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adjust aggregate allowed Ames amount arise ascertained assuming authorized basis bearing bonds capitalization carrier carry character charges circumstances classes Common Company competing complaint conclusion consideration considered corporation cost of construction Court decided demands determining difficult dividends earning economic effect enforce entitled equality equip excessive existing expenses express facts fair return fair value fixed follows force grades improvements inquiry interest Interstate Commerce Commission investment issued judicial justice leave legislative legislature less limits lines matters maximum rates ment MICHIGAN mortgage bonds necessary obligations operating opinion original cost owners PARTICULAR RATES points prescribed present principles probably produce proper protection question railroad Railway reasonable reduced regard regulating relation represent require rule schedule securities services rendered shares Smyth standard suggested sums Supreme Court taken term tion traffic transportation Trust United unjust valuation Western whole
Page 9 - ... 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 10 - 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 9 - 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 19 - Under pretense of regulating fares and freights, the state cannot require a railroad corporation to carry persons or property without reward ; neither can it do that which in law amounts to a taking of private property for public use without just compensation, or without due process of law.
Page 6 - As a consequence of this, all individuals have equal rights both in respect to service and charges. Of course, such equality of right does not prevent differences in the modes and kinds of service and different charges based thereon. There is no...
Page 10 - But the rights of the public would be ignored if rates for the transportation of persons or property on a railroad are exacted without reference to the fair value of the property used for the public, or the fair value of the services rendered, but in order simply that the corporation may meet operating expenses, pay the interest on its obligations, and declare a dividend to stockholders.
Page 6 - There is no cast-iron line of uniformity which prevents a charge from being above or below a particular sum, or requires that the service shall be exactly along the same lines. But that principle of equality does forbid any difference in charge which is not based upon difference in service, and even when based upon difference of service, must have some reasonable relation to the amount of difference, and cannot be so great as to produce an unjust discrimination.
Page 25 - Commerce leaves common carriers as they were at the common law, free to make special rates looking to the increase of their business, to classify their traffic, to adjust and apportion their rates so as to meet the necessities of commerce and...
Page 25 - Subject to the two leading prohibitions that their charges shall not be unjust or unreasonable, and that they shall not unjustly discriminate, so as to give undue preference or disadvantage to persons or traffic similarly circumstanced...
Page 15 - 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 proflts upon such excessive valuation or fictitious capitalization...