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Nothing in the record justifies a finding that assets should not be evaluated on the current market price. 

The Board also recognized that intangibles have a value to be considered. In the United-Western Acquisition Case, supra, the Board stated that:

"But since commercial values in a free economy are in large part a capitalization of future earning power, and since the estimate of future earning power reflects the continuously changing appraisal of the risks of the industry by the suppliers of capital, the existence of intangible market values cannot be denied without exceeding the bounds of realism. The willingness of an able buyer to pay a price is the expression of a strong conviction, and when such convictions are held by experienced and capable people they cannot be deprived simply by establishing that such prices do include elements of intangible value."

Of course, while it is proper to consider the market value of fixed assets and the value assigned to intangibles for purposes of determining whether consideration is fair and reasonable, it does not follow that the value recognized for such purposes would also be recognized for rate making purposes. This will be discussed in more detail below.

Fixed Assets- In arriving at the market value of Colonial's fixed assets, an Eastern purchasing official made a physical examination of all of Colonial's flying equipment located in New York. The equipment examined included all aircraft, except two DC-3s which were not in New York at that time, all spare engines except one