I. Fluctuations in prices and interest rates, 113.— II. The reasonable worth of utility services, 114.— The fall in incomes, 115.— The fall in prices, 116.— Emergency rate orders, 117.— III. Valuation, 119. — Average prices, 119.— Corrective indices, 120.— IV. The rate of return, 122.— Industrial profits, 122.— The common stock basis for return, 124.— The standard rate of return, 125.— V. The rate making rule in depression, 127.