The subject is one which has not attracted the average citizen sufficiently to compel him to give it deep study. Those who are familiar with it all too frequently have views biased by interest, and it is hardly conceivable that any final conclusion will be reached until each and all of the main issues are determined by the Courts. When thus determined, it will be done with wisdom and with justice. It is impossible to study the cases referred to without being impressed with the absolute fairness of this great tribunal. Quotations from decisions have been included at considerable length in order to obviate the criticism that the references do not convey the exact meaning of the Courts. The writer acknowledges the valuable suggestions, criticisms, and information furnished him by Professors Henry C. Adams, Mortimer E. Cooley and W. D. Pence; Mr. Henry L. Gray, Engineer of the Railroad Commission, Washington; Mr. D. F. Jurgensen, Engineer, Railroad and Warehouse Commission, Minnesota; Mr. Bion J. Arnold, and others who have made possible the presentation of data regarding State and other appraisals. _Bibliography._—Accompanying this paper will be found a bibliography of the principal articles on the subject of property valuation. APPENDIX BIBLIOGRAPHY. _Railroad Valuation._— "The Appraisal of Plants for Public Services." Nicholas S. Hill, Jr. _The Engineering Record_, June 8th, 1901. A review of the principles on which a property is valued when purchased by private parties or by municipalities. "The Value of Railways and Their Capitalization." H. T. Newcomb. _Railroad Gazette_, August 29th, 1902. Abstract from _Yale Review_, August, 1902. "The Census Office Railroad Valuation." (Editorial.) _Railroad Gazette_, September 1st, 1905. A discussion of the work of Professor Henry C. Adams, Statistician of the Interstate Commerce Commission, and his assistants. "Railroad Taxes and Plans for Ascertaining the Fair Valuation of Railroad Property." _The Railway Age_, September 8th, 1905. Report presented at the meeting of the National Association of Railroad Commissioners, at Deadwood, S. Dak.