490 SIXTY—SIXTI-I CONGRESS. Sess. II. C11. 91. 1920.
;f{s9}f,,t,‘;'g find necessarv. The Commission shall make proper adjustments to
on year. provide for the computation of excess mcome or a portion of a year, and for a year in which a change in the percentage constituting a fcfir return or in the value of a carrieis railway property becomes e ective. · ‘ s€§$i;`¤i¤`g`?1i}r°°d°;’°' b "(1g) This gendcralcgailroad contgiglut frmd so itc bepescloguerlcgle __,§°,_° °“ yan ai to e mmissionan accretions ereo_ a `P In dy revolving fund and shall bsadniinistered by the Commission. It shall be used by the Commission m furtherance of the public mterest in railway transportation either by making loans to carriers to meet expenditures for capital account or to refund matming securities originally issued fog accolcrtt, or bythpurchasing transporta- ¤ _ tionequipment an 'ties an e same to carriers, as ¤¤iiii<i;g1°i¤rri¤e°i!¤.°n hereinafter provided. Any moneys in _ e fund not so employed. shall be invested m obligations of the United States or depomted in authorized d ositaries of the United States subject to the rules promulgated time to time by the Secretary of the 'Preasnuy Mm from with to Government deposits. _ _ _ gmane. _ {11 A carrier may at any time make application to the Comc,;,?,.{’§,§f"‘*°°’ ‘°'· by mission for a loan from the general railroad continglent fund, settilcg °fD¢¤>i1¤d mtemeuu forth the amount of the loan and the term for W `ch it is desir , ’ the p1n·pose of the loan and_ the uses to which it will be applied, the present and prospective ability of the applicant to repay the loan and meet the requirements of its obligations in that regard, the character and value of the security offered, and the extent to which the public convenience and necessity will be seryed. The application_shall be accompanied by statements showing such facts and details as the Commission may require with respect to the phzsical situation, ownership, capitalization, indebtedness, contract o ligatrons, cperation, and earninipower of the applicant, together with such o er facts relating to e propriety and expediency of iranti the loan apphed for and the a ihty of the app cant to ma_ e goldd C0 mms sm M_ the obhgaltron, as the Commission may deem pertinent to the inquiry. tloérgiziggérgamtpggogggt _ (12) _ the Comm1ssion,_after such heanr£ and investigation, ’ with or without notice, as rt may du·ect, fin that the malung, in whole or m dpcrt, of the proposed loan from the general railroad conticgent fun is necessezg to enable the applicant properly to meet e transportation n _ of the public, an that the prospective earning power of the applicant and the character and value of the security offered are su as to f1u·nish_ reasonable assurance of the applicants ability to repay the loan within the time fixed therefor, an to meet its other 0 hgatnons in connection with such loan, the Commission may_make a can to the gphcant from such railroad emu, mum, contingent fund, in such amount, for su length of time, and under °°°° itil} '?fS"£“§.?”sm° "§§‘i‘ifé°m.““ "°¤·£§·“£`iS?3tE?t%°‘tn?£°S€£u“£“SSZZ?£ quate to secure the loan. All such loans shall’bear interest at the rate of 6 per centum per anuum,_payable semiannually to the Commission. Such_loans when repaid, and all interest paid thereon, Mm 0, www shall be placed in the general railroad contingent fund. mi-‘=?°1,“""“°”‘ ‘°“f; at ‘i‘i.1T`f§¤;'§“€L?£ 3%*%} “’“° i£Z53¤“Pp$§’“£°“r“ °?°iS€“‘° . cation to BJISIK) 0 ¤¤-¤£p*#°‘*°¤¤¤1*$i°¤· purchased from the general railroad contingggt iiunidlj settirig foiatli the kind amount of such equipment or facilities and the term for which it is desued to be leased, the uses to which it is proposed ici spclol equiclrnenit ic: faciltties, thtcilpghesent and prospective a 1 o e app can ay ren th meet the requirements of itz obligirtions rxndelrigtelie letiismdmailnlddtlig mm, Bm of W extent to_wlnch thedpublic convemence and necessity will he served. Dumont ’ The application sh be accompanied by statements showing such facts and details as the Commission may require with respect to the
