TAFT, J.
In its June 11 order, the commission specifically found that the "5½% rate of return * * * applied to the * * * statutory rate base valuation * * * will provide an allowable dollar annual return sufficient to enable * * * a dividend of 6.5% on an amount of equity capital equivalent to the equity component of said statutory rate base valuation and afford a reservation for surplus on the basis of a pay-out ratio of approximately 69%." As recognized in...
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