Valuation of Public Service Corporations: Legal and Economic Phases of Valuation for Rate Making and Public Purchase. Supplement

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Banks Law Publishing Company, 1912 - Public utilities - 798 pages
 

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Contents

Iowa Supreme Court in Cedar Rapids Gas Case 1909Reproduction costlessdepreciation the controlling factor
32
Oklahoma Supreme Court in Pioneer Telephone Case 1911Repro ductioncostlessdepreciation the controlling factor 33 District Judge Evans in Cumb...
33
Wisconsin Railroad Commission in Manitowoc Water Case 1911
35
Trend of decisions on fair value
36
No authoritative determination of standard of value
38
Recent decisions 39 Valuation standards
39
CHAPTER III
41
Favorable location in its relation to market value theory
52
Monopoly value
53
Reasonable rates can not be based on market value 58 The misplaced or partially obsolete plant
56
Same subject San Francisco Water Rate Case 1911
57
Market value the true standardJustice Brewer in Reagan Farmers L T Co 1894
58
Value as a going business concernCircuit Judge McCormick in Metropolitan Trust Co v H T C R Co 1898
59
Value as a producing factorCircuit Judge Simonton in Mathew v
62
Market valueDistrict Judge Trieber in Arkansas Rate Cases 1911
63
CHAPTER IV
66
of Civil Engineers 1911
76
Present or original conditionsSt Louis Public Service Commissior 1911
79
Present or original conditionsConclusion
81
CHAPTER V
82
CHAPTER VI
102
Methods of appraising land 146 Sales method defined
103
Allowance of no return or a reduced rate of return on land
114
Reduced return allowed on terminalsMinnesota Supreme Court 1897
115
Appreciation should be set off against depreciation
119
Appreciation treated as income
120
Appreciation treated as income for purposes of United States cor poration
123
Income method considered
124
Actual cost v present value
125
Cost of reproduction of railroad right of
126
Memphis Tenn water plant appraisal 1902
127
Case 1911
130
Reproduction cost same as present estimated condemnation cost
134
Multiples used in various state appraisals 136 Minnesota Appraisal and Rate Case
135
South Dakota appraisal 1910
138
New York Appellate Division rejects use of multiples in tax case
139
Minnesota railroad appraisal 1908
145
Sales method discussed
147
1911
148
CHAPTER VIII
161
company 1911
169
Maine Water Plant Condemnation Case 1902
176
Maine Supreme Court in Water Plant Condemnation Cases 1902
181
Wisconsin Railroad Commission on services provided at consumers
184
Opinion of C L Corey on services furnished by consumer
185
State and city aid in grade separation improvements
186
Citys grade separation contribution considered by New York Public Service Commission
187
Grade separation contributions in appraisal for capitalization
188
Conclusion as to grade separation contributions
189
Statement of problem of donated property
190
Contributions by the company
191
The more equitable rule
192
Discarded propertyDes Moines Gas Rate Case 1896
194
Land acquired in advance of present needNew York Public Service Commission
195
LandSan Francisco Water Rate Case 19081911
197
Excessive investment in plant
198
Excessive investmentNew Jersey Chancery Court 1905
200
CHAPTER XI
202
CHAPTER XII
209
Appraisal of Chicago Consolidated Traction Company 1910
216
Appraisal of Chicago gas plant 1911
217
Cleveland street railway appraisal 1909
218
Columbus Ohio Electricity Case 1906
220
Contingencies
227
ContingenciesMichigan railroad appraisal 19001901
241
ContingenciesMassachusetts appraisal of N Y N H H R R 1911
243
ContingenciesSt Louis Public Service Commission 1911
244
Contingencies Oklahoma Telephone Rate Case 1911
245
ContingenciesWisconsin Railroad Commission 1911
246
Contractors profitSt Louis Public Service Commission 1911
248
Contractors profitValuation of Falmouth Mass water plant
251
Interest during construction
253
InterestMinnesota Railroad Rate Case 1911
254
InterestOklahoma Telephone Rate Case 1911
255
InterestWisconsin Railroad Commission
256
InterestSt Louis Public Service Commission 1911
257
InterestNew York Public Service Commission First District 1911
258
InterestState railroad appraisals
260
InterestMassachusetts appraisal of N Y N H H R R 1911
261
Promotion and organization
262
Promotion St Louis Publie Service Commission 1911
264
PromotionNew York Public Service Commission First District
302
CHAPTER XV
304
Cost of reproduction of terminal land 8 140 State railroad appraisals
310
CHAPTER XVII
329
New York Public Service Commission First District rejects sink ing fund method
346
Straight line method in New York City Street Railway Fare Case
348
Discussion of piecemeal construction
362
CHAPTER XIX
381
CHAPTER IX
391
CHAPTER XX
401
Allowance in San Francisco Water Rate Case 1911
402
Depreciation rule contained in uniform water supply accounts
404
1911
406
Des Moines Iowa Water Rate Case 1910
428
in 1909
432
Depreciation allowance apparently refused by United States Su vreme Court in 1903 but recognized in later cases
439
CHAPTER XXI
440
Hypothetical depreciation apparently allowed in Washington
457
Pennsylvania Water Plant Condemnation Case 1909
460
Omaha v Omaba Water Co Supreme Court of the United States 1910
462
Summary
464
CHAPTER XXII
466
Cedar Rapids Iowa Water Rate Case 1902Distinction between value for rate purpose and value for purchase 552 Columbus Ohio Electricity Rate Case...
468
Consolidated Gas CaseReport of special master
470
Consolidated Gas CaseUnited States District Judge Hough
472
Consolidated Gas CaseUnited States Supreme Court
473
Knoxville Water Rate Case 1909
474
Cedar Rapids Iowa Gas Rate Case 1909 1912
475
South Dakota railroad appraisal 1910
478
Oklahoma Railroad Rate Case 1910
479
Des Moines Iowa Water Rate Case 1910 191110 allowance for going value
480
San Francisco Water Rate Cases 19031911
482
Oklahoma Telephone Rate Case 191120 on reproduction cost for cost of establishing the business
486
Oakland Cal Water Rate Cas 1911No going value included Deficit method rejected
489
New York Public Service Commission First DistrictAdjustment of parts established connections and business experience as ele ments of going concern
494
Summary
495
CHAPTER XXIII
500
CHAPTER XXIV
520
Consideration of Wisconsin rule by courts and other commis
548
CHAPTER XXV
553
Cost of reproduction v Actual cost as a measure of going to value
561
Cost of establishing paying businessRate Case
562
Cost of subsequent promotion of businessRate Case
565
Going concern valueRate Case
566
Going concern valuePublic purchase
567
Cost of service theory of determining going value as sem forth by Frank F Fowle
569
CHAPTER XXVI
572
Lincoln Neb Gas Rate Case 1909
592
APPRAISAL OF FRANCHISE VALUE
629
CHAPTER XXIX
640
CHAPTER XXX
647
United States District Court 19113 97 return is confiscatory Water company 767 Arkansas Supreme Court 19116 to 10 a fair returnLegal rate of inter...
648
New York Public Service Commission for the First District742
686
Review of attitude of Supreme Court of the United States
687
Review of attitude of federal and state courts
689
Attitude of courts and commissions contrasted 787 Distinction between fair return in an administrative and judicial sense
690
Same distinction upheld by California Supreme Court 1911
691
Federal court in San Francisco Water Rate Case 1908
694
Elements of a reasonable returnWisconsin Railroad Commission
696
Ordinary method of financing in its relation to fair rate of return
700
Three standards of reasonableness 794 Original risk standard
702
Original risk standardCourt decisions
703
Standard of present risk for new enterprise
705
New enterprise standardApproval by commissions and courts
706
Present market rate standard
707
Conclusion
708
The sliding scale and other automatic methods of securing voluntary rate reductions and of rewarding efficient management
710
CHAPTER XXXI
713
CHAPTER XXXII
721
Railroads
726
Street and electric railways
728
Telephone
733
Waterworks
734
Going value
735
Depreciation
736
Index Page
747
Depreciation of overhead charges
748
PROPERTY CONSTRUCTED OUT OF SURPLUS
751
United States Circuit Court 19116 plus 172 for lean years
764
Minnesota Appraisal and Rate Case 142 Minnesota Rate CaseAvailability for railroad purposes enhances value
771
Valuation of property constructed out of surplus 201 Pennsylvania Supreme Court in Brymer v Water Company 1897
775

