Total reduction, up to 1903, of stock per mile $3,105 " " " " " " bonds " " 4,262 ───────────────────────────────────────────────────── Total stock and bonds $7,367 E. L. Corthell, M. Am. Soc. C. E., speaking of results secured by the Texas law, says[8]: "The law, and generally its just operation, has cured many unmitigated and notorious evils. Not only has the public in Texas been benefited, but also the investor in railroad securities from the outside of the State. The people of Texas now have just and uniform rates of transportation, and the investor knows what he is purchasing, and may be reasonably sure of a return on his investment." Mr. Thompson says[9]: "Another significant fact is that only a short time before the Stock and Bond Law became effective about 39% of the railroads in Texas were in the hands of receivers. To-day there is not a mile, of the 11,300 miles in Texas, in the hands of receivers, and, with a few unimportant exceptions, no railroad has been in the hands of receivers since the law went into effect. The fact is that there has been no piece of legislation, in this or any other State of the Union during the past decade, which has been so fruitful of results and beneficent in its action, alike to the railroads and the people." ----- Footnote 7: _Transactions._ Am. Soc. C. E., Vol. LII. p. 328. Footnote 8: _Transactions._ Am. Soc. C. E., Vol. LII. p. 346. Footnote 9: _Ibid._, p. 364. RAILROAD APPRAISAL OF THE STATE OF WISCONSIN. The State of Wisconsin made a valuation of railroad properties of the State as of June 30th, 1903, the work being under the direction of W. D. Taylor, M. Am. Soc. C. E. The plan adopted, the methods of work, and the general result of independent studies conducted by Professor Taylor have been described so fully in various technical papers and reports elsewhere listed, that a very brief statement of points of difference between the Michigan and Wisconsin works appears to be all that is necessary here. Professor Taylor associated with him for consultation Professor Cooley, of Michigan, made a careful study of methods used in earlier appraisals, used the Michigan blank forms as a basis for the preparation of his own, and thoroughly outlined his general plan and the scope of the information desired before actually organizing his staff or commencing work.