In conclusion, the writer reiterates his statement, that he has taken issue with the author in no carping spirit of criticism, but with a recognition of the difficulty and complexity of the work of appraisal, and the conviction that engineers are under a moral obligation to do an educational work in pointedly calling attention to the fact that the going, or going concern, value, of a public service corporation's property is not an intangible value representing an unearned increment, but a very real and substantial item of cost in the property as a whole. While the difficulty may be met by placing going value, as suggested by the writer, in a middle class between physical plant and intangible values, the placing of it in the same class with franchise and other intangible elements of value, as suggested by the author, may, in the judgment of the writer, do a serious injury to corporations, in failing to give expression, in such a manner as shall be clearly within the grasp of the popular mind, to the fundamental idea of the cost of developing going value. While the writer has no personal interest in the matter, on one side or the other, having served both municipality and corporation in water-works valuations, he feels, nevertheless, that engineers can do a genuine service, alike to the public and to the public service corporation, in laying stress on the fundamental elements of cost and value, and particularly those on which rates should be predicated, in public service corporation property valuation and rating. CHARLES HANSEL, M. AM. SOC. C. E.—So much has been said on the subject of valuation of public utilities that, although the speaker has thought on the subject for ten years, and has done considerable valuation of railroad properties, he finds that he is considerably confused, for the reason that the discussions seem to cover the whole field of engineering, accounting, taxation, and economics; therefore he suggests that, in order to get down to a basis of usefulness, a special committee should be appointed to take this question under consideration.