Sec. 198 Property not held for carrier purposes. Corporate history and organization. Stocks and bonds; financing. cost of all lands, rights of way, and terminals owned used for the purposes of a common carrier, and asce tained as of the time of dedication to public use, and t present value of the same. Third. Such investigation and report shall show sep: rately the property held for purposes other than those o a common carrier, and the original cost and present value of the same, together with an analysis of the methods of valuation employed. Fourth. In ascertaining the original cost to date of the property of such common carrier the Commission, in addition to such other elements as it may deem necessary, shall investigate and report upon the history and organization of the present and of any previous corporation operating such property; upon any increases or decreases of stocks, bonds, or other securities, in any reorganization; upon moneys received by any such corporation by reason of any issues of stocks, bonds, or other securities; upon the syndicating, banking, and other financial arrangements under which such issues were made and the Earnings and ex- expense thereof; and upon the net and gross earnings of such corporations; and shall also ascertain and report in such detail as may be determined by the Commission upon the expenditure of all moneys and the purposes for which the same were expended. penditures. Aids, gifts, grants, and donations. Fifth. The Commission shall ascertain and report the amount and value of any aid, gift, grant of right of way, or donation, made to any such common carrier, or to any previous corporation operating such property, by the Government of the United States or by any State, county or municipal government, or by individuals, associations, or corporations; and it shall also ascertain and report the grants of land to any such common carrier, or any preProceeds of land vious corporation operating such property, by the Government of the United States, or by any State, county, or municipal government, and the amount of money derived from the sale of any portion of such grants and the value of the unsold portion thereof at the time acquired and at the present time, also, the amount and value Concessions made of any concession and allowance made by such common carrier to the Government of the United States, or to any State, county, or municipal government in consid eration of such aid, gift, grant, or donation grants, and value of unsold portion. by carrier. Sec. 19a prescribe proce sults, and classi (c) Except as herein otherwise provided, the Com- Commission may mission shall have power to prescribe the method of dure, form of reprocedure to be followed in the conduct of the inves- fication. tigation, the form in which the results of the valuation shall be submitted, and the classification of the elements that constitute the ascertained value, and such investiga tion shall show the value of the property of every com- Value stated sepmon carrier as a whole and separately the value of its arately by States. property in each of the several States and Territories and the District of Columbia, classified and in detail as herein required. Prosecution and (d) Such investigation shall be commenced within report of investisixty days after approval of this part and shall be gation, prosecuted with diligence and thoroughness, and the result thereof reported to Congress at the beginning of each regular session thereafter until completed. Carriers to fur Access to proper (e) Every common carrier subject to the provisions of nish documents. this part shall furnish to the Commission or its agents from time to time and as the Commission may require maps, profiles, contracts, reports of engineers, and any other documents, records, and papers, or copies of any or all of the same, in aid of such investigation and determination of the value of the property of said common carrier, and shall grant to all agents of the Commission free access to its right of way, its property, and its accounts, records, and memoranda, whenever and wher- ty and records. ever requested by any such duly authorized agent, and every common carrier is hereby directed and required to erate with Comcooperate with and aid the Commission in the work of the valuation of its property in such further particulars and to such extent as the Commission may require and direct, and all rules and regulations made by the Com- Regulations have mission for the purpose of administering the provisions of this section and section twenty of this part shall have the full force and effect of law. Unless otherwise ordered by the Commission, with the reasons therefor, the records Public inspection and data of the Commission shall be open to the inspection and examination of the public. Carriers to coop mission. effect of law. of records. Commission to changes. (f) Upon completion of the original valuations herein provided for, the Commission shall thereafter keep itself keep informed of informed of all new construction, extensions, improve- 48 Stat. L. 221. ments, retirements, or other changes in the condition, quantity, use, and classification of the property of all Sec. 198 Revisions author ized. Information required for changes and corrections. common carriers as to which original valuations have been made, and of the cost of all additions and betterments thereto and of all changes in the investment therein, and may keep itself informed of current changes in costs! and values of railroad properties, in order that it may have available at all times the information deemed by it to be necessary to enable it to revise and correct its previous inventories, classifications, and values of the properties; and, when deemed necessary, may revise, correct, and supplement any of its inventories and valuations. (g) To enable the Commission to carry out the provisions of the preceding paragraph, every common carrier 48 Stat. L. 221. subject to the provisions of this part shall make such reports and furnish such information as the Commission may require. valuation. (h) Whenever the Commission shall have completed the tentative valuation of the property of any common carrier, as herein directed, and before such valuation Notice of tenta- shall become final, the Commission shall give notice by registered letter to the said carrier, the Attorney General of the United States, the Governor of any State in which the property so valued is located, and to such additional parties