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TOPIC A-THE SCHEDULE TAKEN AS A WHOLE.
§ 312. Reasonableness of the schedule as a whole.
313. Tests of the reasonableness of a schedule.
314. Many elements to be taken into account.
315. Interests of the companies to be considered.
316. Interests of the public to be considered.
317. Accommodation of the interests of both sought.
318. When fair net earnings left notwithstanding reduction of particular
rates.
TOPIC B-THE PARTICULAR RATES CONSIDERED SEPARATELY.
§ 319. Reasonableness of the separate rate.
320. Value of the service to the person served.
321. The complexities of the general problem.
322. Application of both tests necessary.
323. Relation of a particular rate to a whole schedule.
324. Possibility of increase of business if rates are lowered.
325. Inherent difficulties in accommodating all tests.
326. Governmental regulation for the best in rests of all concerned.
327. State of the authority upon the general subject.
§ 331. The various theories suggested.
332. Comparison of these theories of capital charge.
333. Cost of reproduction as a basis.
334. Money invested as a basis.
335. Outstanding capitalization as a basis.
336. Present value as a basis.
337. Competition of these different theories.
TOPIC B-THE ORIGINAL COST AS THE BASIS OF REGULATION BY
THE COMMON LAW.
§ 338. The investment as the capital entitled to return.
339. Argument for the rule of total investment.
340. What is the actual cost.
341. Cost to the public service company enhanced by fraudulent contract.
342. Unwise construction.
343. Plant unnecessarily large.
344. Portion of plant not yet in use.
345. Cost of unsuccessful experiments.
TOPIC COUTSTANDING CAPITALIZATION INCONCLUSIVE.
§ 346. Watered stock.
347. Nominal capitalization inconclusive.
348. Stock issues outstanding deceptive.
349. Bonded indebtedness beyond present value of security.
350. Cost of buying up constituent roads of the present system and
converting them to electric roads.
TOPIC DPRESENT VALUE AS THE BASIS OF REGULATION BY
LEGISLATION.
§ 351. Power to set aside a statutory rate.
352. Constitutional requirements.
353. Original cost not necessarily the basis of capitalization.
354. Present value may be shown to be less than actual cost.
355. Original cost as evidence of actual value.
356. Value returned for taxation not conclusive.
357. Elements entering into the determination of present value.
TOPIC E- -THE COST OF REPRODUCTION AS THE BASIS OF VALUE.
§ 358. The rule in Minnesota.
359. Methods of the Texas commission arriving at replacement value.
360. The rule held unreasonable by Federal Courts.
361. Explanation of the California decisions.
TOPIC F-FRANCHISE AND GOOD-WILL, WHETHER ENTITLED TO
BE CONSIDERED.
§ 362. Value of franchise not considered in estimating rates.
363. Value of franchise as basis for taxation.
364. Value of franchise when the property is bought.
365. Value of an exclusive franchise.
366. Value of a non-exclusive franchise.
367. Value of a practically exclusive franchise.
368. Physical adaptation to a going business.
369. Value as a going concern.
370. Value of " going business" whether entitled to a return.
371. Consideration given to the entrepreneur.
CHAPTER XIII.
RATE OF RETURN.
§ 381. Elements in determing a fair return.
TOPIC A-ESTABLISHMENT OF THE DOCTRINE OF ADEQUATE
RETURN.
§ 382. Rates fixed must not produce a deficit.
383. Some return requisite.
384. Adequate return ought to be left.
385. Rates may be reduced provided reasonable return is left.
386. Reasonableness of return a judicial question.
387. Fair rate of return.
TOPIC B-INTEREST UPON BONDS.
388. Interest upon outstanding bonds protected.
389. The rate of return upon investments in general.
390. Rates at which governments can borrow, no criterion.
391. More than current rates of interest not secured to bondholders.
392. Prevailing rate of interest allowed.
TOPIC C-DIVIDENDS ON STOCK.
§ 393. Reasonable dividends allowed.
394. Current rates of return.
395. Usual business profit.
396. Rate of return dependent upon locality.
397. Paying dividends dependent upon commercial conditions.
398. Recoupment in prosperous times.
399. No right to raise rates in prosperous times.
400. Creating a fund for payment of uniform dividends.
TOPIC D-RATE OF RETURN DEPENDENT UPON THE CHARACTER
OF THE ENTERPRISE.
§ 401. Larger returns in risky enterprises.
402. Hazards of the business considered.
403. Whether the return upon all property should be the same.
404. Rate of interest dependent upon the safety of the investment.
405. Risk by reason of depreciated security not considered.
406. General policy for allowing fair return.
CHAPTER XIV.
OPERATING EXPENSES.
TOPIC A-ANNUAL CHARGES.
§ 411. Cost of service to be earned before return on capital.
412. Items in cost of performing service.
413. Net earnings in general.
414. Expense of equipment and maintenance.
415. Cost of rolling stock.
416. Cost of supplies.
417. Salaries of officials.
418. Estimating labor cost.
§ 419. Loans.
420. Taxes.
421. Losses by accident.
422. Expenditures to get business.
423. Unreasonable expenditures.
424. Improvident expenditures.
TOPIC B-CONSTRUCTION ACCOUNTS.
§ 425. Betterments considered.
426. Improvement of existing plant.
427. Replacement considered as repair.
428. Permanent improvements should not be annual charge.
429. New construction should not be charged as an operating expense.
TOPIC C-DEPRECIATION REQUIREMENTS.
§ 430. Allowance for depreciation.
431. Renewal of equipment to offset depreciation permissible.
432. Fund for repairs.
433. Authorities refusing to allow depreciation.
434. Sinking fund requirement.
435. Sinking fund for municipal bonds.
436. Amortization of franchises.
TOPIC D-PAYMENTS MADE TO HOLDERS OF SECURITIES.
§ 437. Whether interest on bonds is properly an annual charge.
438. Dividends payable not classified as an annual charge.
CHAPTER XV.
SYSTEMS OPERATED AS UNITS.
§ 441. Complications in case of systems.
TOPIC A-SYSTEMS OPERATED AS UNITS.
442. Methods of consolidation.
443. Divisions as integral parts of the whole system.
444. Branch lines.
445. Unprofitable portions of the line not considered.
446. Whole systems should be taken together.
447. Rates on different parts of same system apportioned.