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of 1920 expanded the ICC's rate-setting responsibilities, and the agency in turn required updated valuation data from the railroads. The enlarged process led to a major increase in ICC staff, and the valuations continued for almost 20 years. The valuation process turned out to be of limited use in
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and required the ICC to organize a Bureau of
Valuation in order to undertake the assessments. The ICC formulated a set of procedural and reporting standards for the valuation process, and then permitted the individual railroads to complete the valuation under the nominal supervision of an ICC
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Valuation Act was to prepare a one-time assessment of railroad assets, subsequent legislation had the effect of prolonging the process. The
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Except to take up incredible amounts of space on library shelves, the reports of the valuation agency never served any visible purpose.
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Prouty resigned from his
Commissioner post at the ICC to serve as the first Valuation Bureau Chairman. Lane resigned to become
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The Best
Transportation System in the World: Railroads, Trucks, Airlines, and American Public Policy in the Twentieth Century
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assumed that with this information, the ICC would be able to set rates according to the principle of a reasonable
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405:"Measurement and Organizational Effectiveness: The ICC and Accounting-Based Regulation, 1887-1940"
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property. This information would be used to set rates for the transport of freight.
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Railroads
Triumphant: The Growth, Rejection & Rebirth of a Vital American Force
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Learning While
Governing: Expertise and Accountability in the Executive Branch
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91:(shipping charges) by determining the correct value of each railroad's
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on the real value of each railroad and the industry as a whole.
418:. Wilmington, DE: The Business History Conference: 183–192.
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The
Federal Valuation of the Railroads in the United States
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Rose, Mark H.; Seely, Bruce E.; Barrett, Paul F. (2006).
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Congress passed a minor amendment to the law in 1922.
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History of rail transportation in the United States
391:Investment Bankers Association of America (1922).
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43:Valuation map of Moncrief Yard in Jacksonville, FL
484:United States federal transportation legislation
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71:The act was the brainchild of ICC commissioners
207:"Director of Valuation Prouty Claimed by Death"
163:History of rail transport in the United States
315:. Ohio State University Press. pp. 7–8.
241:. New York: Oxford University Press. p.
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290:. University of Chicago Press. p. 72.
439:Selected ICC Valuation Reports (1929-1964)
268:Esch–Cummins Act, Pub.L. 66-152, 41
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286:Gailmard, Sean; Patty, John W. (2013).
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31:Valuation map of the Luverne Branch in
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479:Progressive Era in the United States
366:"Cabinet complete, Wilson announces"
159:(1906; authorized ICC to set rates)
347:. 67th Congress, ch. 210, 42
341:Tooltip Public Law (United States)
128:helping the ICC set rates fairly.
35:, a long-since abandoned rail line
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489:United States railroad regulation
399:Committee on Railroad Securities.
117:Interstate Commerce Act of 1887
83:legislation designed to find a
474:Interstate Commerce Commission
403:Miranti, Jr., Paul J. (1990).
181:United States. Valuation Act,
57:Interstate Commerce Commission
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412:Business and Economic History
59:(ICC) to assess the value of
464:62nd United States Congress
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217:. Chicago: 93. 1921-07-16.
141:Secretary of the Interior
53:United States federal law
459:1913 in rail transport
276:. Approved 1920-02-28.
233:Martin, Albro (1992).
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18:Railway Evaluation Act
355:, enacted 1922-06-07.
193:, enacted 1913-03-01.
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454:1913 in American law
115:The law amended the
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55:that required the
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414:. Second Series.
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73:Charles A. Prouty
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151:See also
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