubbing, of the character of

the cuts, and the disposal of the material, examined the ballast for

depth and character, examined the rails for age, weight, and condition,

and noted the kind and condition of the fences, gates, farm crossings,

planking, whistle and highway-crossing posts, culverts, bridges, and in

fact every detail of construction. Advantage was also taken of the

survey to re-station the lines, to paint such stations on the rails, and

to set permanent posts, so that afterward the stationing could be picked

up at any time with little trouble.

In this way there was accomplished much work of value to the railway

company, for which there had been a demand by the division officials for

years, but which had not been done because of lack of men and money.

No attempt was made to assign depreciation, as regards the rails; this

was determined afterward, from the age of the steel in the track. It was

necessary, however, to make quite a thorough inspection of the ties, and

to note their condition, as they were replaced year by year singly as

they wore out. Almost every conceivable kind of timber had been used for

ties at one time or another. Treated and untreated ties lay side by

side; and thus there was great difficulty in classifying them with

regard to the kind of timber. With bridge ties and timbers of frame and

pile bridges, there was not so much difficulty, as they were open to

inspection, and had been inspected twice yearly by the Division Engineer

and the Superintendent of Bridges and Buildings, and accurate records of

their condition and renewals had been kept. The depth and condition of

the ballast also varied very widely.

In a very short time all the men on the survey became well acquainted

with the character of the work they had to do, and, as the work went on,

the progress of the party day by day was very much more rapid. At the

beginning of the survey, a progress of 6 or 7 miles of single track was

considered a very good day's work; at the end of the survey, the parties

were making from 12 to 15 miles per day.

There was considerable difficulty in setting proper values on the

hundreds of buildings, large and small, owned by the railroad. Most of

these buildings had never been constructed from plans, and it was

difficult to calculate what they had cost originally, and what it would

have cost to build them at the time of the survey. However, time books

were searched, and the contents of the buildings in board feet were

calculated, and, while in many cases their age was not known from any

records, it was nearly always possible to find out from somebody just

when they were erected.

As intimated before, the railway company derived much actual benefit

from the work, outside of the accurate knowledge obtained as to the

value of the property itself. Steel charts, bridge records, etc., were

established, and profiles, stationing, continuous bench-levels, etc.,

were all re-run or re-established; thus making the engineering work of

the future more consistent and uniform, and enabling more work to be

done with a smaller force. New maps of all the station grounds and

terminals were obtained, and all the records were put in better shape

than they had ever been before.

The Valuation of Public Service Corporation Property Transactions of the American Society of Civil Engineers, vol. LXXII, June, 1911, ASCE 1190 · 第 27 / 35 段

One of the most important items to be considered is the "cost of