The foregoing nine points are classed as "among other things" open to criticism. The next two quoted paragraphs are introduced to indicate the "other things" as they appear. These are mainly non-physical or intangible elements of value, which, under the method of Professor Adams, are treated _en bloc_, and which, from their nature, it would be impossible to set out and value separately; therefore, no effort is made to answer them point by point, further than to say in general that, if there is any value attaching to these items, it was presumed to have been disclosed by the method of Professor Adams, and to suggest further that had Professors Cooley and Adams had such an advocate of intangible values ten years ago, their labors would have been lightened, as all arguments by railway officials at that time were against the use of any such elements of value in an appraisal. "No consideration has been given to the leasehold interests.... Therefore it will be seen there remains to be determined many questions vitally affecting the value of the property without regard to its value as a 'going concern.' "There should be no difference in the basis of arriving at the value, as a 'going concern,' of the property of a railway and any industrial establishment, nor should there be any difference in the basis of valuation for taxation [exactly what Governor Pingree maintained] or other purposes. There is common to both the value due to location, good will, etc." While the remainder of the address in question contains no specific criticisms of methods of valuation, it does go into a discussion of sundry legal decisions; and conclusions are drawn quite at variance with those set forth elsewhere in this paper. The thing most noticeable in the entire address is the lack of a proper spirit of fairness, an apparent inability to state fully and fairly the position of the men whose views are being opposed, and an undue emphasis in quoting some public official whose views coincide for the time being with the theories which are being advocated. The fact that Mr. Williams quotes from an address of Hon. Robert H. Shields, President of the Michigan Tax Commission, a statement criticising the work of Professors Cooley and Adams, illustrates the latter point.