Valuation Act: Difference between revisions
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c/e; del POV; cn tags. Title of article is incorrect. Law's correct name is "Valuation Act." Also, no doc. that it's also called "Parcel Post Act." I will request article be moved to correct title. |
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The '''Valuation Act''' is a 1913 [[United States federal law]] that required the [[Interstate Commerce Commission]] (ICC) to assess the value of [[railroad]] property.<ref>United States. Valuation Act, [[62nd Congress]], ch. 92, {{USStat|37|701}}, enacted 1913-03-01.</ref> This information would be used to set rates for the transport of freight. |
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==Background== |
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The '''Railway Evaluation Act''', also called the '''Parcel Post Act''', was an act passed by the [[62nd United States Congress]] in 1913. The act was the brainchild of commissioners Charles A. Prouty and Franklin K. Lane of the [[Interstate Commerce Commission]] (I.C.C.). Its objective was the setting of fair rates for the transport of freight. To do this, the I.C.C. was required to organize a Bureau of Valuation in order to complete a valuation of the real [[property]] and [[assets]] of every [[railroad]] company in the [[United States]]. This valuation was successfully accomplished during the period 1914 to 1921 under the auspices of the [[Harvard University]] professor, Dr. John Henry Gray, as by this time Prouty and Lane were no longer working for the I.C.C.. |
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The act was the brainchild of ICC commissioners [[Charles A. Prouty]] and [[Franklin Knight Lane|Franklin K. Lane]].<ref name="railway-review">{{cite journal |author=<!--Staff writer(s); no by-line.--> |title=Director of Valuation Prouty Claimed by Death |url=https://books.google.com/books?id=vyU-AQAAMAAJ&lpg=PA93&ots=wz4-FbA4ye&pg=PA93#v=onepage&q&f=false |journal=Railway Review |location=Chicago |date=1921-07-16 |volume=69 |page=93}}</ref> Its objective was the setting of fair rates for freight shipments. It was was a classic piece of [[Progressive Era]] legislation designed to find a [[Scientific method|scientific basis]] for setting [[tariffs]] (shipping charges) by determining the correct value of each railroad's [[real property]] and [[assets]]. Members of [[United States Congress|Congress]] assumed that with this information, the ICC would be able to set rates according to the principle of a reasonable [[rate of return]] on the real value of each railroad and the industry as a whole.<ref name="Martin">{{cite book |last=Martin |first=Albro |date=1992 |title=Railroads Triumphant: The Growth, Rejection & Rebirth of a Vital American Force |location=New York |publisher=Oxford University Press |page=358 |isbn=0-19-503853-3 |quote=Except to take up incredible amounts of space on library shelves, the reports of the valuation agency never served any visible purpose.}}</ref> |
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==Implementation== |
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The law amended the [[Interstate Commerce Act of 1887]] 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 administration.<ref name="Martin"/> The valuations were conducted between 1914 and 1921, and completed under the auspices of [[Harvard University]] professor Dr. John Henry Gray, as by this time Prouty and Lane were no longer working for the ICC.{{citation needed}} |
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Pushed for by [[Interstate Commerce Commission|I.C.C.]] commissioners Charles A. Prouty and Franklin K. Lane, the act was a classic piece of [[Progressive Era]] railroad legislation designed to find a [[Scientific method|scientific basis]] for setting [[railroad]] [[tariffs]] (or shipping charges) by determining the real value of each railroad's property and assets during the period 1914 to 1921. Legislators assumed that with this information the I.C.C. would be able to set rates according to the principle of a reasonable rate of return on the real value of each railroad and the industry as a whole. The I.C.C. formulated a set of procedural and reporting standards for the valuation and then permitted the individual railroads to complete the valuation under the nominal supervision of an I.C.C. administration. |
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==Aftermath== |
==Aftermath== |
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Prouty resigned from the |
Prouty resigned from his Commissioner post at the ICC to serve as the first Valuation Bureau Chairman.<ref name="railway-review"/> His pursuit of fairness earned him the distrust and enmity of the railroads.{{citation needed}} Lane resigned to become [[United States Secretary of the Interior|Secretary of the Interior]] in the [[Woodrow Wilson]] administration.<ref>{{cite news |author=<!--Staff writer(s); no by-line.--> |title=Cabinet complete, Wilson announces |url=http://query.nytimes.com/mem/archive-free/pdf?res=9907E4DF1F3AE633A25757C0A9659C946296D6CF |newspaper=New York Times |date=1913-03-04}}</ref> |
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==See also== |
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* [[Hepburn Act]] (1906) |
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* [[History of rail transport in the United States]] |
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==References== |
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{{Reflist}} |
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{{US-law-stub}} |
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[[Category:62nd United States Congress]] |
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[[Category:Interstate Commerce Commission]] |
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Revision as of 04:22, 26 March 2016
 | This article needs additional citations for verification. (March 2016) |
The Valuation Act is a 1913 United States federal law that required the Interstate Commerce Commission (ICC) to assess the value of railroad property.[1] This information would be used to set rates for the transport of freight.
Background
The act was the brainchild of ICC commissioners Charles A. Prouty and Franklin K. Lane.[2] Its objective was the setting of fair rates for freight shipments. It was was a classic piece of Progressive Era legislation designed to find a scientific basis for setting tariffs (shipping charges) by determining the correct value of each railroad's real property and assets. Members of Congress assumed that with this information, the ICC would be able to set rates according to the principle of a reasonable rate of return on the real value of each railroad and the industry as a whole.[3]
Implementation
The law amended the Interstate Commerce Act of 1887 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 administration.[3] The valuations were conducted between 1914 and 1921, and completed under the auspices of Harvard University professor Dr. John Henry Gray, as by this time Prouty and Lane were no longer working for the ICC.[citation needed]
Aftermath
Prouty resigned from his Commissioner post at the ICC to serve as the first Valuation Bureau Chairman.[2] His pursuit of fairness earned him the distrust and enmity of the railroads.[citation needed] Lane resigned to become Secretary of the Interior in the Woodrow Wilson administration.[4]
See also
References
- ^ United States. Valuation Act, 62nd Congress, ch. 92, 37 Stat. 701, enacted 1913-03-01.
- ^ a b "Director of Valuation Prouty Claimed by Death". Railway Review. 69. Chicago: 93. 1921-07-16.
- ^ a b Martin, Albro (1992). Railroads Triumphant: The Growth, Rejection & Rebirth of a Vital American Force. New York: Oxford University Press. p. 358. ISBN 0-19-503853-3.
Except to take up incredible amounts of space on library shelves, the reports of the valuation agency never served any visible purpose.
- ^ "Cabinet complete, Wilson announces". New York Times. 1913-03-04.