Background
He was born on October 9, 1853 at Newport, Vermont, United States, the son of John Azro and Hannah (Lamb) Prouty, and a descendant of Richard Prouty who was in Scituate, Massachussets, as early as 1676.
(This is a reproduction of a book published before 1923. T...)
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(Excerpt from Transportation I AM asked to speak for an h...)
Excerpt from Transportation I AM asked to speak for an hour upon the Ethics of Transportation. Since the only transportation of which I have any special knowledge is by rail road, I Shall confine myself to that. The steam locomotive was first developed and steam railroads were first built in England. The original idea was to provide a way upon which the public might operate its own carriages. The rail road was to be like the turnpike or the canal, and just as any individual may haul his barges along the canal or drive his wagons over the turnpike upon the payment of an established toll, so members of the public were to be allowed to Operate their engines and cars upon the railroad, paying to the owners due compensation therefor. It early became apparent, however, that this was not feasible. From the very nature of the service it is necessary that the operation of a railroad shall be exclusive, and from this it has come to pass that the same company is usually the owner and opera tor. My subject therefore reduces itself to this, The Ethics of Building and Operating a Railroad. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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He was born on October 9, 1853 at Newport, Vermont, United States, the son of John Azro and Hannah (Lamb) Prouty, and a descendant of Richard Prouty who was in Scituate, Massachussets, as early as 1676.
He was graduated at Dartmouth College with distinction in 1875.
After serving as assistant to Prof. S. P. Langley at Allegheny Observatory from 1875 to 1876, he returned to Newport and became principal of the Newport Academy.
He entered the law office of Theophilus Grout in Newport, and was admitted to the bar in 1882. He practised in Newport from 1882 to 1896, serving in the lower house of the state legislature in 1888. From 1888 to 1896 he was reporter of the decisions of the supreme court of Vermont. In addition to his law work, he served as president of a trust company in Newport and as managing head of the local electric works.
Though unsuccessful in an early attempt (1900) to become United States senator, he was so outstanding a figure in the public life of his state that on the resignation of Wheelock G. Veazey, of Vermont, from the Interstate Commerce Commission in 1896, he was appointed to that body on December 17 of the same year. By virtue of reappointment in 1901 and 1907, he served continuously until he resigned, February 2, 1914, to take the newly created post of Director of Valuation, which he held until his death, at Newport, seven years later.
During American participation in the World War, when the activities of the Valuation Bureau were somewhat in abeyance, he was appointed, February 1918, Director of Public Service and Accounting, in the United States Railroad Administration, a post which he occupied until the return of the railroads to corporate operation, March 1, 1920. He was nominated for the United States Senate in 1914, as coalition candidate of the Progressive and Democratic parties, but failed of election.
In his Memorandum upon Final Value (1920) he gave concise expression to the views he had advocated ever since the submission of the original valuation report on the Texas Midland Railroad (1917). His views have not been without substantial influence upon the Commission's decisions in valuation matters.
Among his addresses in public may be mentioned "The Dependence of Agriculture on Transportation, " in Publications of the Michigan Political Science Association (July 1902); President Roosevelt's Railroad Policy (1905), address before the Economic Club of Boston; A Fundamental Defect in the Act to Regulate Commerce (1907), American Bar Association, Portland, Maine.
On July 8, 1921 he died at his Newport home.
(Excerpt from Transportation I AM asked to speak for an h...)
(This is a reproduction of a book published before 1923. T...)
In politics he was originally a Republican. He strongly supported President Roosevelt's railroad policy, particularly the Hepburn Act of 1906.
He believed, that the "value" required to be found by the Valuation Act was not exchange or condemnation value; that it must primarily proceed from the estimated cost of reproduction less depreciation; and that while neither the franchise, nor the business, nor the strategic position, nor the operating advantage of the carrier was property devoted to the public service and hence could not be included in "value, " there must be appropriate additions for appreciation extant on valuation date (provided it had not been previously paid for out of operating expenses), and for "structural going value" inherent in the property itself by reason of its organization and reputation.
Prouty's individuality was sharply etched on all who came in contact with him. He was frequently testy in manner, peppery in speech, often short tempered, and at times more than caustic. He was witty, a shrewd judge of human nature, charitably disposed to the unfortunate, personally ambitious, but public spirited. Alert of eye, lithe in build, quick in rejoinder, he was a dangerous antagonist in debate. He was a pungent and pithy speaker.
On March 26, 1879, he married Abbie Davis. He had two sons.