assist him in the survey must wait for part, if not all, of their pay until it can be collected by assessment in the taxes. This process takes from five months to a year and five months, making it difficult to secure help, and uncomfortable for the surveyor, especially if he has cash jobs waiting. He cannot afford to leave cash work to survey a section.

A law that would enable the County Surveyor to receive his pay at once from the county, which in turn would levy on the land as the surveyor must now do, would relieve the situation and make it easier for poor men to get their land surveyed. Not only this but many more U. S. survey corners would be perpetuated.

The Duties of the Past and the Hopes of the Future

of the County Surveyor

JOHN M. KNOX

Member M. E. S.

The subject, "The Duties of the Past and the Hopes of the Future for the County Surveyor" is beset with difficulties and not the least of these is to get a definition of the term County Surveyor. We know what "County Clerk" means, we know what "County Treasurer" means, but when we undertake to formulate a definition that will clearly define County Surveyor, we will find ourselves in a peck of trouble. I am speaking of the County Surveyor of the past, and I may say the present. He might not understand the first rudiments of surveying, though County Surveyor-he would not be a surveyor. He might be a surveyor but unable to get any of the county work, you would hardly call him a County Surveyor. Logically then, the term is a misnomer.

The last legislation wisely (through the action of this society) provided the qualifications of a County Surveyor, thus doing away with one of the troubles. Yet we are not County Surveyors, we still lack the one essential, our hope I may say, and that is Recognition, which Webster defines "Solemn avowal by which a thing is owned, or declared to belong to."

If we are to get recognition we must demand it. The first necessity in the demand is the desire to demand, and the desire once alive, we can measure the consequences as if its future fulfillment were in our hands.

When we unite in getting that desire, then and not till then, can our hopes be realized.

DISCUSSION:

President Teed: This society was organized first by surveyors and it seems very fitting that this subject should come first. No doubt all of you have various problems and have something that you would like to say. I would be very glad to have these

problems read or the different things you have been thinking of brought out at this time.

Mr. M. C. Taft: I was a little amazed to see how the law came out a little while ago. We asked that they make the wages at least six dollars a day. The farmers changed it to read not more than six dollars a day, so that the fellows can now get only six dollars.

Mr. Williams: I know a little about that law and a little about the shift. The words "at least" were shifted and we had to allow it to go through that way. We thought a little was better than nothing. We were very much afraid of some of the farmer legislators so we did not think it wise to make a stand for this difference in phraseology.

President Teed: Anything more to bring up on this subject?

Some Remarks on the Work and Methods of

Railroad Valuation

BY PROF. H. E. RIGGS

Member M. E. S.

I was on the program for this afternoon for a report of the Railroad Committee, but I had expected to be unable to be present at this meeting and I therefore asked the Secretary to leave my name off.

I thought that it might possibly be of interest to the members of the Society to know something about the work, or method of valuation of railroads, which is now going on in the United States. Some of us have, of course, followed this work very closely. No doubt every one in the profession of engineering knows in a general way that there is more or less work being done in connection with this valuation.

First, Why should we have a valuation. I think I may be able to state what was in the minds of Congress and what was really in the minds of the members of the Interstate Commerce Commission. The federal valuation was ordered without the law making any statement of the reason. But we are bringing public utilities of all classes under government regulation. Ten or fifteen years ago the owners of public utilities were inclined to very much resent regulation and control. The sentiment I think is changing rapidly. Most of them recognize that there are advantages. All of them recognize that regulation is here; that it is a necessity; it has come; it is going to be extended, and they might just as well meet it with good grace. Personally I think that most of the troubles we have had in the past with corporations and most of the evils that have grown out of corporation powers, as there have been, and very grave evils as we all know, have been due not so much to the management and operation of the properties as to the financing and promotion of the properties. I believe that I may state what is reasonably the truth when I say that at least ninety per cent of the present

abuses come from our banker friends in connection with the financing and organization of these companies.

The first reason why we should make this valuation, or estimate, estimate is a better word than valuation, is the regulation of stocks and bonds, regulation of the securities that are put out on any property. Most of the work that is being done in this State and for the past three or four years, has been in connection with such regulation. The general tendency of the Michigan Railroad Commission is to limit the stocks and bonds to a sum that is reasonably representative of the amount of money actually gone into the company, and limit the bonds to somewhere around seventy-five per cent of the present day estimate of the property.

A second reason for wanting to know what the valuations of properties are is the matter of regulation of rates. It is pretty well established now by various decisions of the Supreme Court of the United States that owners of a utility are entitled to earn enough money to pay operating expenses and maintain the integrity of their investment, in other words take care of their depreciation and over and above that earn a fair return on the money actually invested in the property. The United States Supreme Court has really drawn the line that your return must be upon the monies you have invested in properties you are actually using, bona fide property existing today and in use. The various great cases that have come before the United States Supreme Court in connection with water works, railroads, and other utilities have answered some of the questions. They have answered many of them. The Supreme Court has a delightful way of deciding upon some one particular point out of a number, waiving the rest of these to be settled later. While they have recognized certain methods of valuation as proper they have fallen far short of answering all the questions. One of the most difficult of all these is what is meant by depreciation. What is nominal property? What may be deducted from the value found on the investment in order to find the present value of the property? So that rate making is our second reason.

A good many of us, and I am one of the number, holds the old idea that if a man is entitled to earn on a certain invest