1663 TITLE 49.-=-TRA June 18, 1910,,c. 309, 5 12, 36 Stat. 551; and Feb. 28, 1920, c. 91,. §§· 418421, 41 Stat,484-488.) ’ l W · 15a. Fair return for carriers; disposition of excess; loens end leases to carriers.~·-·(1) De}1nitions.—~Wheu used— in this eotetion the term "‘mtes’f means rates; fares, and charges, and all oluseiileatioris, regulations, and praetices, relating thereto; the tore; "c:1rrier" means a carrier by railroad or partly by mih·oe,d and partly by water, within the continental United states, subject to this chapter, excluding `(a) sleeping. car vorupenies and express- companies, (bl street `or suburban j(_.;£,£.rn·ic`ral1ways unless operated os a part of *0. general steem railroad system of transportation, _(c) .iuter11rbau-electric rail--` ways unless operated las a. part of aigeuerel steam railroed system of. transportation orengéagecl in the- general trehsportation of freight, and (d) any belt-line railroad, · terminal switclniug railroad, or other terminal facility, owned exclusively and maintained, operated, end ‘controlled‘by any §tate or `politica1*subtlivlsion thereof; end the term "net railwdyoperming income ’{ means railway operating income; including in the computation thereof debits and credits arising {rom equipment, rents and jofut facility rents. _ . A I ` _(2)iRote.g to penhlit corriers fo com 1'air`rcturn.—-In the exercise of its power to prescribe just hud reasonable rates the tommission shall initiate, modify, establish or adjust such rates so that carriers as e whole (or as a whole iq each of suoh rate groups or territories- as the commission may from time to time designate) will, under honest, 'edlcieut and economical management and reasonable expenditures for maintenance ot way; structures end equipment, earn an aggregate annual. het railway operating lnfcome equal, hsihearly as may be,.t0-a fair return upon the aggregate; value of the railway property of each carriers held for arid used in theeervlce of transportationi Provided; That the commission shall have reasoneblé latitude to modify or .a»dju_et any portieular_rate which it may dud to be unjust. or unreasonable, and to gresorlbe dlderent rates for different portions ot the country. ‘- -' “F` °_ V.(3) Doterynjamtion of percentage constituting fair return.-- The commissioxi shall from time to time determine hud make public what percentage of stgch eggreghte property value couetitutee a 'tnir return thereon; and shch percentage shall be uniform. torell retelgroupe or territories, which may be deeig~ hated by the ¢0IIl!}'llt~lSl0¤._ In "mekiug web determination it shell give doe considerationgiamong other thingy; to the {gunsportetlou needs of the country and the necessity (under honest, emcient ahdeconomicel management of existing tmneportatioti facilities) ot enlarging. s1ich_ facllltleslu order to provide the people ot the United “S'tates with edequete tro.hsportn_tlo¤. , (4)* Determination of oyomgotc value or properties.-»$-For the purpoeee ot this eeotioo, etich aggregate yhlue of the prop·§ erty ot the mrriers shall be determined by the commission from time to time and asotten as may be neceeeary. The coexmlssion may utilize the results of ite investigation under eeétiou 19:1 ot this chapter; in ee ter as deemed by it Available, had shell giye due consideration to ell the elements of value recoiulzed by the lnwot thelaud for ratemekiug purposw, and shall give to the property investment `occount ot the carriers only that consideration which under ‘such,1ew it iaeotltled to in eetehliehing éelues for rote-mnkligg _Wheeever pureueot to eeetloh me of this chapter the voluexot the reilwsyl property of may carrier held for and used lh theeervlee oft transportation has been dually ascertained. the value no ascertained shell lm deemedby the commission to be value thereof. for the purpose of determining ahhh agregnte 'vnlue. _ »{ (5) Amounts received by oorriora. me eeccaa of,f6*’.;|’6¢1£f'I» payable to United Statea.·¤~—-Inasmuch is it is lm@iblo (Without regoletion end eohtrol in the lnterwt ot `th• eommérco of the United —Stutes· coooidéred as `o whole) to &l¢8bu8h'l1BlfQ!m totes upon eomoetitive trawc which grill adequately sustain