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Common terms and phrases

Popular passages

Page 37 - ... 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. We do not say that there may not be other matters to be regarded in estimating the value of the property.
Page 607 - What the company is entitled to demand, in order that it may have just compensation, is a fair return upon the reasonable value of the property at the time it is being used for the public.
Page 25 - ... grant to it, the power to construct and maintain a public highway simply for its benefit, without regard to the rights of the public. But it is equally true that the corporation performing such public services and the people financially interested in its business and affairs have rights that may not be invaded by legislative enactment in disregard of the fundamental guarantees for the protection of property.
Page 36 - 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.
Page 718 - 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.
Page 667 - There is no particular rate of compensation which must in all cases and in all parts of the country be regarded as sufficient for capital invested in business enterprises. Such compensation must depend greatly upon circumstances and locality; among other things, the amount of risk in the business is a most important factor, as well as the locality where the business is conducted and the rate expected and usually realized there upon investments of a somewhat similar nature with regard to the risk...
Page 108 - ... 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.
Page 408 - If, however, a company fails to perform this plain duty and to exact sufficient returns to keep the investment unimpaired, whether this is the result of unwarranted dividends upon over-issues of securities, or of omission to exact proper prices for the output, the fault is its own. When, therefore, a public regulation of its prices comes under question the true value of the property then employed for the purpose of earning a return cannot be enhanced by a consideration of the errors in management...
Page 465 - The difference between a dead plant and a live one is a real value, and is independent of any franchise to go on, or any mere good will as between such a plant and its customers.
Page 575 - The value of property, generally speaking, is determined by its productiveness — the profits which its use brings to the owner. Various elements enter into this matter of value. Among them we may notice these : Natural richness of the soil as between two neighboring...

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