Présentation de l'éditeur
At the present time there exists no general practice or well formulated theory of the valuation of utility property. This is indicated by the generally confused state of the public mind, the divergent views of those engaged in the work, and the contradictory positions taken by the public authorities and courts as to the proper basis of valuing such property. Much important information relating to valuation work exists ij--J nvarious public papers, but heretofore there has been no com prehensive attempt to digest and compile this material. The author has been engaged for several years past in valuing property aggregating hundreds of millions of dollars. He has devoted much time to the study of the opinions, papers, discussions, reports of commissions, and court decisions relating to the subject. He has endeavored in this book to digest this material, in so far as possible and to present a summary of the best practice, with typical examples thereof. The aim has been to indicate, if possible, the line along which theory and practice seem likely to be standardized. No attempt is made to hold a brief either for the necessity of valuing property on the one hand, or the injustice of doing so, on the other. The work relates rather to approved methods of ascertaining values not only of tangible property, but of intangible property as well. It treats of appraisals which have become more or less historic, and have helped to establish the precedents of current practice. Since it frequently happens that the valuations of utility property are submitted to the scrutiny of the courts, references are frequently made in this book to the judicial rulings which, though at times contradictory and somewhat confusing, nevertheless indicate the general lines along which valuations must be made in order to render then unassailable. The author has made use in the preparation of this
(Typographical errors above are due to OCR software and don't occur in the book.)
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