Abstract
Smyth v. Ames' has long been known as the source of the theory of rate making under which a utility is entitled to a reasonable return on the fair value of its property devoted to public use. This theory has been under attack for years until even its ghost is supposed to have been laid in Federal Power Commission v. Hope Natural Gas Co.2 The five judges constituting the majority went about their work with such enthusiasm, however, that they overlooked the desirability of providing a substitute that would furnish some intelligible standard for judging the lawfulness of rates. This deficiency in the majority opinion is adverted to with some emphasis by Mr. Justice Jackson in his dissent wherein he said:
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