The Split Inventory: A War Expedient, A Solution in Peace

E. M. Bernstein

The Quarterly Journal of Economics, 1930, vol. 44, issue 3, 493-522

Abstract: I. Origin of the split inventory. — Definition, 493.—The splitting date, 494. — Built-up value, 494. — Relation to pre-war valuation procedure, 495. — Objects of war-time valuation, 497. — Other war-time methods of valuation, 497. — Superiority of the split inventory, 498. — II. Development of the split inventory. — Early use of this method, 499. — Brooklyn Borough Gas case, 500. — The split inventory in the District of Columbia, 502. — The split inventory in Wisconsin, 506. — The Ashland decision, 508. — The end of the split inventory, 509. — III. The Interstate Commerce Commission and the split inventory. — The Commission's policy, 510. — The Transportation Act of 1920, 511. — The O'Fallon valuation, 512. — The source of the Commission's policy, 512. — IV. The split inventory in the Supreme Court. — The Galveston case, 513. — The Georgia case, 514. — The OTallon case, 515. — V. The split inventory in the future. — Its relation to prudent investment, 517. — Present conditions are favorable, 519. — The attitude of utilities, 520. — The attitude of the courts, 521.

Date: 1930
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