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be §90,813.00)< This last calculation as to deficiency in revenue under the former rates is made substantially in accordance with the basic views of the Commission indicated in its opinion that both the Railroad Company and the Water Company are entitled to a return of 6$ upon a rate base de­rived from an average of Investment Cost and Original Cost, with 240 acres of land included in the Railroad Company rate base at §100.00 per acre. It demonstrates conclusively that if the Commission, guided by its basic views, had faithfully followed the undisputed evidence as to capital investment and the undisputed and latest information in the record on cur­rent operating costs, it would have been required to allow the proposed rates to go into effect, or to have proscribed a substitute schedule of rates which would have afforded approximately the same revenue as the proposed rates. The overall results of the Commission’s decision are decidedly unsatisfactory to the Water Company. No util­ity can be expected to voluntarily.accept less than a fair return on its property devoted to public service after proper operating expenses are paid. All of the substantial errors in the Commission’s opinion result from the fact that the Commission violated the fundamental rule of law that decisions of regulatory commis­sions must be based solely upon the evidence introduced at a V / hearing and that commissions may not consider facts outside of the record or arbitrarily disregard the facts in the record. -14-