. Electric railway journal . ities. In these,while the owners did not get all for which they con-tended, they at least received a fair value, all thingsconsidered. Cleveland, Kansas City and Chicago nowhave for several years been free from worries arisingfrom the question of valuation. There are now pending a number of valuation pro-ceedings, noticeably Cincinnati, Buffalo, Detroit andMinneapolis, where the value determined will form thebasis for the cost of service. We have entered into a new phase of the entirevaluation subject and the final result is not going to beso much that of the slide
. Electric railway journal . ities. In these,while the owners did not get all for which they con-tended, they at least received a fair value, all thingsconsidered. Cleveland, Kansas City and Chicago nowhave for several years been free from worries arisingfrom the question of valuation. There are now pending a number of valuation pro-ceedings, noticeably Cincinnati, Buffalo, Detroit andMinneapolis, where the value determined will form thebasis for the cost of service. We have entered into a new phase of the entirevaluation subject and the final result is not going to beso much that of the slide rule and the adding machineas one of conference and compromise based on thenecessity of a public service and a public need. Maintenance and Depreciation Allow-ances in Service-at-Cost Franchises* An Analysis Is Made of the Allowances on Various Bases Pred-icated on Existing Conditions—A Suggested Classification ofMaintenance and Depreciation Allowances Is Then Outlined By A. L. DRUM A. L. Drum & Company, Chicago, A CTUAL experience dur-ing the last ten yearswith the more recentform of cost-of-service andpartnership franchises, aswell as more clearly definedrules of accounting, has fur-nished a clearer insight intothe requirements for main-tenance, renewal and depre-ciation allowances. Prior to ten or fifteenyears ago the frequentchanges and improvementsin the art of transportationhad resulted in the custom of meeting from currentrevenue only the current maintenance, repairs andrenewal of the short-lived parts of the physical prop-erty, while the renewal or rehabilitation of the majorparts of the property was provided for by additions to *Abstract of discussion on report of committee on readjustmentat mid-year meeting at American Electric Railway Associationin New York, March 14, 1919. the capital account. This was a natural development,as the renewal or rehabilitation of the major parts ofthe property, which ordinarily should have had a longperiod of service but were r
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