CORPORATIONS. 289
370.

See notes to sec. 373.

372.

See notes to sec. 373.

373.

Rates which permit street railway to earn 6. 26% on fair value of its prop-
erty are not confiscatory under Federal Constitution. Meaning of "confiscation"
and "fair return". Value of company's property. Automobile competition.
United States cases reviewed. Allowance for depreciation. Extraordinary obso-
lescence. Second fare zone abolished. Commission's power legislative in char-
acter. Burder of proof. Pub. Serv. Commn, v. United Rwys. Co., 155 Md. 578
(cf. dissenting opinion).

"Public" referred to in last paragraph of this section is whole public rather
than local public. Order of P. S. C. approving relocation of railroad on condi-
tion that tracks as relocated be at point involving heavier grade, invalid. Dis-
cretion of P. S. C. must not be arbitrarily exercised. P. S. C. has only statutory
powers and incidental implied powers. See notes to sec. 206. Pub. Serv.
Commn, v. P., B. & W. R. R. Co., 155 Md. 117.

The Public Service Commission, though having authority over taxicabs, cannot
require a taxicab company to take out indemnity insurance as a prerequisite
to a permit to operate. Public Service Commission v. Sun Cab Co., 160 Md. 476.

1927, ch. 569.

373A. The power conferred upon the Commission by Section 373 of
this sub-title, to determine the just and reasonable rates, tolls, fares and
charges for the transportation of persons, freight or property to be there-
after observed and in force as the maximum to be charged for the service
to be performed, and to fix the same by order to be served upon all common,
carriers or other corporations, by whom such rates, fares, and charges are
thereafter to be observed, shall include the power to determine the just and
reasonable rates, tolls, fares and charges to be thereafter observed and in
force as the minimum or maximum and minimum to be so charged, and
to fix the same by such an order.

376.

See notes to sec. 373.

An. Code, 1924, sec. 379. 1912, sec. 438. 1910, ch. 180, sec. 26 (p. 368). 1929, ch. 44S.

379. No common carrier, railroad corporation, or street railroad cor-
poration, shall begin the construction of a railroad or street railroad, or
any extension thereof, or exercise any franchise or right under any pro-
vision of the railroad law, or of any other law not heretofore lawfully exer-
cised, without first having obtained the permission and approval of the
commission. The commission shall have power to grant the permission
and approval herein specified whenever it shall, after due hearing, deter-
mine that such construction or such exercise of the franchise or privilege
is necessary or convenient for the public service.

No franchise, nor any right to or under any franchise to own or operate
a railroad or street railroad, shall be assigned, transferred or leased, nor
10