The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-18
The Value of Public service Plants.

a clear precise and reasonably COM
plete formulation of the various eC-
ments that enter into the determination
OF facts essential To the establishment
OF "A fair settlement In cases OF munich
pal assumption of tho operation Of en-
listing plants for public service enter
prise is offered In Public Utilities. Their
cost Nep and depreciation. by HAM
MoND V. HAYES Cd. Van Nostrand Com
panyl. Such cases are OF constant and
increasingly frequent occurrence. and a
large body of law and precedent bearing
upon them Is in process or accumulation.
The opportunities for confusion are al
most unlimited. The mere matter Of
valuation of the property concerned
offers questions OF fact, in the engineers
province: of judgment. in the field Of
the economist, and of law for the jurist.
Moreover, as the evidence contributory
to such determination has commonly
the color OF controversy, inasmuch as
II comes from experts hired by the seller
and the scmi-coniiscatory buyer and as
expert witnesses are so far as properly
may be favorable to the interests Of
their employers. there Is need OF code
Oh which common footing may he had.
The code can he at best but an approx
nation to absolute definition. Elasticity
IL must have. in view of the variety Of
forms and relations that common fac
tors may assume III individual cases.
but IL would transcend all experience
to find an absence of general principles
IN which system of procedure can be
built conducive To tboroughness and des-
patch in the process Of adjustment be-
tween the conflicting interests.
Mr.. Hayes concerns himself almost
exclusively with the engineers part
in the complicated undertaking. 1t is
the business OF the engineer u appraisc
the separate phases Of matorial value.
Of the experts on the commission to
assemble the reports of the engineers
and of the court To reduce the facts,
figures and law TO such judicial correla-
ton as provides the basis for final judg-
ment. II is acknowledged, however,
that the engineer. 10 perform intelli-
gently his task Of compiling the fig
urcs required by courts and commits
slons. must have some knowledge of
the needs of those bodies; for this rca-
son in addition to the technical ex-
amples and tables generous citation Of
cases and decisions is made.
While TINS DOCK Is meant iuF ana VIII
be most useful to engineers. Mr.. Hayes's
ARRANGEMENT and treatment Of the
problems of cost and value, efficiency
and depreciation, are ~ logical, and
while comprehensive so simple that it
will we'll repay perusal by the ordinary
reader. particularly IL he is business
man. The common citizen is the con-
sumner of public utilities products and
services, and 1t Is mere trusm To say
that the taxpayer whose criticism Is 80
spontaneous and SO unaffectcdly sim
cere, ought to welcome the opportunity
to acquire a more intelligent apprccia-
ton OF the matters at the bottom of his
discomfort 1t is "A difficult subject. but
not mystic. Probably the chief obstacle
To vulgar exploration of its premises at
first hand is the difficulty Of getting at
the law reports: and picking II up at
second hand in the newspapers is a.
chaotic labor. In this volume the select
material Is concentrated and ordered,
with no aim at the general reader, but
with q clarity and completeness that
will comfort him II his desire for useful
knowledge IS OF genuine stun.