PAGE INTRODUCTORY 1 _Reasons for Valuation_ 2 _As a Matter of Public Interest_ 2 _As a Matter of Corporation Necessity or Expediency_ 3 _Difficulties of Accurate Valuation Encountered_ 4 THE RELATION OF PUBLIC SERVICE, OR QUASI-PUBLIC CORPORATIONS, TO 6 THE PEOPLE _Supreme Courts_ 8 _Regulation and Legislation_ 10 EXPLANATION OF TERMS 16 _Appraisal or Valuation_ 16 _Cost of Reproduction_ 16 _Cost, or Original Cost_ 16 _Present Value, or Present Physical Value_ 16 _Non-Physical, or Intangible, Value_ 17 _Elements of Final Value_ 18 _The "Physical Property" Element of Value_ 18 _The "Non-Physical" or "Intangible" Elements of Value_ 18 _True Method of Valuation_ 19 THE MICHIGAN STATE APPRAISALS 20 Organization 20 _Administration_ 20 _Civil Engineering_ 20 _Mechanical Engineering_ 20 _Telegraphs_ 20 _Telephones_ 21 _Vessel Properties_ 21 _Methods of Procedure_ 21 _Difficulties_ 22 _Lack of Complete Understanding on the Part of the State 22 Officials_ _The Attitude of the Railroad Corporation Managers_ 22 _The Confused Condition of the Records_ 22 _Forms Used_ 23 _Board of Review_ 36 Office and Field Methods 37 _Making the Inventories_ 38 _Office Inspection as a Check on Field Work_ 39 _Field Inspection_ 40 _Special Work on the Chicago and Northwestern Railway_ 40 _Special Valuations_ 41