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  5. 593 S.W.2d 434 (1980)
 

SOUTHWESTERN BELL TEL. v. ARK PUBLIC SERV.

No. 79-201.

593 S.W.2d 434 (1980)

SOUTHWESTERN BELL TELEPHONE COMPANY, Appellant, v. ARKANSAS PUBLIC SERVICE COMMISSION, Appellee.

Supreme Court of Arkansas.

January 28, 1980.

Attorney(s) appearing for the Case

Wayne E. Babler, Milwaukee, Wis., William C. Sullivan, Topeka, Kan., D. D. Dupre, Herschel Friday, Hermann Ivester, Little Rock, for appellant.

Robert H. Wood, Jr., Stephen K. Cuffman, Steve Clark, Atty. Gen., by Michael O'Malley, Asst. Atty. Gen., Little Rock, for appellee.

FOGLEMAN, Justice.

This appeal is the product of the inexorable march of inflation. Appellant, Southwestern Bell Telephone Company (hereafter referred to as Bell) seeks a reversal of the circuit court's affirmance of the order of the appellee Arkansas Public Service Commission (hereafter called PSC) setting aside proposed new intrastate rate schedules filed by the telephone company on March 1,1976, and allowing the company to file a new rate schedule designed to produce...

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