Excerpt from The Federal Valuation of the Railroads in the United States: A Report Submitted by the Committee on Railroad Securities of the Investment Bankers Association of America In the accompanying text will be found a brief history of the Valuation Act, a description of the methods of finding values, an account of some of the differences as to principles and methods which have arisen between the carriers and the Bureau of Valua tion, the uses to which the valuations may be put, and their prob able effect on railway credit. In the supplement, tables are pre sented setting forth the valuations of such Class I roads as are now obtainable, the amount of additions and betterments made to these properties since the date of valuation, the cost of materials and supplies, the cash on hand, and the outstanding capitalizations as of December 31, 1921. To afford a ready means of comparison, the above figures are also presented on a per mile basis. The hope is expressed that successor Committees on Railroad Securities may issue from time to time supplements giving the valuation figures for other carriers as they are released. The present Committee on Railroad Securities wishes to ex press its great obligation to Messrs. H. H. Copeland Son, 111 Broadway, New York City, who have generously drawn upon their study of Railroad Valuation to prepare the statistical tables given in the supplement, and to Mr. J. E. White, of the New York Bar, who has done much research work and prepared valuable memoranda for the use of the Committee. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.