The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1915-12-01
DENIES VALUATION OF s,e7os4
City Attorney Contends Value Of EIee.
trio Plant OF l., II. 4 Power
10 Less Than $150,00O.

In MS brfef City Attorney Bond
takes exceptions to the present vaIua-
ton Of the physical property OF the
electric business of the Richmond
Light. Heat & Power company a es-
tablished by the engineers of the state
public utilities commission. a total of
$167, 7,o84. up to June 10, this year.
After an analysis of each item in
| corporated in the appraisal Of this
property. Mr.. Bond contends that act
ually the present value of the prop
erty is less than $150.0OO.
Attacks Wyer Estimate.
The plant values. as testified to by
8. s. Wyer. one Of the company en-.
gineers. are referred to In the city's
brief as Outrageous and exhorbitant",
and the commission Is informed that
Wyer's testimony ought to 30 dis
credit him in the minds of an impair
tial tribunal as to Justify the exclusion
of all his testimony"
The city attorney vigorously op-
poses including going value" as an
item in determining a valuation of the
plant On this subject he saws:
Not only did Mr.. Wyer try to boost
the value Of the physical property OF
this plant by his excessive figures,
but still unsattsfied. his insatiate
greed. aided. perhaps. by his unholy
desire to assist his client and. II Dos
| stble. to bring more dollars to its cof-
| fers. induced him to add thereto an
unreasonable amount under the vague,
indefinite and indescribable title U.S.
ually called going value which should
properly be named the haven of cor.
porate greed into which II sails and
where It casts anchor whenever all
other methods and items of value are
exhauted. No other term In legal ju-
risprudence Is less understood or more
extensively used by corporate inter-
ests than Is going value
Oenounees Term.
They seem to feed upon this term
with entire satisfaction and use II,
whenever and wherever possible. rs
panacea for all their ills and as a
sort OF indefinite and uncertain hocus
pocus expression in order to wrench
from courts and commissions some es-
pecial benefit to which they are not
| entitled. But nearly all judicial tri-
bunals are trimming this phrase of all
| unreasonable meaning and oppressive
| force. and its old meaning as formerly
| understood. under old economic condi-
tions. which seemed to justify as high
charges by public service Corporations
as the community would stand. are
| rapidly passing away. and under pres
ent economic and Industrial conditions
| new era is dawning: in fact. II is
here now. and present-day questions
affecting the public interest and vel.
fare are being considered and decided
with equal and exact justice both to
the public and to the utility concerned.
I'VE realize. however. that il may
require an ooxing out or q gradual
slipping away from the old methods,
and an adoption of the new. but ere
long come fearless, thoughtful and
clean reasoning commission or court
Will walk boldly out of the darkened
and lop-sided past into the bright sun
shine OF an awakened. present-day
consciousness. and when this time
comes this term GOING VALUE will
be relegated to the scrap heap. where
II rightfully belongs-to the realm of
innocuous desuetude, where 1t will
slumber through all the ages yet to
come: and ever after the arrival OF
this hour, no positive and definite
sum will be specifically added TO the
value OF the physical property Of .
public utility and called GOING
VALUE but the full force and effect
Of this term will be regarded ~ suf-
ficiently satisfied and given all the
consideration to which IL ID entitled
by valuing the plant - going con-
Germ and one In successful operation.
[cont'"ued on Pegs Twe.l