Abstract

A and reasonable rate of in the sense of Smyth v. Ames,2 Bluefield Water Works,3 and Hope Natural Gas4 scarcely exists today for the major forms of transportation: railroads,5 motor-vehicle common carriers,6 urban transit, water transport, and airlines. Except for oil7 and gas8 pipelines, the transport agencies present such special situations that the rate-of-return problem in its classical sense is hardly applicable. For years, the railroads have not earned a rate of return that would attract capital, and currently they have such a passenger deficit9 that the question of exceeding, or even of attaining, a fair return on a fair value has not been given serious consideration in proceedings before the Interstate Commercc Commission?1 or state commissions.

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