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provements thereon, but also all franchises and privileges appurtenant there-
to and all the advantages for the profitable prosecution of the business to
which it is appropriated. As a rule the value of improved real estate is
proportionate to the net income which it will yield. The value of the rail-
road is not the mere value of its right of way, roadbed, superstructure,
its depot, grounds and structures thereon considered by themselves, but
the value of all these as an operative going concern. This value being
in general determined by the profits which result from its operation. The
statue requires all property to be assessed at its true and full value and
in effect defines that value to be what it would probably sell for at a
voluntary sale for cash. Persons proposing to sell or buy a railroad in
forming their opinions as to its value would doubtless consider the condi-
tion of its physical properties, but would ultimately reach their conclusion
upon the question upon a careful estimate of the probable net income which
its operation will produce. There are no special rights and privileges
belonging or in anywise appertaining to the great mass of the real property
of the state such as farming land and town city lots, but the terms are
applicable to the real estate of the railroad companies, and suggest the thought
that the legislature had such property in mind when it inserted the provi-
sion that it was intended that in valuing a railroad for taxation the valua-
tion should include their right and privilege which was exercised in the pro-
ducing its income, and that it was not intended to disassociate the soul
from the body of the living concern and value by itself the lifeless remains.
If we are correct in this conclusion, then it follows that it was not the
intention of the legislature to tax the franchise of a railroad as a property
separate from its real estate. * * * Further ,unless the property be values
as an entirety this is the reasonable thing to do. The physical property
of a railroad company is of comparatively little value except for the uses
for which it is acquired. Its is so called intangible property is of no
value without the railroad and its equipments."

The statute quoted in the above case only follows my opinion sub-
stantially the common law in stating what is real property for the purpose
of taxation, and said decision to my mind conclusively holds that the intangible property
of the corporation heretofore spoken of its franchise can only be taxed
as an appurtenance to the real property of the corporation. A question