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September 5, 1950, reported in $5 P.U.R. (NS) 129, the Indiana Public Service Commission fixed a value for the utility at a point above original cost and below present day cost and in justification of its action said: s?Und.er the law of this state, it is the duty of the Commission to value all of the property of the utility actually used and useful for the convenience of the public at its fair value and establish reasonable and just rates for the service rendered by the utility. In determining fair value the Commission must give consideration to all bases of valuation which may be presented and to the reasonable cost of bringing the property to its then state of efficiency. The Commission may give consideration to reproduction costs at current prices, less depreciation .... ”The law of this state does not bind this Commission to the use of any single formula in determining utility property valuation, on the contrary, the act certainly contemplates that the Commission will not be bound by any one theory of valuation and will take into consideration all bases of valuation which may^be presented and may give consideration to reproduction costs at current prices, less depreciation. ”The public contends that the Commission should give no consideration to reproduction costs at current prices, depreciated, in its determination of property values in this proceeding. The Commission agrees with the public that to use the reproduction-cost new formula, which is at best highly speculative, would not be a sound'rule to use in establishing utility property valuation, particularly in view of the fact that the use of such a theory would result in the establishment of valuation at the highest possible level and the use of such a theory would be contrary to former decisions of this Commission. On the other hand, it would be just as^ fallacious for this Commission to restrict its consideration in the determination of valuation to the use of the original c ost depreciated theory as the one and only measure of utility property valuation, that probably being one of the lowest valuations that could be considered.” Joint Facility Rents. On page 16 of its opinion, the Commission computes a