Valuation, depreciation and the rate base

Bibliographic data

Monograph

Identifikator:: 174667931X

URN:: urn:nbn:de:zbw-retromon-119897

Document type:: Monograph

Author:: Grunsky, Carl Ewald http://d-nb.info/gnd/10180959X

Title:: Valuation, depreciation and the rate base

Edition:: 2. ed., revised and extended

Place of publication:: New York

Publisher:: Wiley

Year of publication:: 1927

Scope:: X, 500 Seiten

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XI. The value of a water-right and of reservoir and watershed lands

Collection:: Economics Books

THE VALUE OF WATER-RIGHTS J “It seems clear from the expression of opinions thus made and from the general practice of engineers and other men in valuing water powers that the saving effected by the use of the water power over steam power, especially, measures the values of the water power. Other methods of appraisal are used and have been mentioned by the witnesses in these proceedings, namely, rental value and market value. These latter methods, however, are quite often open to objections which destroy their reliability and it appears that it is almost always neces- sary to fall back upon the method of calculating the saving over steam power and then by capitalizing this saving, arrive at the total value of the water power. The Commission has com- mented upon this and other methods of determining the value of water power in earlier decisions: “ ‘From a purely commercial point of view this method of estimating the value of water-power rights may, in the main, be sound. But it is not so clear that this can be said for it when the question is regarded from the point of view of public policy. . . . it appears to deprive a locality of the natural advantages it might otherwise derive from being located near such water powers. If water-rights are private property under the law, then all the benefits which accrue from these rights would probably go to their private owners. If, on the other hand, water-power rights are public rights rather than private rights, then it would also seem that the public ought to share in any benefits that may be derived therefrom.” Ross ef al vs. Burk- hardt Milling and Electric Power Co. (Wis. R.C. R., Vol 3, P- 139, 147).” On the subject of water-power value the Commission says further in the case of City of Rhinelander vs. Rhinelander Lighting Co. (Wis. R. C. R., Vol. 0, P- 424): “ While calculations of the saving produced by the use of water-power instead of steam-power are of much importance in private and public undertakings in showing the financial feasi- bility of hydraulic construction, the title of the owners in utility business to the entire savings so produced has not been clearly demonstrated. Indeed, the respondent’s claims seem to go so far as to preclude the public from any share in economical methods of service and seem to place upon users of utility service the burden of maximum costs of operation.” 21C

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