Railroad Valuation by the Interstate Commerce Commission
V. Cost. Facts and estimates, 261. — Commission procedure, 262. — Renewals and costs, 263. — Appreciation, 266. — Original cost determined by appraisal, 269. — Facts and estimates once more, 270. — VI. Intangibles. Commission doctrine, 271. — Franchise value, 272. — Going value and strategic value, 273. — Wisconsin deficit theory, 276. — VII. Final value, 277. — Confiscation and condemnation, 277. — Exchange value, 278. — Capitalization of earnings, 280. — The general rate structure, 283. — The reasonable return as a variable, 284. — The appeal to authority, 288. — Cost of reproduction as a basic fact, 289. — Land once more, 290. — Cost of reproduction and investment, 293. — The rule in Smyth v. Ames, 297. — The Commission and "final value, " 298.