delivered the opinion of the Court.
In
Newton
v.
Consolidated Gas Company,
By an original bill in the United States District Court, Southern District of New York, wherein the Public .Service Commission and the Attorney General of that State were the defendants, appellee attacked the Act of June 2, 1923, as confiscаtory and prayed for an injunction prohibiting enforcement thereof. It also asked that the Act be adjudged void because enforcement would impair the *578 company’s contract with the State under the Commission’s order, contrary to Article I, Section 10, of the fеderal Constitution. Further, that the Act be declared invalid because of the impossibility of supplying immediately and with safety to consumers gas of six hundred and fifty thermal units. Answers followed and the mаtter went to a master, who took much proof, found the value of the property dеdicated to public use, cost of operation, the impossibility of furnishing safely gas of thе prescribed standard, etc. He reported the one dollar rate would not yield a fair return upon such property estimated according to any reasonable standard and, therefore, recommended that the Act be declared confiscatory and unenforcible. He further recommended that it be declared invalid because in сonflict with Article I, Section 10, also because compliance therewith was practically impossible. The court confirmed this report without material modification, аdjudged as recommended and granted the injunction prayed for. 6 Fed. (2d) 243.
The Commission, wisely we think, declined to ask review here of the final decree. The Attorney General sued out а broad, separate appeal. His petition therefor alleges: 'l That in substanсe the decree restrains the defendants from enforcing in any way Chapter 899 of the Lаws of 1923 of the State of New York and declares that said statute violates or is in contravention of Section 10 of Article I and of the Fourteenth Amendment of the Constitution of the United States.” There is an enormous record. Seventy-one assignments of error assail rulings of thе court and question many of the master’s actions and conclusions.
. Although somewhat orаcular — as in the lines which make solemn declaration concerning the position whiсh this court must ultimately take regarding valuations in rate cases — and too much burdened with unimpоrtant dissertations, the report of the master contains a valuable analysis of the rеlevant evidence and clear statements *579 concerning values. It also sets out distinctly what the evidence discloses as to the cost of production, expenses of the business, etc. He concluded that the prescribed rate of one dollar per thousand feet would not yield a return of six per centum and was therefore confiscatory. With this conclusion the court below agreed, and we find nothing whatever suggested by the Attorney General in brief or oral argument which would justify material modification or reversal of thе final decree in so far as it so adjudges and directs appropriate injunctions.
As thе statute is clearly confiscatory and therefore invalid under the Fourteenth Amendment, it wаs unnecessary for the trial court to consider other objections thereto1, and wе have not done so.
The decree of the District Court will be modified by excluding therefrom those parts which declare the Act invalid for any reason except that enforсement would result in confiscation. Thus modified, it is affirmed. All costs of the appeal will be taxed against appellant.
Affirmed with modification.