(_a_) The market price of stocks and bonds, an estimate of worth based primarily on actual earnings of the property, but affected to some extent by outside conditions; or (_b_) On the capitalized net income, or actual earnings, of the property; or, (_c_) In the case of a new property, on an estimate of what the probable earning capacity of the property will be, where the business is more fully developed. Methods (_a_) and (_b_) ignore cost of construction, or present investment in physical property, and base a value on past performances. Method (_c_) is based purely on hypothetical earnings, but the only real measure of value in this instance is the actual amount of capital that has been invested. No appraiser would be justified in placing a "going concern" value, in excess of original cost, on a new property, nor would he be justified in placing such a value on a property 3 years old, or 10 years old, unless the net earnings were such as to indicate that the property had a business or commercial value in excess of the physical property value. It would seem reasonable to say that this difference between the physical value and the value based on earnings represents the "good will," "established business," or "going value," and all the other non-physical elements of value. To take a specific example: it would be impossible to separate the different elements of intangible value of the Michigan Central Railroad, and say that a certain sum of money represented "good will," another sum "established business," still another sum the "franchise value," and still another sum the "going concern." The "going concern value" of the Michigan Central Railroad is exactly analogous to the going concern value of the hypothetical water-works cited by Mr. Alvord. Instead of having water pipes connected with buildings along the mains, and considerable sums invested in appliances for using the water, there are manufacturing plants located along the railroad, connected with it by side-tracks built by the industry, and depending on the transportation facilities of the road for their connections with their customers, the very life of the manufacturing plant dependent on its connection with the road. This is "connected good will" of the same kind as described by Mr. Alvord. Yet, to fix a value on it by the method described by him involves going into the realm of conjecture and speculation to a degree that could never be sustained. Difficulties as great would be encountered in an effort to separate and set up any other elements which go to make up the intangible value, and any figure thus determined would be absolutely incapable of proof. The Courts say that the value must be the "fair value of the property being used," all the conditions being taken into account (169 U. S., 466).