1679 ·T1TL1a 49.—T1 The term "guaraIlty`p€1‘i0d" zncans the six. months begir ning March 1, 1920. · l ‘ F Q Z ~ The term "tcst period" xnvans the three years ending Jun ,;;0,_1917; and . _ _ , _ _ ·~ _ ` The term " railway operating iuc0mc"· and_other reference ° to accounts of carriers by railrqad shall, in the case of ‘ Sleeping car company, he construed as indicating the appm priatc corresponding accounts in the accounting system pre scribed by `the commission. . _ . (lm`) Acceptgmce. of section by c.a¢=riers.—This section sha mt `ba applicable to an`y carrier which has not on or bcfox Ham-}; 15; 1920, tiled with the cbmlllission awrittcu statcmcx
that it accepts all the provisions of this section.
(e) Gua-rantecs cnumcrated.———The United Statca ·gaara1 tc0sw— i ’ _ ` ‘ F _ . (1) With-respect to any carrier with which"°a contract (e: elusive of. so-called cooperative contracts or waivers) has bcc mado iixingathe amount ofjust_compcnsation under thm Feder: ` ('cntrol Act, that the railway operatiiugjncome ot such carrie ‘ for the guaranty period as a whole shall not bc·1css than om ln-;xl)?v@tl1e·an1bu:1t named in si1ch_c•0ntrac·t as annual compensz `(icn. ur; where the contract ilxéd a lugxp sumas compcnsatio furatlxe whole period of Federal operation, that the railwa ·»pe·1:utlng incomg- of S\l(.‘h'.C8l‘l'i0I‘ for the guaranty period sw ·_ a whole shall- not bc less than an amount which shall bca tlwsame proportion to the lump sum solfixedaas six month llmars to the number of mouths during which such carrier wu ` under Federal. opcratidn, including in both cases the increase in such c¢»mpensat·i0n piqjvitled for liu section 4 of the Feder: Cuutr0l`Act;— · _ ‘_ .·¤ _ · ° -· (2) With respect to any carrier entitled to just compensa ltion under the Federal Control Act, with which such a ceutrm has not been made, that=tl1c railway_oporating_ income of suc carrier for the guaranty period as a whole shall not he les `tl1an`oue—half of the annual amount estimated by. the.Presider . as just compensation for such carrlcrmndcr the Federal Cox trol Act, including the increases lu auch compensation provide _ far in section 4 of the Federal Control Act. 1f any such can ' rim- docs not accept the 'Presidents ·cstimate.respeeting it just compcnsatiomancl if in proceedings under section 3 of th Fedora! Control Act it la determined that ·a larger or snnallt annual amount `la due as inst compensation, the guarant ( under this paragraph shall be increased or decreased accom
- %::1:*: · . - ;
- (3) With respect `toanyi carrier; whether or not entitle to just compensation under the. Federal Control Act, wit whlch°`auch" a cantracthasl not been made, and for which n estimate at just compensation is made by the·President, an which tar the test period as a whole sustained a detlcit l railway operatlngdncome, the-guaranty shall be a, sum cam to (a) the amount by which any deficit in its railway opera lng income for the guaranty period as a whole exceeds one halt ot itsavcraga annual denclt ln railway operatlng‘ lncom for the. test period, plus- (b) an amoiint equal ‘to¤ cnehalt th ·" annual sum Hated by the President under `section 4 ot th Federal Control Act; a ‘ ‘ _* ~ ·` (4) With resnectto any carrier not entitled. to just con ` pcnsatian under the Federal Control Act, which for the tee · wriod aa a wh`o;e*had_an average annual railway opcratin _ income, that the ·ralla·ay operating income ot such carrier to · the gnaranty period as a whole ahall not be less than oneahal the averaze annual railway nperatlng income of auch carrie during the test period? _ ·_ - n no (d) Guaranty in access at mialmluon operating tacmaea- If for the guaranty period as a, whnlethe railway eperatln income at any carrier entitled te a guaranty under parngraim (1), (2), or (4) of subdivision (c) of this section is in exces. at the nxlnlmum rallway cperatlng income` guaranteed glu suc paragraph, such carrier shall forthwith pay the amount 0
QA2»"SPORTATION § 77 · § 1- ° such excess into the Treasury of the United States. If Nfor the guaranty period as a whole the ra_i1u<ay`epereting income le of any carrier entitled to a guaranty under paragraph {3) of subdivision (e) `ot this section is in excess of one-half of the as annual sum fixed by the President witlrrespect to such carrier a` under section 4 of the Federal Control Act, such carrier shall a- forthwith paythe `amount of such excess into the Treasury ee of the United States, The amounts so paid into the Treasury N of the United States shall be added to the funds made available ll` under section _72 for the purDOS€tS indicated in such section. re Notwithstanding the provisions of this subdivision of this nt section, any carrier may retain out of any such excess any amount necessary to enable it to pay its ·i·ixed.·charges act-ru;
- 1- ing during the guaranty period. `
_ (e) Computation of failucagj operating {meme or deficit.-
- - For the purposes of this section railway operating income, or
»n· any deficit therein, ;fO1‘ the-test period shnlhbe computed! in 11 the manner provided for. in section 1 of the- Federal Control er `Actr _ _ _ - e- (f) Further provzisitms he 10 *c0nz;}nfetiorz..~In· computing aa railway 0pemti11g»_ine0me,.or any deficit therein, for the ` »n· g·un`ranty period for the purposes of this section- » .5; · (1). Debits and credits arising fren: the eceeunte, called 1s··in the monthly; reports [to ,the°cof11mlss3ion equipment rents lr and joint fncilityrents, shall be included. but debits and credits as arising -fr0m the operation of such street electric passenger ts rxnilnwhysg including railways cornmonlyealled interurhans, as as were not under Federal control on February 29, 1920, shall 1l· be excluded; · ` · L _ . _ (2) Proper adjustments ehall be~made (e) in"‘case any 1- lines which were, during any-. portion of the period of Federal at control, a part of the railroad or system el? trnnsportntion. ~h of the carrier, and whose railway operating income was in-
- <;~ eluded in such income of the carrier fer the test period, de-
1t net continue to be a part of such rnilrend or systern of trans! ct- portation during the entire guaranty periedgand (b) in enee tl of any lines acquired hy,Qleased· te, or consolidated with, the _ r· railroad or system of transportation of the carrier at may cs! ·t§mé Since the end of the test period and prior to the expirale tion of the guaranty period, fer which seperate. operating rear turns to the commission are not made in respect to the entire y- portion ot the guaranty period; ; » I · l-. (3) There shall not be included in operating expenses; for ~ maintenance .0t way- and structures, or for mnintennnce ot tl equlpnxent, more uthan an amount ·¤xed_by‘ the commission. nh In Hxlng such umeunt the commission shall so far as practile cable apply the rule set forth in the proviso in paragraph d (n) of section 5 ot the` Vstendnrd eontract" between the n United Stgtes and the cnrrlere (whether or not suéh contract al`- has been entered Into with the carrier whese railway eperet· t-· lng income is being computed) ; _ ‘ ¤_· _ _ · e- l (4) There shall net be lneluded `eny tnxeepnld under re Title I er II of--the Rerenue Act of 1917, er sueh portion at le the tnxes paid under Title II or III et the Revenue Act of Le 1918 as by the _IB§`H1S‘0f such Act nre to be treated as levliegi by an Act in nmendmentet Title I or II et the Revenue Aet- 1-p 0{191'Z; and _` · . ‘ . . sta _ (5)*The cemmieeion shell require tlneeliminatien end rest; statement of,the’0peretlng expenses and revenues (efficr than er` for maintenance et way end structures, er ·xnnint•i~nnnt·e of Lt equipment) fer_the gunrainty puree;. to the extent necessmy > te iccrrect and ereludei any diepreportienete er unnrcusennhle · clierge te such eupenees errevennee fer sueh period, er anyf ·—- ennwge to Such' expenses er revenues ·1`0r· such period which § under n proper syetem et ‘ecconntlng ls1ettr=ihuteble to another f' hperlod. _ ,\ . ··. t- ts ° (3) ·A-seerte··imne~n.t end izayment of leznezente eg_um·¢wteed,--—-· h The eegmnissien shell, es seen es prnetlrnble ufter the expira- »t tlen o£_ the gunranty_ period, ascertain and certify to the`$ecre·
