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

Portada
Banks Law Publishing Company, 1912 - 798 páginas

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Trend of decisions on fair value
37
No authoritative determination of standard of value
38
Recent decisions 39 Valuation standards
39
CHAPTER III
41
Reasonable rates can not be based on market value 58 The misplaced or partially obsolete plant
56
Same subjectSan Francisco Water Rate Case 1911
57
Market value the true standardJustice Brewer in Reagan v
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 Commission 1911
79
Present or original conditionsConclusion
81
CHAPTER V
82
CHAPTER VI
102
Methods of appraising land 146 Sales method defined 147 Sales method discussed
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
Reproduction cost same as present estimated condemnation cost 135 Multiples used in various state appraisals
127
Minnesota Appraisal and Rate Case
129
Case 1911
130
South Dakota appraisal 1910
131
New York Appellate Division rejects use of multiples in tax case 1911
133
Cost of reproduction of terminal land 140 State railroad appraisals
134
Minnesota Appraisal and Rate Case
141
Minnesota Rate CaseAvailability for railroad purposes enhances value
142
Wisconsin Railroad Commission on availability for special
143
Value of adjacent land increased by presence of terminal
144
Reproduction cost of land as affected by cost of hypothetical build
145
Sales method rejected in Minnesota Rate Case CHAPTER VII
148
CHAPTER VIII
161
company 1911
169
Wisconsin Railroad Commission on services provided at consumers expense
170
Opinion of C L Corey on services furnished by consumer 186 State and city aid in grade separation improvements 187 Citys grade separation contrib...
173
CHAPTER IX
176
Maine Supreme Court in Water Plant Condemnation Cases 1902
181
CHAPTER X
190
Discarded propertyWisconsin Railroad Commission
191
Inclusion of river intake and filter galleries Wisconsin
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
Washington Railroad Commission 1910
236
Seattle Wash Telephone Rate Case 19101911
237
Wisconsin Railroad Commission 280 Engineering and superintendence
238
Contingencies
240
ContingenciesMichigan railroad appraisal 19001901
241
ContingenciesMassachusetts appraisal of N Y N H H R R 1911
243
ContingenciesSt Louis Public Service Commission 1911
244
ContingenciesOklahoma 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
PromotionNew York Public Service Commission Second District 1908
264
PromotionNew York Public Service Commission First District
266
CHAPTER XIII
268
Columbus Ohio Electricity Rate Case 1906
284
CHAPTER XIV
287
Wisconsin Railroad Commission 19101911
291
New York Consolidated Gas Case
294
New York Public Service Commission First District 1911
296
Chicago gas plant appraisal 1911
298
Iowa Gas and Water Rate Cases
300
Lincoln Neb Gas Rate Case 1909
301
New York Special Franchise Tax Case 1911
302
CHAPTER XV
304
CHAPTER XVI
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
CHAPTER XIX
381
CHAPTER XX
401
Allowance in San Francisco Water Rate Case 1911
402
Depreciation rule contained in uniform water supply accounts
404
Des Moines Iowa Water Rate Case 1910
428
CHAPTER XXI
440
CHAPTER XXII
466
CHAPTER XXIII
500
United States District Court in San Francisco Water Rate Case rejects comparative plant method
515
Value of created income bears no direct relation to cost
516
Summary
518
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 xa 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
Summary
569
CHAPTER XXVI
572
Lincoln Neb Gas Rate Case 1909
592
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
of fact to be determined by lower courtTax Case 772 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
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Página 595 - 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.
Página 25 - ... to 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.
Página 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.
Página 384 - 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.
Página 24 - 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...
Página 706 - 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 656 - 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...
Página 396 - 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...
Página 453 - 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.
Página 384 - It was urgent!}' contended that in fixing upon the value of the plant upon which the company was entitled to earn a reasonable return the amounts of complete and incomplete depreciation should be added to the present value of the surviving parts. The court refused to approve this method, and we think properly refused. A water plant, with all its additions, begins to depreciate in value from the moment of its use.

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