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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Contenido

No authoritative determination of standard of value
38
Recent decisions 39 Valuation standards
39
CHAPTER III
41
Application to railroad valuation
51
Use by Washington Railroad Commission
52
Statement of theory by Henry Earle RiggsInvestment value
53
Competition in its relation to market value theory
54
Favorable location in its relation to market value theory
55
Monopoly value 57 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
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 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
135
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
173
Maine Water Plant Condemnation Case 1902
176
Maine Supreme Court in Water Plant Condemnation Cases 1902
181
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
CHAPTER XI
202
Introductory CHAPTER XII
209
Contractors profitValuation of Falmouth Mass water plant 291 Interest during construction 292 InterestMinnesota Railroad Rate Case 1911
210
Appraisal of Chicago Consolidated Traction Company 1910
216
Appraisal of Chicago gas plant 1911
217
Cleveland street railway appraisal 1909
218
Promotion and organization
262
PromotionSt Louis Public Service Commission 1911
263
New York Consolidated Gas Case
306
New York Public Service Commission First District 1911
306
Chicago gas plant appraisal 1911
306
Iowa Gas and Water Rate Cases
306
Lincoln Neb Gas Rate Case 1909
306
New York Special Franchise Tax Case 1911
306
CHAPTER XV
306
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
Definition
381
Hypothetical functional depreciation
387
CHAPTER IX
391
United States Circuit Court in Milwaukee Street Railway Fare
394
480 General
401
Depreciation rule contained in uniform water supply accounts
404
1911
406
Des Moines Iowa Water Rate Case 1910
428
CHAPTER XXI
440
Hypothetical depreciation apparently allowed in Washington
457
CHAPTER XXII
466
CHAPTER XXIII
500
CHAPTER XXIV
520
Consideration of Wisconsin rule by courts and other commis
548
CHAPTER XXV
553
CHAPTER XXVI
572
Lincoln Neb Gas Rate Case 1909
592
APPRAISAL OF FRANCHISE VALUE
629
CHAPTER XXIX
640
CHAPTER XXX
647
766 United States District Court 19113 97 return is confiscatory Water company 767 Arkansas Supreme Court 19116 to 10 a fair returnLegal rate of ...
648
New York Public Service Commission for the First District7
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
Nebraska State Railway Commission 19118 a fair return
765
200 Valuation of property constructed out of surplus 201 Pennsylvania Supreme Court in Brymer v Water Company 1897
775
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Página 579 - 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 368 - 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 690 - 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 640 - 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 380 - 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 437 - 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 368 - 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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