Public Utilities: Their Cost New and Depreciation |
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Common terms and phrases
amortization amount appraisal buildings capital Cedar Rapids cent consideration considered Consolidated Gas Co cost of reproduction cost-new decisions definite depreciation reserves determined earnings engineer erty experts fact factors fair present value fair return fair value franchise going concern going value included increased increment incurred interest during construction invested in plant Knoxville Water Co labor land live plant loss in value Manor Water market value obtained operating expenses original cost Overhead charges paid par value period of construction perishable property physical plant physical property plant elements plant units portion profit prop proper question rate of interest reasonable replacement cost reserve fund reserves for depreciation reserves for renewals ruled securities sinking fund method Spring Valley stockholders straight line method tion Topsham true present value unit costs unit of plant valuation value inherent Water Waterville wearing value Wisconsin Commission
Popular passages
Page 72 - But the value of property results from the use to which it is put and varies with the profitableness of that use, present and prospective, actual and anticipated. There is no pecuniary value outside of that which results from such use.
Page 250 - It is entitled to see that from earnings the value of the property invested is kept unimpaired, so that at the end of any given term of years the original investment remains as it was at the beginning. It is not only the right of the company to make such a provision, but it is its duty to its bond and stockholders, and, in the case of a public service corporation at least, its plain duty to the public.
Page 5 - If a railroad corporation has bonded its property for an amount that exceeds Its fair value or if its capitalization is largely fictitious, it may not impose upon the public the burden of such increased rates as may be required for the purpose of realizing profits upon such excessive valuation or fictitious capitalization...
Page 232 - 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 212 - ... 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.
Page 135 - Before coming to the question of profit at all the company is entitled to earn a sufficient sum annually to provide not only for current repairs but for making good the depreciation and replacing the parts of the property when the}- come to the end of their life.
Page 126 - 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.
Page 5 - 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. We do not say that...
Page 125 - It cannot be said that a corporation is entitled, as of right, and without reference to the interests of the public, to realize a given per cent, upon its capital stock...
Page 250 - If a different course were pursued the only method of providing for replacement of property which has ceased to be useful would be the investment of new capital and the issue of new bonds or stocks. This course would lead to a constantly increasing variance between present value and bond and stock capitalization — a tendency which would inevitably lead to disaster either to the stockholders or to the public, or both.