Page:United States Statutes at Large Volume 41 Part 1.djvu/512

 SIXTY·SIXTH CONGRESS. Sess. II. Ch. 91. 1920. 491 ph ical situation, ownership, capitalization, indebtedness, contract '*‘m'”’°“·*”°” ·*°'- oblligations, o eration, and earning power of the applicant, together with such other facts relating to the pyopriety and ex ediency of leasing suplh equipment or fatalities to the applicant as the Commission ma eem pertinent to e inquiry. . _ "(14)yIf the Commission, after such hearing ssa investigation, o§i’““”““‘o s£s“§ét°; with or without notice, as it may direct, finds that the leasing to the "‘°"‘·°‘°‘ applicant of such equipment or facilities, in whole or in part, is necess to enable the applicant properly to meet the transportation needs hlfythe public, and that the prospective eaming power of the applicant is such as to furnish reuonable assurance of the applicant’s ability to pay romptly the rental charges and meet its o er obligations under such lease, the Commission may lease such equipment or facilities purchased by it from the general railroad contmgent fund, to the applicant for such length of time, and under such Rmmlcmm terms and conditions as it may deem proper. The rental charges ' provided in every such lease shall be at east sufficient to pay a return of 6 per centum per annum, plus allowance for dgpreciation ‘ determined as provided m paragraph (5) of section 20 o this Act, xm the value of the equipment or facilities leased thereunder. Pamcm umd in rental charges and other payments received by the Commission glqlneral contingent in connection with such equipment and facilities, including amounts d' received imder any sale thereof, shall be placed in the general ra11· road contingent fund. ‘ _ Eqmpmm m.m_ " (15) The Commission may from time to time purchase, contract tiaghgtihse t mu for the construction, repair and replacement of, and sell eqpipment rgjlroxd ’oZ.$£{¤gsns and facilities, and enter into and carry out contracts and other obli- md °“°’*°"'”°d· gations in connection therewith, to the extent that moneys included in the general railroad contingent fimd are available therefor, and in so far as necessary to enable it to secure and supply equipment and facilitim to carriers- whose applications therefor are a proved under the provisions of this section, and to maintain and drispose of such equipment and facilities. Rum ,,_,_,,,,b,,,,,°_ " (16) The Commission may from time to time prescribe such rules ¤¤¤¤¤¤·' and regulations as it deems necessary to cargy out the provisions of this section respecting the making of oans an the lease of equipment and f&Clll.l?lBS. Repammm fm ov", "(17) The provisions of this section shall not be construed as *{g{}g°°· °°°·· ¤°’ “‘ depriving shippers of their right to reparation in case of overcha es, ' un awful y excessive or discriminatory rates, or rates excessive in their relation to other rates but no shipper shall be entitled to recover upon the sole ground that any dparticular rate may reflect a proportion of excess income to be pai by the carrier to the Commission in the public interest under the provisions of this section. Nm moms " (18) Any carrier, or any corporation organized to construct and mgg ‘;•,,§$_;’¤¥°*,,,“g.§*m°g operate a railroad, pro »o undertake the construction and rmtenyuwoperation of a new line of ad may apply to the Commission for permission to retain for aétperiod not to exceed ten years all or any part of its eamings deriv from such new construction in excess of the amount heretofore in this section provided, for such disposition Coudmm as it may lawfully make of the same, and the Commission may, in its ' discretion, grant such permission, conditioned, however, upon the completion of the work of construction within a period to be designated by the Commission in its order granting such Ermissionf Emmmm ,,,,,,,_ Sec. 423._ The Hist paragra h of section 16 of the terstate Cqm- P¤¤¤‘¤P¤ ¤¤¤¤· merce Act is hereby amendeg by inserting "(1)” after the section °°€%ljss,p.ss4. number at the beginning of such paragraph. com ,,,,,c,,dm_ SEC- 424· The secon p h of section 16 of the Interstate vokodas, p. ass, Commerce Act is hereb amenlledllpy inserting " (2) " at the beginning "%°Z`w matter, of such paragraph, am; b striking out the last sentence thereof 811 mserting in lieu thereof the following as a new paragraph: