. Electric railway journal . Weiqhfeol-- \ Weiqhfeol-Average Rate DEFERRED EARNINGS (Cumulative)Surplus Deficif Curve A - 9% 1660-l875\unD-iF8% 1616-1890]7% 1891-1917 ELECTRICB-8% 1891- I9ll\C-T>/o 1891 -1917] ^only^ D-6% 1891 -1917) HORSE CAR PERIOD 1860 \ 1870 1880. ELECTRIC PERIOD 1890 1900 1910 1917 INVESTMENT HISTORY OF A LARGE RAILWAY PROPERTYOPERATING ON A 5-CENT FARE THROUGHOUTTHE TWO PERIODS CONSIDERED prices, approximately those actually paid for construct-ing and renewing the property. The problem of the future or the third generationrequires another discussion too involved to be
. Electric railway journal . Weiqhfeol-- \ Weiqhfeol-Average Rate DEFERRED EARNINGS (Cumulative)Surplus Deficif Curve A - 9% 1660-l875\unD-iF8% 1616-1890]7% 1891-1917 ELECTRICB-8% 1891- I9ll\C-T>/o 1891 -1917] ^only^ D-6% 1891 -1917) HORSE CAR PERIOD 1860 \ 1870 1880. ELECTRIC PERIOD 1890 1900 1910 1917 INVESTMENT HISTORY OF A LARGE RAILWAY PROPERTYOPERATING ON A 5-CENT FARE THROUGHOUTTHE TWO PERIODS CONSIDERED prices, approximately those actually paid for construct-ing and renewing the property. The problem of the future or the third generationrequires another discussion too involved to be attemptedhere. Suffice it to say that it seems hardly reasonableor equitable to present to the future generations aproperty quite free from the burdens of past develop-ment while this same future generation is reaping enor-mous benefits in appreciation of values which have beenbrought about as a result of this rapid developmentlargely through the agency of the utilities. In otherwords, each generation ought to stand on its own errors have been made, they should be reasonablyallocated or distributed, which can be done as anactuarial problem without unduly burdening any periodor party to the common misfortune. This policy seemsto hold the maximum of fairne
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