New-York tribune., 1918-01-05
Full Text Of Bill Providing for
Federal Control of All Railroads

ing returns to tho Interstate Commerce
cordancc with the provisions Of this
section.
SECTION 4--~Thc return Of any car
rier shall be increased by any amount
reckoned at n rate per cent to be hXcd
by tho President upon the cost of any
additions and improvements made
while under Federal control. with tho
approval Of the President, to the prop
erty Of any carrier and paid for by
such carrier from it's own capital or
surplus; and by an amount equal to
the rate accruing to the United States
upon any advances made to such car
rier for the cost of such additions and
improvements as provided in Section
6 hereof.
Regulation Of Dividends
SECTION 5~No carrier, while un-
der Federal control, shall, without
prior approval OF The Pres dent, de-
clare or pay any dividend in excess Of
it's regular rate of dividends durina
the three years ended June 30 1917;
provided, however. that such carriers
as have paid no regular dividends or
no dividends during said period may,
with the prior approval of the Pres-
dent, pay dividends at such rate as the
Pres dent may determine.
100000 Appropriated
SECTION 6-Thc sum Of $50O,O0O,0o0
is hereby appropriated out of the pub
lie treasury from any funds not other
wise appropriated, which, together
with any funds available from any cX-
cess earnings Of said carriers, may be
used by the President as revolving
fund for tho purpose of paying the
expenses Of the Federal control, and
any deficit of any carrier below such
standard or asccrtained return, and to
provide terminals, improvements, CHI
gincs, rolling stock and other neces-
sary improvement, such terminals, i'm
provements and equipment to be used
and accounted for as the President
may direct, and to be disposed Of as
Congress may hereafter by law pro
vide
The President may also, on and in
connection with the property of any
carrier, make or order any carrier 20
make any additions and improvements
necessary or desirable for war pur-
poses or in the public interest. He may
from said revolving fund advance to
such carrier all or any part of the cx-
pensc Of such additions and improve
mcnts so ordered and constructed by
such carrier or by thc President, such
advances to be- charged against such
carrier and to bear interest at such
rate ard be payable on such terms as
may be determined by the President. TO
the end that the United States may be
fully reimbursed for any sums so add
vanced.
Any loss claimed to accrue TO any
carrier by reason Of any such additions
or improvements so ordered and con-
to1 RI tat crr,,i,, Il h,y
mcnt between the President and such
carrier; failing such agreement the
amount of such loss shall be asccrtancd
as provided in Section 3 hereof.
To Operate Water Lines
From said revolving fund the Presi-
dent may cxpend such an amount as
he may deem necessary or desirable
for the purchase, construction or util
zation and operation Of boats, barccs,
tugs and other transportation facil-
lies on the inland and coastwisc water
ways, and may in the acquisition, opera
ton and use Of such facilities create
or employ such agencies and enter into
such contracts and agreements as he
shall dcem in tn" public interest.
SECTION For the purpose of pro-
vidng funds requisite for maturing OBJ
legations, Of for other lcs'al and proper
expenditures. or Tor reofganzing rail
roads in receivcrship, carriers may, dur
ing the period Of Fedc.'al control, issue
such bonds, notes, equipment trust Ger
tiicatcs, stock and other forms of Sc
curities, secured or unsecured by mort
gage as the President may approve as
consistent with the public interest. The
Pres dent may purchase for The United
States all Or any part of such securl-
ties at prices not exceeding par, and
may sell such securities whenever in
his Judgment it is desirable, at prices
not less than the cost thereof; amy
sums available from the revolving fund
provided in Section may be used for
such purchaser
SECTION 8 The President may exc