James Clark McReynolds

“ Although somewhat oracular-as in the lines which make solemn declaration concerning the position which this court must ultimately take regarding valuations in rate cases-and too much burdened with unimportant dissertations, the report of the master contains a valuable analysis of the relevant evidence and clear statements concerning values. ”

“ The decree of the District Court will be modified, by excluding therefrom those parts which declare the act invalid for any reason except that enforcement would result in confiscation. Thus modified, it is affirmed. All costs of the appeal will be taxed against appellant. ”