Secs. 209 and 210 guaranty, with interest at the rate of 6 per centum per annum from the time such excess was paid. There is Appropriation. hereby appropriated out of any money in the Treasury not otherwise appropriated a sum sufficient to enable the Secretary of the Treasury to make the advances referred to in this subdivision. NEW LOANS TO RAILROADS carrier for loan from United States. 41 Stat. L., 468, SEC. 210.1 [As amended June 5, 1920.] (a) For the purpose of enabling carriers by railroad subject to the Interstate Commerce Act properly to serve the public during the transition period immediately following the termination of Federal control, any such carrier may, at any time after the passage of this Act, and before the expiration of two years after the termination of Federal control make application to the Commission for a loan Application by from the United States to meet its maturing indebtedness or to provide itself with equipment or other additions and betterments, setting forth the amount of the loan; the term for which it is desired; the purpose of the loan and the use to which it will be applied; the present and prospective ability of the applicant to repay the 946. 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 served. The application shall be accompanied by statements showing such facts in detail as the Commission may require with respect to the physical situation, ownership, capitalization, indebtedness, contract obligations, operation, and earning power of the applicant, together with such other facts relating to the propriety and expediency of granting the loan applied for, and the ability of the applicant to make good the obligation as the Commission may deem pertinent to the inquiry. certificate as to terms, conditions, (b) If the Commission, after such hearing and investi- Commission's gation, with or without notice, as it may direct, finds proposed loan, that the making, in whole or in part, of the proposed loan and security. by the United States, for one or more of the aforesaid purposes, is necessary to enable the applicant properly to meet the transportation needs of the public, and that the prospective earning power of the applicant and the 1 See provision as to this section, ante, page 85. Sec. 210 character and value of the security offered are such as to furnish reasonable assurance of the applicant's ability to repay the loan within the time fixed therefor, and to meet its other obligations in connection with such loan the Commission shall certify to the Secretary of the Treasury its findings of such facts; also the amount of the loan which is to be made; the time, not exceeding fifteen years from the making thereof, within which it is to be repaid; the terms and conditions of the loan, including the security to be given for repayment; that the prospective earning power of the applicant, together with the character and value of the security offered, furnish, in the opinion of the Commission, reasonable assurance of the applicant's ability to repay the loan within the time fixed therefor and reasonable protection to the United States; and that the applicant, in the opinion of the Commission, is unable to provide itself with the funds necessary for the aforesaid purposes from other sources. (c) Upon receipt of such certificate from the Commisized to make sion the Secretary of the Treasury shall immediately, volving fund. or as soon as practicable, make a loan of the amount recommended in such certificate out of any funds in the revolving fund provided for in this section and accept the security prescribed therefor by the Commission. All such loans shall bear interest at the rate of 6 per centum per annum, payable semiannually, to the SecreSecretary of tary of the Treasury, and to be placed to the credit of scribe form of said revolving fund. The form of obligation to be entered obligation. into shall be prescribed by the Secretary of the Treasury, Commission to but the time, not exceeding fifteen years from the making ity, terms, and thereof, within which such loan is to be repaid, the Secretary of Treasury author loan from re Treasury to pre prescribe secur conditions. security which is to be taken therefor, and the terms and the conditions of the loan shall be in accordance with the findings and the certificate of the Commission. (d) The Commission or the Secretary of the Treasury eral Reserve may call upon the Federal Reserve Board for advice and assistance with respect to any such application or loan. Advice and assistance by Fed Board. Appropriation. (e) There is hereby appropriated out of any moneys in the Treasury not otherwise appropriated the sum of $300,000,000, which shall be used as a revolving fund for the purpose of making the loans provided for in this section, and for paying the judgments, decrees, and awards referred to in subdivision (e) of section 206. Secs. 210-212 approval by State thority unneces (f) A carrier may issue evidences of indebtedness to Authorization or the United States pursuant to this section without the or Federal auauthorization or approval of any authority, State or sary. Federal, and without compliance with any requirement, State or Federal, as to notification. EXECUTION OF POWERS OF PRESIDENT powers of Presi dent through agencies. 41 Stat. L., 469. SEC. 211. All powers and duties conferred or imposed Execution of upon the President by the preceding sections of this Act, except the designation of the agent under section 206, may be executed by him through such agency or agencies as he may determine. 