as the Commission may prescribe, stating the valuation placed upon the several classes of property of said carrier, and shall allow thirty days in which to file a protest of the same with the Commission. If no protest is filed within thirty days, said valuation shall become final as of the date thereof. Finality if no protest filed. tests. (i) If notice of protest is filed the Commission shall fix a time for hearing the same, and shall proceed as promptly as may be to hear and consider any matter relative and material thereto which may be presented in support of any such protest so filed as aforesaid. If after Hearings of pro- hearing any protest of such tentative valuation under the provisions of this part the Commission shall be of the opinion that its valuation should not become final, it shall Changes in tenta- make such changes as may be necessary, and shall issue an order making such corrected tentative valuation final as of the date thereof. All final valuations by the Commission and the classification thereof shall be published Final valuations and shall be prima facie evidence of the value of the tions prima facie property in all proceedings under the Act to regulate commerce as of the date of the fixing thereof, and in all judicial proceedings for the enforcement of the Act ap tive valuations. Order making tentative valuation final. and classifica evidence. ! bet ber proved February fourth, eighteen hundred and eightyseven, commonly known as "the Act to regulate commerce," and the various Acts amendatory thereof, and in all judicial proceedings brought to enjoin, set aside, annul, or suspend, in whole or in part, any order of the Interstate Commerce Commission. Sec. 19a new evidence to mission thereon. (j) If upon the trial of any action involving a final Transmission of value fixed by the Commission, evidence shall be intro- Commission. duced regarding such value which is found by the court to be different from that offered upon the hearing before the Commission, or additional thereto and substantially affecting said value, the court, before proceeding to render judgment shall transmit a copy of such evidence to the Commission, and shall stay further proceedings in said action for such time as the court shall determine Action of Comfrom the date of such transmission. Upon the receipt of such evidence the Commission shall consider the same and may fix a final value different from the one fixed in the first instance, and may alter, modify, amend or rescind any order which it has made involving said final value, and shall report its action thereon to said court within the time fixed by the court. If the Commission shall alter, modify, or amend its order, such altered, modified, or Modification of amended order shall take the place of the original order complained of and judgment shall be rendered thereon as though made by the Commission in the first instance. If the original order shall not be rescinded or changed by the Commission, judgment shall be rendered upon such original order. order. Judgment on original order. Applicable to re (k) The provisions of this section shall apply to receivers and operceivers of carriers and operating trustees. In case of ating trustees. failure or refusal on the part of any carrier, receiver, or trustee to comply with all the requirements of this section and in the manner prescribed by the Commission such carrier, receiver, or trustee shall forfeit to the United States the sum of five hundred dollars for each such offense and for each and every day of the continuance of such offense, such forfeitures to be recoverable in the same manner as other forfeitures provided for in section sixteen of the Act to regulate commerce. Penalty. Jurisdiction of compel compli (1) That the district courts of the United States shall district courts to have jurisdiction, upon the application of the Attorney ance. General of the United States at the request of the Commission, alleging a failure to comply with or a violation Sec. 20 require annual scribe manner of of any of the provisions of this section by any common carrier, to issue a writ or writs of mandamus commanding such common carrier to comply with the provisions of this section. REPORTS, RECORDS, AND ACCOUNTS OF CARRIERS; MANDAMUS; SEC. 20. [As amended June 29, 1906, February 25, 1909, June 18, 1910, March 4, 1915, August 9, 1916, February 28, 1920, July 3, 1926, March 4, 1927, April 23, 1930, and Commission may August 9, 1935.] [U. S. Code, title 49, sec. 20.] (1)1 reports and pre- That the Commission is hereby authorized to require making same. annual reports from all common carriers subject to the provisions of this part, and from the owners of all railroads engaged in interstate commerce as defined in this 24 Stat. L. 386. part, to prescribe the manner in which such reports shall 34 Stat. L. 593. be made, and to require from such carriers specific answers 49 Stat. L. 543. to all questions upon which the Commission may need 41 Stat. L. 493. 46 Stat. L. 251. carriers shall contain. information. Such annual reports shall show in detail What reports of the amount of capital stock issued, the amounts paid therefor, and the manner of payment for the same; the dividends paid, the surplus fund, if any, and the number of stockholders; the funded and floating debts and the interest paid thereon; the cost and value of the carrier's property, franchises, and equipments; the number of employees and the salaries paid each class; the accidents to passengers, employees, and other persons, and the causes thereof; the amounts expended for improvements each year, how expended, and the character of such improvements; the earnings and receipts from each branch of business and from all sources; the operating and other expenses; the balances of profit and loss; and a complete exhibit of the financial operations of the carrier each year, including an annual balance sheet. Such reports shall also contain such information in relation to rates or regulations concerning fares or freights, or agreements, arrangements, or contracts affecting the same as the Commission may require; and the Commission may, in its discretion, for the purpose of enabling it the better to carry 1 Power of Commission to require annual, periodical, or special reports, and prescribe forms, Motor Carrier Act, 1935, sec. 220 (a); uniform system of accounts, § 204 (a) (1), (2), (4), post. Saving clause as to applicability of Securities Act of 1933, as amended, see under Saving Clauses, post. |