Page:United States Statutes at Large Volume 41 Part 1.djvu/510

 SIXTY-SIXTH CONGRESS. Sess. II. Ch. 91. 1920. 489 so far as deemed by it available, and shall glive due consideration to “*N¤’°’”*“°“ W'- all the elements of value recognized by the aw of the land for ratemaking purposes, and shall give to the property investment accoimt m§;§g$§°{1n, ,§g"°°°‘ of the carriers only that consideration which under such law it is . I l entitled to in establishing values for rate-making Ipurposes. When- u£,’§§§';'§,‘1{,°,§l “°““° ever pursuant to section *19a of this Act the value 0 the railway prop- V°l- 3"· P- "°“- erty of an carrier held for and used in the service of transportation has been fgially ascertained, the value so ascertained shall be deemed by the Commission to be the value thereof for the purpose of determining such aggregate yalue. _ _ _ Competitive mmc. " (5 Inasmuch as it IS impossible (without regulation and control umm atm, in exin the interest of the commerce of the United States considered as a °§§1°‘§§“{§§"{‘,¤,§§g*§ whole) to establish uniform rates upon competitive traHic which will §¤>¤¤¤· adequately sustain all the carriers which are engaged in such traffic and which are indispensable to the communities to which they render the service of transportation, without enabling some of such carriers to receive a net railway operating income substantilalliy and unreasonably in excess of a fair return upon thevalue of their way pro ertyheld for and used in the service of transportation, it is hereby dexgared that any carrier which receives such an mcome so in excess of a fair return, shall hold such part of the excess, as hereinafter. prescribed, as trustee for, and shalljiay it to, the United States. " (6) If, un er the provisions of thissection, any carrier receives for miif °*’”°°°" i"` any year a net railway operating income in excess of 6 per centum of thQiv£*r·>¤ °'¤*°°¤¤*°*' the value of the railwaylproperty held for and used by it in the service y ` of transportation, one- alf of such excess shall be placed in a reserve ,,,$,Y.§°°°"° md °‘ fund established. and maintained by such carrier, and the remaining one-half thereof shall, within the first four months following the close _ of the period for which such comiputation is made, be recoverable by ,,,,',£{’,,,§Z',§‘i'}{,1,,'.L°']'°°'1 and paid to the Commission for the P\.I.l?)0SB of establishing and maintaining a general  contingpnt und as hereinafter described. _ For the purposes of this paragrap the value of the railway ro erty ,,,§,°§‘§L‘§,,§{p°'“°i°"” and the net railway operating income of a group of carriers,   the Commission finds are under common control and management and are operated as a single system, shall be computed for the system as a whole irrespective o the separate ownership and accounting returns cmm mepmg of the various lparts of such system. In the case of any carrier which six mimmisgwssiy. has accepted the provisions of section 209 of this amendatory Act the ‘*”“"" ‘ provisions of this paragraph shall not be a licable to the income for any period prior to September 1, 1920. Elle value of such railway P'°¥’°"’ '“'“°“°“‘ property shall be determined by the Commission in the manner 1>r<>vi¤r¤·e¤¤1>h (4)-. . . Rm. me .i. " (7) For the purposeof paying dividends or interest on its stocks, rim: ml I di bonds or other securities, 01* rent for leased roads, a carrier may miveiiilirgie. M ` draw from the reserve fund established and maintained by it nmder the provisions of this section to the extent that its net railway operating income for any year is less than a sum equal to 6 r centum of the value of the railway (property held for and usedpliy it in the service of transsportation, etermined as provided in paragraph (6); R,,mc,,,,,,_ but such fund all not be drawn upon for any other purpose. USB Mmm mma " (8) Such reserve fund need not be accumulated and maintained above r¤q¤i¤¤¤¤¤* for by any carrier beyond a sum §ual to 5 per centum of the value of ¥f"° md' p°"°°` its railway property determin as herein rovided, and when such fund is so accumulated and maintained tllie portion of its excess income which the carrier is permitted to retain under paragraph (6) may be used by it for anna, awful purpose. sms means my- " (9) _The Commksion sh prescribe rules and regulations for the °",§’e§“g,‘§,QQ‘,§‘§i§‘°“;,,, detennmatwn and recovery of the excess income pa able to it under swtlns section, and may require such security and, prescribe such reasonable terms and conditions in connection therewith as it may 442S1°-—-21;-33