NSPORTASKION § 153 all the carriers whlchare engaged in such traffic and which are indispensable to the communities to which they render the service of transportation, without enabling some of suéh om-- rlers to recoire a netlrailwny operating income substantially and unreasonably in excess ofa fair return upon the value of their railway property held foraml used in the service of·transportation, it is declared that any carrior which receives such an income so in excess of a fair return, shall hold such part of the excess,,as hereinafter prescribed, as trusteefor, ;aml shall paylt to, the.United States. _ . » _ · ’ . ’ _` (6) Disposition of amounts ‘receiz·ed in_ excess of G per. centumL.——If, under the proiisions of this section, any `carrier receiyes for any year a not railway operating income iuoxeess l of 6 per centum of the value of the railway pro erty held for and used by itin the service of transp01‘tation,‘ one-lglf ot such excess shall be placed in a reserije fund established and maintained by ' l such carrier, and the remaining oneehalt thereof shall, within _tl1e·ilrsffour\m0nths followingathe close of the period for which
such eomputauou is made, berecoverable by and paid to. the ` commission for- the purpose not establishing and maintaining a ‘
{ general railroad contingent {und as `hereinafter described. For f the purposes of this paragraph the value ot the railway property Q-and the not railway operating? income of a group ot carriers,
which; the commission ilnds are under eomrnon control and management and are operated as a_ single system, shall be com} puted for the system as a whole irrespective of the separate
j ownership and accounting returns ot the various parts of such { system. The value of suggh railway property shall be deter-
- mined by the commission in the, manner provided in .para··
S1‘¤Dh(4)· ·' · ‘ ‘ s A . W "('I) ‘Pa»yme·nt of Qtvidendg Interest, or rent from reserve l fund.-¤For the purpose of paying dividends or interest on its
stocks, bonds, or other securities, orirent lor leased roads, a
carrier may draw from the reserve {und established and main·
tained by it under the · provisions of this Seotion to the extent
l that its net railway operatlngincome for any year is less than p a sum equal to 6 percentum of theyalue ot the railway `prop· ` p erty held for and used by itf in the service- oi transportation, y determined as provided in paragraph (6) ;# but* such fund shall
not be drawn upon for any other purpose. _ , · ‘ ·
(8} H`orzbuum”amount of reserve fwnrlmcse of surplus.-—·Suoh reserve-funil need not be accumulated nndmalntained by any y carrler·beyond` a sum equal to 5 per eentmn of theyalne ot its u railway property determined as herein `providetl, and when such fund is so accumulatedand mntntalnedthe portion ot lts ' excess income` which the- carrier is permitted to retain under , paragraph (6) may be used by itfor any lawful purpose. - .
19) ‘ Rules and repulotioao forreoovery of carcass éacome;
- ooni»p·•ttot4on thereof.-Q-Tlie commission shall‘presci1rilge_rules and
regulations for the determination and recovery ot the excess
income payable to it under this section, and may require such
security and =prem·x1»e snob reasonable terms andr eonllitions ·
. in connection therewith as it may End newry. The commission shall make proper adjustments to proyldo lor the compantation of excess income torn portion ot a year, and for n year as which a change in the poroentnge constituting n fair return y or in the value o£_a carriers railway property becomes eneetire. 5 . (10) Gqmwal yoilrood contingent mad; use d€.spoee£tiow..—»——-· LThe, general railroad mntiosapt fund so to be;.reco¤·eruble by and paid, to the, commission- and e.11~¤o:¤.·el1¤¤s thereof slmli he a revolving fund and ahall be administered by the »commission; ’If¤ha1l he by the commission in furtherance of the pnbllo lnterwt in railways uensportetxon either by umkiug l loansto carriers to meet expenditures for eapltnl neoount or to rereno, maturing seourltiw originally issued for capital account, or by purchasing transportation equipment _ and facilities null leasing the same to cerriersyus hereinafter provided. Any moneys in the fund not so employed shall be investodwin ohligzt- _
