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Show y TRAINS AGAIN UNDER PRIVATE CONTROL -ffS aLHSRHUIH ! is private mm 4 -iBGOMPEnnn A ! ! Director General Hines Re-I Re-I mains at Post to Wind Up . ; Claims Against U. S. II PROVISIONS OF NEW I RAIL BILL EXPLAINED I. C. C. to Fix- Rates Which J Guarantee Sl2 Per Cent Re- j I turn to the Carriers I I -,SHINGTON. March 1. Thu Lniccc1 States railroad administration, tbe governmental agency which for-im;e for-im;e than two years has controlled Iho operation of (he nation's railway J systems, today passed out of cxisti-nco. , Will its passing at midnight the 2C0 In-js tli.it had heen merged into what VMS practically one gigantic system, ' again went under control of private interests, free to operate in competi-j tion as of old. The transfer was without with-out incident. Of the staff of directors and execu-l r' l.vcs who controlled the roads during novrnuient operation, Director Gen-fu Gen-fu ' cnl Hincs alone remains. He remains . ? j simply to clear up matters left pend-; pend-; I ins l"en tlie goe:nmenl relinquished! 'jisj j control. These inclvule thousands of Go$j ( Claims, contracts and grievances yet : to be settled and among which there i arc S3 compensation contracts with !:A j various roads which still arc the sub-(fea sub-(fea ject of negotiations. Power of R.itr Control. rffF-1 Under the so-called railroad, raorgn- ,Jg ! jaij(iUojri.rJlovJiici-.sovGi,jfcly.tthaieN W T Turn of Urtf '"transportation .systems to ; private ownership, but little jurisdic Hf-i ! lion is retained by the government. IJnilcr its terms the interstate com-, l0- mercc commission Is given greater 1 powei to control rates and compul- I fory arbitration of labor disputes is ':! required. The government also retains' .j a certain amount of control over their j i bonii issues, but at the same time in- ' sure? a fixed percentage of profit nnd j nia'ies it possible for the corporations' ffi, f to .secure loans from a federal fund 1 set aside for that purpose. J 'i specifically the bill authorizes the j incident to settle all questions. in- f cluuiiig compensation, ahd nppropri- 4 atei $200,000,000 for this purpose. ') Return Guarantee. . Provides guarantee of "standard re- oft $ turn" to carriers for a period of six Q i nio.'ifhs after the termination of fed Ji i eral control. i j Creates a "receiving fund" of $300,- ig; j 000.000 for making new loans to car- a i riera WML Creates a railroad labor board and EP nr'r machinery for the amicable set- (af lleirent of dibpules between employee : ani employers. ' S Directs interstate commerce coni- g i mission to fix rates that will provide " 5!2 per cent return to the railroads 5 n he aluc of the aggregated railroad g mopcrlj devolving to the public use. I (5 j Provides that if any carrier caivis inl rj any year a net operating income in I S J cxce?s of six per cent, one-half of such 2 excess must be placed in a reserve j . fund and the other half must be paidj 1 int.; a general contingent fund, to bf-i g used lo make loans to carriers. J Issue of Securities. . g ' Gives the Interstate commerce com-! , mission the power to regulate the is-j sue of railroad 3ccurities. ' I , Increases the interstate commission : from nine to eleven members and their : sal.tiies from ?10,000 to $12,000. t ' Whether union labor loaders whoj stubbornly opposed the measure in' i. congress and later sought lo have, Proaident Wilson veto it, will test thci constitutionality of the bill in tho i courts will be decided here at the con- , fercrice of executives of the railway ! i brotherhoods. The conference was ar- r ranged to consider the presidents re-Ply re-Ply to their formally presented objections objec-tions lo the bill. |