the several
companies looking to agreements for just and reasonable compensation
for the possession, use and control of the respective properties on
the basis of an annual guaranteed compensation, above accruing
depreciation and the maintenance of their properties, equivalent, as
nearly as may be, to the average of the net operating income thereof
for the three year period ending June 30, 1917--the results of such
negotiations to be reported to me for such action as may be
appropriate and lawful.

But nothing herein contained, expressed or implied, or hereafter done
or suffered hereunder, shall be deemed in any way to impair the
rights of the stockholders, bondholders, creditors and other persons
having interests in said systems of transportation or in the profits
thereof, to receive just and adequate compensation for the use and
control and operation of their property hereby assumed.

Regular dividends hitherto declared, and maturing interest upon
bonds, debentures and other obligations, may be paid in due course,
and such regular dividends and interest may continue to be paid until
and unless the said director shall from time to time otherwise by
general or special orders determine, and, subject to the approval of
the director, the various carriers may agree upon and arrange for the
renewal and extension of maturing obligations.

Except with the prior written assent of said director, no attachment
by mesne process or on execution shall be levied on or against any of
the property used by any of said transportation systems, in the
conduct of their business as common carriers; but suits may be
brought by and against said carriers and judgments rendered as
hitherto until and except so far as said director may, by general or
special orders, otherwise determine.

From and after 12 o'clock on said twenty-eighth day of December,
1917, all transportation systems included in this order and
proclamation shall conclusively be deemed within the possession and
control of said director without further act or notice, but for the
purpose of accounting said possession and control shall date from 12
o'clock midnight on December 31, 1917.

In witness whereof, I have hereunto set my hand and caused the seal
of the United States to be affixed.

Done by the President, through Newton D. Baker, Secretary of War, in
the District of Columbia, this twenty-sixth day of December, in the
year of our Lord one thousand nine hundred and seven