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70TH CONGRESS }
INTERSTATE COMMERCE ACTS
COMPILATION OF FEDERAL LAWS RELATING TO
RULES AND REGULATIONS
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TABLE OF CONTENTS
Notes of decisions applicable to interstate commerce act, generally------ 88
History of Interstate Commerce Commission cases reviewed by the Fed-
INTERSTATE COMMERCE ACTS ANNOTATED
THE CODE OF THE LAWS OF THE UNITED STATES OF AMER
ICA-TITLE 49, TRANSPORTATION—Chapter 1, “ INTERSTATE COMMERCE ACT”-Continued
Section 20a. Securities of carriers; issuance, etc.-(1) Carrier defined. As used in this section the term “ carrier means a common carrier by railroad (except a street, suburban, or interurban electric railway which is not operated as a part of a general steam railroad system of transportation) which is subject to this ?chapter, or any corporation organized for the purpose of engaging in transportation by railroad subject to this 'chapter. (Feb. 28, 1920, c. 91, sec. 439, 41 Stat. 494.)
For text of complete section, of which this paragraph is a part, see pp. 63-66, ante.
The provisions for control of railway capitalization contained in sec. 20a were incorporated in the act by transportation act, 1920, but were not novel with the latter. Theretofore, the commission had conducted numerous investigations, many in response to resolutions passed by the Senate and requests made by committees of the House of Representatives, into the financial relations of certain carriers. It expressed the view that “The time has come when some reasonable regulation should be imposed upon the issuance of securities by railways engaged in interstate commerce,” (In re Consolidations and Combinations of Carriers, 12 I. C. C. 277) and that the “ following propositions lie at the foundation of all adequate regulation of interstate railroads : (a) Every interstate railroad should be prohibited from expending money or incurring liability or acquiring property not in the operation of its railroad or in the legitimate improvement, extension, or development of that railroad. (b) No interstate railroad should be permitted to lease or purchase any other railroad, nor to acquire the stocks or securities of any other railroad, nor to guarantee the same, directly or indirectly, without the approval of the Federal Government. (c) No stocks or bonds should be issued by an interstate railroad except for the purposes sanctioned in the two preceding paragraphs [items), and none should be issued without the approval of the Federal Government,” (New England Investigation, 27 I. C. C. 560). See also preliminary historical note to this chapter, as to provision of the Mann-Elkins Act of June 18, 1910, for appointment of a commission to investigate the issuance of stocks and bonds by railroad corporations and the power of Congress to regulate or affect the same.
Recommendations of the Commission
In responding to the request of the Committee on Interstate Commerce of the Senate to present “available data and other information bearing on the railroad
1" That" in original act at this point.
* " act" in original act instead of " chapter."