Railroad ValuationHoughton Mifflin, 1917 - 222 páginas |
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accrued depreciation allowance amount appraisal argument assumed average basis calculation capital cent charges Chief Engineer condemnation consideration Consolidated Gas Consolidated Gas Co construction cost of reproduction D. C. Morgan depreciation reserve determined discussion earnings Eastern Advance economic economic rent element entirely estimate expert fact fair value figures franchise freight going value grade Haven Validation Report Howard Elliott Ibid income increase interest Interstate Commerce Commission investment J. F. Stevens judgment Justice Brewer Justice Hughes Knoxville Water Knoxville Water Co market value measure ment Minnesota Rate Northern Pacific operating expenses opinion original cost plant present value problem rail Railroad Commission reasonable Record N.P. regulation Report on Valuation represented road Santa Fé secured Senate Report Smyth South Dakota Supreme Court testimony tion traffic unearned increment Union Pacific unit prices Valuation Brief Valuation of Public volume W. L. Darling Willcox Wisconsin Wisconsin Commission
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Página 16 - And, in order to ascertain that value, the original cost of construction, the amount expended in permanent improvements, the amount and market value of its bonds and stock, the present as compared with the original cost of construction, the probable earning capacity of the property under particular rates prescribed by statute, and the sum required to meet operating expenses, are all matters for consideration, and are to be given such weight as may be just and right in each case.
Página 7 - We hold, however, that the basis of all calculations as to the reasonableness of rates to be charged by a corporation maintaining a highway under legislative sanction must be the fair value of the property being used by it for the convenience of the public.
Página 16 - The ascertainment of that value is not controlled by artificial rules. It is not a matter of formulas, but there must be a reasonable judgment, having its basis in a proper consideration of all relevant facts.
Página 128 - It is clear that in ascertaining the present value we are not limited to the consideration of the amount of the actual investment. If that has been reckless or improvident, losses may be sustained which the community does not underwrite.
Página 16 - What the company is entitled to ask is a fair return upon the value of that which it employs for the public convenience. On the other hand, what the public is entitled to demand is that no more be exacted from it for the use of a public highway than the services rendered by it are reasonably worth.
Página 24 - First. In such investigation said Commission shall ascertain and report in detail as to each piece of property owned or used by said common carrier for its purposes as a common carrier, the original cost to date, the cost of reproduction new, the cost of reproduction less depreciation, and an analysis of the methods by which these several costs are obtained, and the reason for their differences, if any.
Página 127 - And we concur with the court below in holding that the value of the property is to be determined as of the time when the inquiry is made regarding the rates. If the property, which legally enters into the consideration of the question of rates, has increased in value since it was acquired, the company is entitled to the benefit of such increase.
Página 37 - The conditions of ownership of the property and the amounts which would have to be paid in acquiring the right of way, supposing the railroad to be removed, are wholly beyond reach of any process of rational determination.
Página 107 - If a plant is built as probably this was, for a larger area than it finds itself able to supply, or, apart from that, if it does not, as yet, have the customers contemplated, neither justice nor the Constitution requires that, say, two-thirds, of the contemplated number should pay a full return.
Página 167 - Perhaps the nearest approximation to the fair standard is that of bona fide investment — the sacrifice made by the owners of the property — considering as part of the investment any shortage of return that there may be in the early years of the enterprise. Upon this, taking the life history of the road through a number of years, its promoters are entitled to a reasonable return. This, however, manifestly is limited; for a return should not be given upon wastefulness, mismanagement, or poor judgment,...