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provided in section 5(a) of the bill. It would appear that such broad authority is in conflict with section 5(a) which is intended apparently to safeguard the financial interest of the United States.

On page 5, in section 7(a), line 6, and section 8, lines 18 and 21, the word "Commission” should be changed to "Secretary."

On page 6, in section 10, line 13, and section 11, line 18, the word "part" should apparently be changed to "Act." Sincerely yours,

ROBERT F. KELLER, Assistant Comptroller General of the United States.

[From the Congressional Record-Senate, June 24, 1970)
S. 4016-INTRODUCTION OF "RAILROAD LOAN GUARANTEE ACT OF 1970".

Mr. Magnuson. Mr. President, I introduce, by request, a bill to provide for loan guarantees to assist railroads in acquiring, constructing or maintaining facilities or equipment. My introduction of this bill is merely for the purpose of having legislation before the Committee on Commerce which would provide an alternative measure to others which are before this committee. This bill is identical to part V of the Interstate Commerce Act which expired in 1963 except for certain technical changes necessary to bring it up to date and to make the Department of Transportation the administering agency.

I ask unanimous consent that the bill be printed in the RECORD at this point.

The PRESIDING OFFICER (Mr. BAYH). The bill will be received and appropriately referred; and, without objection, the bill will be printed in the RECORD.

The CHAIRMAN. With that I am going to ask the distinguished chairman of the Subcommittee on Surface Transportation if he has a statement too. The hearings will be technically under the full committee and we know that the members of the full committee, those who have an interest in it, and particularly the Subcommittee on Surface Transportation will ask a lot of questions and dig into this matter.

Senator Hartke, we would be glad to hear from you. We will put in the record the number of loans that were made under title V of the 1958 act; they totaled $243 million.

I think I made a little misstatement when I said the New Haven sort of triggered the matter. The biggest loan wasn't to the New Haven, it was to the Penn Central, $40 million, and the next largest guaranteed loan, was to the Missouri, Kansas & Texas. We will put in the record all of the amounts.

(The information follows:)

INTERSTATE COMMERCE COMMISSION

BUREAU OF ACCOUNTS

SECTION OF FINANCIAL ANALYSIS, JUNE 30, 1970
Statistical Summary for Loan Guaranties to Railroads under Part V

of the Interstate Commerce Act, as Amended Index

Appendix A.-Statement showing by railroads (on sheets 1-3 thereof) amount of each loan applied for and final action by the Commission; and (on sheet 4) a recapitulation of total number of applications and total amount of guaranties authorized for each railroad.

Appendix B.-Statement showing by railroads for each loan, the term of the guaranty, date of final maturity, rate of interest, and the purpose of the loan.

Appendix C.-Statement showing by railroads, for each loan, the repayments of principal and the unpaid balance as of June 30, 1970.

Appendix D.—Statement showing the total appraised value of the collateral securing the total unpaid balance of principal for all loans to each railroad. Sheet 2 shows details in respect of loans to New Haven Railroad and the Trustees.

APPENDIX A

RECAPITULATION BY RAILROADS OF LOAN GUARANTEE APPLICATIONS RECEIVED AND ACTIONS THEREON

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! B. & M. application, finance docket No. 21888 for $5,845,348, was withdrawn at request of applicant and dismissed by order of July 27, 1962.

2 New York, Susquehanna & Western application, finance docket No. 20395 for $450,000, was withdrawn at request of applicant and dismissed by order of Jan. 29, 1959.

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LOAN GUARANTEE APPLICATIONS STATEMENT SHOWING FOR APPROVED APPLICATIONS THE TERM OF

GUARANTEE, RATE OF INTEREST, AND PURPOSE OF LOAN

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Total.

34,000,000

LOAN GUARANTEE APPLICATIONS STATEMENT SHOWING FOR APPROVED APPLICATIONS THE TERM OF

GUARANTEE, RATE OF INTEREST, AND PURPOSE OF LOAN--Continued

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15 July 1, 1974 5..
15 Dec. 1, 1974 544-
10 Sept. 1, 1972 5%.

20840 New York, Susquehanna & Western.
21794 Do..

300,000
555, 000

(1). (13).

Total.

21121 Norfolk Southern. 22488 Do..

855,000
2,000,000
5,400,000

15 July 1, 1974 514
15 May 1, 1978 432

(1).
(4).

Total.

7, 400,000

21547 Pittsburgh & West Virginia.
22445 Do.

1,500,000
1,500,000

15 June 1, 1976 434
2 May 28, 19652 484

(1). (1).

Total 22545 Reading.....

Grand total.

3,000,000 30,000,000

15 July 1, 1978 44

(15).

243,972, 360

i Reimbursement of treasury.
? These loans have been paid in full.

3 Financing acquisition of not less than 634 covered hopper cars and 725 box cars at a cost in excess of $5,000,000; and "reimbursement of treasury $10,000,000.

• Refinancing certain equipment obligations incurred after Jan. 1, 1957.
s Acquisition of 100 new freight cars.
. Maintenance and rehabilitation of roadway.

7 Refinance equipment obligations, $1,167, 127; finance planned capital expenditures, $1,574,609; and reimbursement of treasury, $3,181,264.

• Reimbursement of treasury, $2,268,359; and acquisition of 4 diesel locomotives and 116 freight cars with a total cost of $2,731,641.

Financing acquisition of 9 new locomotives, $2,400,000; and 74 freight cars, $1,100,000; and reimbursement of treasury, $2,000,000.

10 Acquisition of 30 new diesel electric locomotives.
19 Acquisition of maintenance-of-way equipment and machinery.
12 Construction of certain shop facilities.
13 Financing acquisition of 3 locomotives.
11 Financing acquisition of 17 new locomotives, $2,975,000; and reimbursement of treasury, $2,425,000.
us Financing acquisition of 56 new locomotives, $11,000,000; and reimbursement of treasury, $19,000,000.

Note: Reimbursement of treasury items above represent reimbursement for capital expenditures made after Jan. 1, 1957, from the railroad's own funds.

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