PASSENGERS ON RAILROADS-Abstract of Reports of Companies for the year ending December 31, 1873. 1 Report says: "Will furnish figures as soon as they can be arrived at." Average of through and way passenger rates 4 cents. 2 Average of through and way passenger rates 3.91 cents. 4 To December 1st. CAUSE OF DEATH AND INJURY to Passengers, Employees and others on Wisconsin Roads, for year ending December 31, 1873. FREIGHTS OF RAILROADS IN TONS'-Abstract of Reports of Companies for the year ending December 31, 1873. 'In some instances it has been necessary for the commissioners to reduce Includes all commodities carried over all the lines of road owned or operated by this company, except" Winona and St. Peter Railroad.' 23 1 Tons not included in footing. 669,52314 964,486 5,223,948 237,996 1,268,176 * Includes all roads operated by Chicago and Nothwestern, except Winona and St. Peter. CASH VALUATION AND COST OF RAILROADS. CHICAGO, MILWAUKEE & ST. PAUL RAILWAY-PRESENT CASH VALUATION. MILWAUKEE, Dec. 26, 1874. To Jos. H. OSBORN, GEO. H. PAUL, JOHN W. HOYT, Railroad Commissioners: Your circular of September 28, 1874, asking this company "to procure and submit to the Board a detailed estimate of the actual present value of the road or roads, and each branch or division thereof, if branches or divisions exist, under their control in this state," was received in due time. The actual present value of a railroad is a matter somewhat difficult to determine-resting largely in opinion, and susceptible of several different answers. One answer might be what it did actually cost; but your circular excludes this construction of your question, for you say: "such an estimate to be made regardless of original cost or capital, or debt incurred therefor." Another answer might be based on the income now derived from its opera. tion. And still another, on the basis of what it might earn or be capable of earning in the future, when the country is more fully developed; that is, its prospective value. But as we understand your circular, it is neither of these values you desire. The word present value appears to exclude the idea that you were inquiring for an estimate of the value of the road based on its prospective earnings; and as the present value, as based on its income, would depend largely upon the price it might charge for the business transacted, and the state now denies the company the right to fix such charges, we conclude you are not asking for the present value of the road on any such basis. In your circular you say you desire us "to specify separately the present estimated cash value of the real estate, right of way, grading and masonry, bridges, superstructures, station and other buildings, engines and cars, and every other sort of equipment and property belonging to each of said roads, and essential to their operation, respectively, as aforesaid.” From this statement, it appears clear to us that what you desire us to report is, what it would now cost to produce these improvements in cash, within a reasonable time prior to the first day of January, A. D. 1874. Adopting this as a proper construction, we have caused an estimate of the property of this company in this state, to be made on this basis, which is herewith submitted to your board. In your circular, you further request that "such estimate be so made as to include a statement of the source of information, as far as may be, upon which the estimate in each case is based; whether upon actual observation by officers, or upon special surveys and calculations by engineers or others |