That these determinations of value, from different points of view, had an influence in moulding the opinion of the individual appraisers, there can be little doubt; yet it is probably equally true that in no case was like weight attached to the several items or bases of valuation. Nevertheless, in the final valuation, the consensus of opinion as to the value of the property, as a whole, was remarkably close, the extreme variations in opinion being approximately 8%, more, or less, than the final appraised valuation. Attention should also be called to the necessity, in any valuation by capitalization of income, such as that outlined by Mr. Riggs and used by Professor Adams in the U. S. Government Valuation of Railroads,[46] of determining whether the plant or property is in what might be termed an over-built, normally developed, or under-built condition; in short, whether the investing public has correctly gauged its momentary physical condition with reference to its bearing on the rates, and whether the earnings are in fact inadequate, commensurate with the service rendered, or excessive. In the long run, due weight will be given to these facts; in a brief period, they may be incorrectly gauged. In water-works properties, unfortunately, there is rarely, if ever, a market price of the securities which can be said to be credible or significant in valuation. Therefore, in the valuation of water-works properties, it is the more important that the appraisers should weigh carefully the present character of the service furnished and the momentary adequacy or inadequacy of the rates as predicated on such service, on the needs of the community, and the existing standards of the day, if full justice is to be done.