Standard Oil Co. of NJ v. Southern Pacific Co., 268 U.S. 146 (1925) (No. 197)

Case name: Standard Oil Co. of NJ v. Southern Pacific Co. Opinion filed: 1925-04-20 Docket No.: 197 Citations: • 268 U.S. 146 • 45 S. Ct. 465 • 69 L. Ed. 890 • 1925 U.S. LEXIS 773 Case holding summaries: • recognizing "contemporaneous sales of like property in the way of ordinary business" as one manner of establishing market value • valuation "not controlled by artificial rules;" what is required is "reasonable judgment" based on the relevant facts • "The ascertainment of value is not controlled by artificial rules. It is not a matter of formulas, but there must be a reasonable judgment having its basis in a proper consideration of all relevant facts." • "It was shown that annual rates of depreciation used in the accounts of shipowners varied from two and a half to five per cent., and that such rates are affected by the policy of the owners, business conditions, taxes and other things."