Railroad Valuation by the Interstate Commerce Commission

Homer B. Vanderblue

The Quarterly Journal of Economics, 1919, vol. 34, issue 1, 22-87

Abstract: Introduction: Progress of the Interstate Commerce Commission Valuations, 22. — I. The Commission's Reproduction Hypothesis, 25. — The reproduction program, 26. — Topographical conditions, 31. — Contingencies, 34. — II. Cost of Reproduction, 37. — Organization of the work, 39. — Basis of the inventory, 40. — Estimates and errors, 41. — Unit prices, 44. — Commission procedure, 47. — Expert testimony, 47. — "Overhead charges," 48. — Interest during construction, 52. — III. Depreciation, 54. — Second hand materials, 55. — Obsolescence or "functional depreciation," 55. — Observation and estimate, 57. — Deferred maintenance as depreciation, 60. — Capacity for service, 62. — Maintenance as investment, 64. — IV. Land, 67. — Present value of land, 68. — Commission procedure, 69. — Texas Midland controversy, 70. — Land valuation and condemnation practice, 75. — Hypothetical cost of reacquiring land, 78. — Minnesota Rate cases on land valuation, 79. — "Railway value," 81. — Value and cost, 83. — The unearned increment, earnings and value, 85.

Date: 1919
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