...accounts shall be kept, and section 15-a, in paragraph (2), the rate-making provision, provides " so that carriers as a whole * * * will, under honest, efficient,...maintenance of way, structures, and equipment, earn, etc." I am considering in this article the terms of the law and not the efficiency of its administration....

...value of the railroad property of such carriers held for and used in the service of transportation, under honest, efficient, and economical management...for maintenance of way, structures, and equipment. 2. Due consideration must be given to the necessity of enlarging transportation facilities in order...

...in the aggregate under section 1 of the Act and would enable the carriers in the respective groups, under honest, efficient, and economical management...for maintenance of way, structures, and equipment, to earn an aggregate annual railway operating income equal, for the purposes of this proceeding, of...

...value of the railroad property of such carriers held for and used in the service of transportation, under honest, efficient, and economical management...for maintenance of way, structures, and equipment. 2. Due consideration must be given to the necessity of enlarging transportation facilities in order...

...1920 the Commission was authorized to increase carriers' revenues to a basis that will enable them to earn an aggregate annual net railway operating income equal as nearly as may be to 6 pec cent, upon the aggregate value of the railway property of such carriers held for and used in...

...as practicable, initiate, modify, establish, or adjust rates so that the revenues derived therefrom will, under honest, efficient, and economical management...for maintenance of way, structures, and equipment, constitute a sufficient basis for the maintenance of a national system Of railway transportation at...

...each of such rate groups or territories as the Commission may from time to time designate) to earn, under honest, efficient and economical management...for maintenance of way, structures and equipment, an aggregate annual net railway operating income equal, as nearly as may be, to an amount not less...

...each of such rate groups or territories as the Commission may from time to time designate) to earn, under honest, efficient and economical management...for maintenance of way, structures and equipment, an aggregate annual net railway operating income equal, as nearly as may be, to an amount not less...

...whole in each of such rate groups or territories, as the Commission may from time to time designate) will, under honest, efficient, and economical management...return upon the aggregate value of the railway property of such carriers held for and used in the service of transportation." Thus, the Smyth v. Ames rule...

...* * * rates so that carriers * * ' will * * * earn an aggregate * * * net * * * income equal * * * to a fair return upon the aggregate value of the railway property * * * used in the service of transportation. As a corollary, Congress included a so-called recapture...