THE COMMERCIAL VALUATION OF RAILWAY OPERATING PROPERTY OF THE 97 DEPARTMENT OF COMMERCE AND LABOR THE EXTENT OF APPRAISAL PRACTICE 99 REVIEW OF SOME METHODS OF VALUATION, AND SOME OF THE CRITICISMS ON 101 THE MICHIGAN APPRAISAL THE DETERMINATION OF ELEMENTS OF VALUE AND METHODS OF VALUATION BY 112 THE COURTS PHYSICAL VALUES AND METHODS FOR THEIR DETERMINATION 128 _The Preliminary Study_ 132 _The Field Inspection_ 135 _The Computation_ 136 _Classification of Properties_ 137 _Unit Values_ 138 _Right of Way and Real Estate_ 139 _Depreciation_ 141 _Immaterial Elements of Physical Property_ 142 _Organization_ 143 _Legal Expense_ 143 _Engineering_ 143 _Administration_ 143 _General Expense_ 143 _Discount_ 145 _Working Capital_ 145 _Contingencies_ 145 _Design_ 146 _Adaptation_ 146 _Apportionment of Values_ 147 _Terminals_ 147 _Development of the Art_ 148 The Preparation of the Final Figure 150 NON-PHYSICAL VALUES AND METHODS FOR THEIR DETERMINATION 150 _"Going Concern" Value_ 154 _Developed Business_ 155 _Cost of Handling Business_ 155 _Good Will and Established Organization_ 155 _Franchise Values_ 156 _Conclusions Regarding Non-Physical Rules for Determination_ 165 CONCLUSION 165 BIBLIOGRAPHY 168 _Railroad Valuation_ 168 _The Chicago Appraisal_ 169 _The Michigan Appraisal_ 169