Show I WHAT IS VALUE Few V pro em connected with rail rul- railroad load road and public utility development ha have ha e been more discussed sed than the method of arriving at the tle V values of ol I Ithe the these e for rate making pur pur-I pur po poes pOwes es These There esThese a e a-e e t two too 0 schools of thou thought ht on thia thi Subject One Oe insists MIStS that th the original oct cost of the property should be b te e b bas sc of the other replacement r cost is the true tr i of ti for rate rote JUI purpose plSe Courts ha hake ha e wide mide deci c cons ons ways as a's The Th plc l m i none of the re commissions have been able to t a is how to reduce the value of Ate c lIe sen sei Ice pr be- be below be below 10 low curr it s sa rf r construe n j I c the Investor iri to rose lose h s p DOC toc N- N N K Nan i an in of at- at ai gumen 01 or long WInd d legal 1 phrase phrase-i v o 6 cin made the investor cleve I that he wants ants to put money into a aI I concern today the v value lue of cf I Which for dividend dl earning purposes I 1 Is 15 based on what hat the property m might ht have b been becOT worth 15 or 20 ears cars agaThe ago aga The Thc property owner who ho erected a no C or building 20 ears cars ago if hIs Judgment is good probably p Ins his it m- m insured in insured Coda toda for cons ly more than it cost for the simple reason rea- rea reason rea reason son that it is worth orth much more than It cost coot bied ej 01 on its earning and re rep value vue No one h has s the to sus su pst st that for purposes as- as shouLd b ba based on prop ert rte values 1 13 IS or 20 ears ago age all tie the has blown a iway and of er all Ill the speeches have been Seen made te t e c regulating bodies anti and II the he public wul 11 find that thit they are go going rig mg to hive hire to pay rates rotes which will return a fair dividend to the min man who WIlli ho makes hakes an investment based on the cost ost of building ind today If ff the investor doesn't I eve sUch his mon money v TIll ill ll not go m mo in pl hc sel or railroad companies but ut will WIn be nested invested mother in other lines Imes of which cam cant dividends on values fi figured d on a torts basis of today I rather than a n decade or a generatIon lago ago |