In accordance with your request and for the purpose of determining the value of the Schuylkill Navigation Company Canal including land and buildings, we have inspected the said premises and made a careful and thorough investigation and analysis of matters pertinent to the estimation of its value.

The accompanying report describes in detail the method of appraisal and contains data gathered in our investigation.

It is our opinion as of April 1st, 1947, that the value of the ground and buildings of the Schuylkill Navigation Company Canal in its present as is condition, is the price which a well-informed buyer acting intelligently, voluntarily and without necessity would be warranted in paying, and a well-informed seller acting intelligently, voluntarily and without necessity would be warranted in accepting - - of the property described in this report is

THREE HUNDRED EIGHTY-TWO THOUSAND TWO HUNDRED TWENTY-ONE DOLLARS - - ($382,221)