41 Stat. L., 1145. Partial amounts drawn. SEC. 212. [Added February 26, 1921.] (a) In making certifications under section 204 or section 209, the Com- may be certified. mission, if not at the time able finally to determine the whole amount due under such section to a carrier or the American Railway Express Company, may make its certificate for any amount definitely ascertained by it to be due, and may thereafter in the same manner make further certificates, until the whole amount due has been certified. The authority of and direction to the Secretary of the Treasury under such sections to draw warrants is hereby made applicable to each such certificate. War-Warrants-how rants drawn pursuant to this section, whether in partial payment or in final payment, shall be paid: (1) If for a payment in respect to reimbursement of a carrier for a deficit during the period of Federal control, out of the appropriation made by section 204; (2) if for a payment in respect to the guaranty to a carrier other than the American Railway Express Company, out of the appropriation made by subdivision (g) of section 209; and (3) if for a payment in respect to the guaranty to the American Railway Express Company, out of the appropriation made by the fifth paragraph of subdivision (i) of section 209. (b) In ascertaining the several amounts payable under Estimates of either of such sections, the Commission is authorized, in settlements. the case of deferred debits and credits which can not at the time be definitely determined, to make, whenever in its judgment practicable, a reasonable estimate of the net effect of any such items, and, when agreed to by the carrier or express company, to use such estimate as a definitely ascertained amount in certifying amounts payable under either of such sections, and such estimates so agreed to shall be prima facie but not conclusive evidence of their correctness in amount in final settlement. amounts in final See. 500 Policy to develop water trans clared. by Secretary of transportation facilities. TITLE III.-DISPUTES BETWEEN CARRIERS AND THEIR [Title III, sections 300 to 316, repealed by section 14 of the Railway Labor Act, see page 197, herein.] TITLE IV. AMENDMENTS TO INTERSTATE COMMERCE ACT [Title IV, sections 400 to 441, inclusive, contain amendments to the Interstate Commerce Act, which have been incorporated in the appropriate sections therein, ante, pages 1-80.] TITLE V.-MISCELLANEOUS PROVISIONS SEC. 500. It is hereby declared to be the policy of portation de- Congress to promote, encourage, and develop water trans41 Stat. L., 499. portation, service, and facilities in connection with the commerce of the United States, and to foster and preserve in full vigor both rail and water transportation. Investigation It shall be the duty of the Secretary of War, with the War as to water- object of promoting, encouraging, and developing inland waterway transportation facilities in connection with the commerce of the United States, to investigate the appropriate types of boats suitable for different classes of such waterways; to investigate the subject of water terminals, both for inland waterway traffic and for through traffic by water and rail, including the necessary docks, warehouses, apparatus, equipment, and appliances in connection therewith, and also railroad spurs and switches connecting with such terminals, with a view to devising the types most appropriate for different locations, and for the more expeditious and economical transfer or interchange of passengers or property between carriers by water and Cooperation Carriers by rail; to advise with communities, cities, and with municipal towns regarding the appropriate location of such terminals, and to cooperate with them in the preparation of plans for suitable terminal facilities; to investigate the existing status of water transportation upon the different inland waterways of the country, with a view to determining whether such waterways are being utilized to the extent of their capacity, and to what extent they are meeting the demands of traffic, and whether the water carriers utilizing such waterways are interchanging traffic with the railroads; and to investigate any other matter that may tend to promote and encourage inland water transportation. It shall also be the province and duty of governments. Sec. 1 of information as ways. the Secretary of War to compile, publish, and distribute, Dissemination from time to time, such useful statistics, data, and infor- to inland watermation concerning transportation on inland waterways as he may deem to be of value to the commercial interests of the country. The words "inland waterway" as used in this section shall be construed to include the Great Lakes. "Inland waterway includes Great Lakes. Effective date of section 10 of ferred. SEC. 501. The effective date on and after which the provisions of section 10 of the Act entitled "An Act to Clayton Act desupplement existing laws against unlawful restraints and 41 Stat. L., 499. monopolies, and for other purposes," approved October 15, 1914, shall become and be effective is hereby deferred and extended to January 1, 1921: Provided, That such Exception. extension shall not apply in the case of any corporation organized after January 12, 1918. SEC. 502. That if any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid such judgment shall not affect, impair, or invalidate the remainder of the Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment has been rendered. CLAYTON ANTITRUST ACT [Certain provisions from the Act of October 15, 1914.] Invalidity of part of act not to affect remainder. 41 Stat. L., 499. in this Act. SEC. 1. That "antitrust laws," as used herein, includes Laws included the Act entitled "An Act to protect trade and commerce against unlawful restraints and monopolies," approved July second, eighteen hundred and ninety; sections seventy-three to seventy-seven, inclusive, of an Act entitled "An Act to reduce taxation, to provide revenue for the Government, and for other purposes," of August twenty-seventh, eighteen hundred and ninety-four; an Act entitled "An Act to amend sections seventy-three and 88 Stat. L., 780. seventy-six of the Act of August twenty-seventh, eighteen hundred and ninety-four, entitled 'An Act to reduce taxation, to provide revenue for the Government, and for other purposes,'" approved February twelfth, nineteen hundred and thirteen; and also this Act. 5238°-2610 |