As long as a gas-works, a water-works, or a railroad is in operation and earning, it is a "going concern," and all increments which attach to its physical property as a whole continue to exist, even if the physical value of the property is greater than a fair value. That fair value can be determined and reached by means of a negative non-physical value. In view of these things, it would seem to be highly improper to add to physical value anything more for "going concern." In the final report of U. S. Judge R. W. Tayler, Arbitrator in the Cleveland Street Railway matter, in December, 1909, the following language supports the above contention: "I allow nothing for going value, except in so far as that is the result of the necessary expenditure of money in building the road, acquiring its land, power-houses, and equipment, and putting them into successful operation. The expenditures for these purposes are, and necessarily must be, included in the valuation of the physical property." _2.—Developed Business._—It is perfectly clear that the "fair value" of a property must take into account the established business of the concern. This really is covered by the "going concern values," as defined by Messrs. Mead and Alvord. The only manner in which this can be determined intelligently is by an analysis of income accounts. _3.—Cost of Handling Business._—A railroad with heavy grades, bad curves, poor equipment, or unskilful management is not nearly as valuable a property as one having good line and grades, and far-sighted, economical, and skilful management, and which handles its business at a lower cost per unit. In such cases the differences in location and management are bound to show in the earnings, adding to the physical value of one property and possibly taking from the value as shown by the physical appraisal in the case of another. _4.—Good Will and Established Organization._—These are valuable assets. It is difficult, indeed, to attach exact weight to these elements of value, except as they are shown in the intangible value indicated by the earnings. In most cases of public service companies, as is argued elsewhere, it is doubtful if such elements are entitled to any place in a public valuation. _5.—Franchise Values._—These cover various specific items arising out of the ownership of special franchises, or, out of the general rights granted by law to corporations.