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STATE EX REL., ETC. v. MEBANE HOME TEL. CO.

No. 56.

257 S.E.2d 623 (1979)

STATE of North Carolina ex rel. UTILITIES COMMISSION and Rufus L. Edmisten, Attorney General v. MEBANE HOME TELEPHONE COMPANY.

Supreme Court of North Carolina.

September 4, 1979.

Attorney(s) appearing for the Case

Rufus L. Edmisten, Atty. Gen., Jesse C. Brake, Sp. Deputy Atty. Gen., and Francis W. Crawley, Associate Atty., Raleigh, for Atty. Gen. of North Carolina, plaintiff.

Robert P. Gruber, Gen. Counsel, and Antoinette R. Wike, Asst. Com'n Atty., Raleigh, for North Carolina Utilities Com'n, plaintiff.

Boyce, Mitchell, Burns & Smith by F. Kent Burns and James M. Day, Raleigh, for defendant.

SHARP, Chief Justice.1

I. DETERMINATION OF "FAIR VALUE"

In the hearing which gave rise to this appeal, the Utilities Commission found that the reasonable original cost, depreciated, of Mebane Home Telephone's property in North Carolina was $3,946,594 and that the depreciated replacement cost was $4,244,361. Having made these preliminary findings, the Commission concluded that the "fair value" of Mebane's property should be derived...

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