TRANSPORTATION: First Big Recapture

The Interstate Commerce Commission last week moved again to enforce a section of U. S. law which it considers unenforceable. Section 15a of the Transportation Act of 1920 instructs the I. C. C. to "recapture" from all railroads, on the basis of their final valuations, one-half of all annual profits in excess of 6% of the road's investment. Funds thus assessed are to be pooled to help less prosperous carriers. In its last annual report the I. C. C., after a decade's experience with recapture, condemned Section...

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