New-York tribune., 1918-01-05

AN ACT TO PROVIDE FOR THE
OPERATION or TRANSPORTA-
T7ON SYSTEMS WHILE UNDER
FEDERAL CONTROL, FOR THE
JUST COMPENSATION or
THEIR OWNERS AND FOR
OTHER PURPOSES.
BE it enacted by tho Senate and
the House Of Representatives Of the
United States of America. IN Con-
grcss assembled:
SECTION 1.-THE President. having in
a time Of war taken over the posses
sion, use and control (callcd herein
Federal control) Of certain systems Of
transportation (callcd herein carrers) ,
is hereby authorized to agree with and
to guarantee to any such carrier that
during tho period Of such Federal con-
troll it shall receive as its just COM
pensation an income at an annual rate
equivalent as nearly as may be to us
average net railway operating income
for the throo years ending June 30,
1917 (callcd herein standard rcturn);
said net railway operating income for
the purposes of this act shall, as to
carriers making returns to the Inter-
state Commerce Commission, be com
putcd from such returns, excluding,
however, debts and credits arising
from the accounts called in the month
ly returns, leased road rents and mis-
ccllancous rents; provided however,
that no Federal taxes in excess Of taxes
assessed during the year ending juno
so, 1917, shall be charged against rev
enue in computing such standard re-
turn; any net railway operating in
come in excess of such standard return
shall be the property of the United
States. The amount Of such standard
return as accruing during said period
Of three years shall be determined by
the Interstate Commerce Commission,
and the certificate Of said commission
as to the amount Of said net railway
operating income shall, for the pur-
pose Of said agreement and guaranty,
be taken as final and conclusive
Depreciation Of Property
During the period Of such Federal
control adequate depreciation and
maintenance of the properties Of the
carriers shall be included as a part Of
the operating expenses or provided
through reserve fund, in accordance
with such principles and rules as shall
be determined by the President.
SECTION 3 If no such agreement is
made. the President may nevertheless
pay or cause to be paid to any carrier
while under Federal control an amount
not exceeding 90 per cent of such
standard return, remitting such carrier
to its legal rights in the Court of Claims
for any balance claimed; and any
amount thereafter found due above the
amount paid shall bear interest at the
rate of 6 per cent per annum, and any
excess amount paid hereunder shall be
recoverable by the United States with
interest at The rate of per cent per
annum.
SECTION 3.-Any claim for just
compensation not adjusted as provided
in Section / shall be submitted to a
board Of three auditors appointed by
the Interstate Commerce Commission,
members Of which and Of the official
forces thereof being eligible for SER
vice as such auditors. but without ad
ditional compensation therefor SAi!
auditors shalt give full hearing TO
such carrier and to the United States,
and shall report to the President the
amount due such carrier as just com
pensation. A sum not exceeding the
amount SO reported may be agreed upon
by the President and such carrier.
Failing such an agreement, either the
United States or such carrier may file a
petition in the Court Of Claims for tho
purpose of final ascertainment of the
amount Of such just compensation, and
in the proceedings in said court the re-
port OF said auditors shall be prima
facic evidence of the facts therein
stated. The just compensation Of any
carrier under Federal control not maxi