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4 Pag# 229• i Pag* 311. should be considered ram, and If the value of the land went down, that is, decreased In value, the value should be considered at some future time? Wehet Yes. Of course, I think you should give weight to the extent that the present value really represents the present value* If it decreases below the present value in a period of depression, when coats have fallen, the proper relationship should he maintained, in *sy opinion. Cannon: to Wshsi, The increased cost of the land at 1100 an acre, (up from a cost of 120.43 per sere) plus the rlght®-of-w®y at $400 an acre was also used in your computation of the original-cost and present-day-cost basis? • ;ehej those costs are reflected. Cannon: You say, ::r. Hah#, that there was no adjustment for the rights of way in the investment-cost basisj I think you figured 20 acres in rights of-way. Wehe: A small amount. Cannon: #2# an acre would fee £500 adjust­ment that would be required. ¥eh*s That is right. (Line 23),