INCORPORATED RAILROADS,

RAILROADS, STATE OF MICHIGAN.

The table immediately following shows the mileage and valuation of the incorporated railroad properties of the State, as found under the plan pursued by Professors M. E. Cooley and H. C. Adams.

The column at the extreme left of the page contains the railroad numbers preceding the names of the companies in the second column. The next four columns present the mileage for each individual railroad, classified according to miles of main line, second track, branches and sidings.

Under the heading cost of reproduction, will be found the amount for each road, accompanied in the next column by the present value for 1900. Both of these columns represent physical estimates submitted by Professor Cooley.

In the non-physical value column are shown the valuations computed by Professor Adams, the blank spaces indicating the properties that failed to yield a return under the method pursued. The quantities in the last column are the results obtained by the addition of the two preceding ones, and give the entire value, physical and non-physical, for each railroad separately.

In the group of tables herewith presented it will be noted that no attempt has been made to show the non-physical value of any other property than that of railroads.

UNINCORPORATED RAILROADS, STATE OF MICHIGAN.

The following table shows the valuation of the unincorporated railroad properties of the State, as found by Professor M. E. Cooley, together with the mileage of main line and sidings. The first column contains the number of miles of main line, while the second shows the sidings. The cost of reproduction for each railroad is given in the third column, followed by the corresponding present value for the same road in the last column. It is not to be assumed that this table represents the entire amount of unincorporated railroad property in the State, but only such portion of it as could be gathered conveniently in the appraisal of the incorporated roads. It does, however, point the way to a large amount of hitherto untabulated properties of this nature, representing an investment of several millions of dollars. Some of these railroads extend over two or three counties, and do a business that warrants investigation on the part of the State as to their status.

SUMMARY OF ALL RAILWAY TELEGRAPH AND TELEPHONE LINES, STATE OF MICHIGAN.

The following table gives a complete summary of all the railway telegraph and telephone lines in the State of Michigan, as found by Professor M. E. Cooley. The results are presented in the same general form as the preceding tables on the valuation of railroads, and they have been included in the totals of railroad property already presented. The reason for including these quantities in a separate table, by themselves, is that this class of property is to a large extent jointly owned by railroad companies and private line companies, and it is desired to show the railroad ownership as distinct from private ownership. Below will be found the total amount for each road, comprising its sole and joint ownership.