...contention. In the Southwestern Bell Telephone case, for instance, the Supreme Court said that it was "impossible to ascertain what will amount to a fair return upon properties . . . without giving consideration to the cost of labor, supplies, etc., at the time the investigation...

...and supplies. In reviewing this action, at page 287 (43 S. Ct. 546) of the opinion, the court said : "It is impossible to ascertain what will amount to...honest and intelligent forecast of probable future value made upon a view of all the relevant circumstances is essential. If the highly important element...

...predicated upon the values found are to continue in effect. "An honest and intelligent forecast for probable future values made upon a view of all the relevant circumstances is essential." 8. W. Bett Teleph. Co. v. Pul. Sen. Comm., 262 US 267, 288. The use of a purely mechanical method like...

...investigation is made. An honest and intelligent forecast of probable future values, made upon review of all the relevant circumstances, is essential. If the highly important element of present costs is who'.ly disregarded such a forecast becomes impossible. Estimates for tomorrow cannot ignore prices...

...existing at the time of the investigation and not cost or some other value, made the following comment : " It is impossible to ascertain what will amount to...essential. If the highly important element of present co^ts i» wholly disregarded, such a forecast becomes impossible. Estimates for to-morrow canno: ignore...

...determining factor and repudiates the methods followed by the Commission in the following terms : " It is impossible to ascertain what will amount to...intelligent forecast of probable future values, made upon review of all the relevant circumstances, is essential. If the highly important element of present...

...the development of this company. As the learned justice remarks in the Missouri case Just referred to "An honest and intelligent forecast of probable future...of all the relevant circumstances, is essential." This would indicate that the court had in mind a reasonably permanent level, eliminating as far as...

...258 US 165 (March 6, 1922) ; and Galveston Electric Co. v. Galveston, 258 US 388 (April 10, 1922). It 'is impossible to ascertain what will amount to...fair return upon properties devoted to public service withOpinion of the Court. 262 US out giving consideration to the cost of labor, supplies, etc., at...

...enhanced costs of material, labor, supplies, etc., over those prevailing in 1918, 1914 and 1916. . . . It is impossible to ascertain what will amount to...view of all the relevant circumstances, is essential. The decision was heralded by the companies as a positive confirmation by the court that utilities are...

...value of property employed should be determined as of the time when the inquiry is made. " l And again, "it is impossible to ascertain what will amount to...supplies, etc., at the time the investigation is made." 2 The ascertainment of the cost of reproduction also involves an inquiry into the nonphysical elements...