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Going Value And Rate Valuation, Ben W. Lewis
Going Value And Rate Valuation, Ben W. Lewis
Michigan Law Review
From the mere circumstance "that a controversy has been long kept on foot, and remains still undecided, we may presume that there is some ambiguity in the expression, and that the disputants affix different ideas to the terms employed ...... " Although David Hume was not here concerning himself with twentieth century utility regulation, his observation finds appropriate employment as a preface to a present day study of the problem of going value. The problem is an open one-temptingly open. Years of contention, an impressive array of publications by economists, attorneys, and engineers, and hundreds of opinions of courts and …
Public Utilities-Easement In Public Highways As An Element In Rate-Base Of Street Railway
Public Utilities-Easement In Public Highways As An Element In Rate-Base Of Street Railway
Michigan Law Review
Out of the vast amount of indefiniteness that characterizes the law governing the valuation of public utility corporations for the purpose of fixing rates, two theories have been evolved as guiding principles in determining the "fair value" of the utility upon which a reasonable return is to be allowed. Some courts adhere to the reproduction theory; others to the prudent investment theory as the controlling factor in determining the rate-base. See 15 MICH. L. REV. 205; 22 MICH. L. REV. 147. And it is now evident that one of these two theories will prevail, but which one is still uncertain. …
Constitutional Law-Methods Of Testing The Constitutionality Of Rate Status Involving Heavy Penalties
Constitutional Law-Methods Of Testing The Constitutionality Of Rate Status Involving Heavy Penalties
Michigan Law Review
Where a state statute prescribes maximum intrastate railroad rates and also attaches heavy penalties for violations of the statute by a railroad or its agents, and where a railroad thinks the rates are confiscatory and hence unconstitutional, it is faced with an apparent dilemma. Must it either submit to the supposed confiscatory rates or else run the chance of incurring heavy penalties in case the statute is held constitutional? Or, is there another alternative-a painless way of testing the validity of the rates?