Loan Guaranty Authority of the ICC.: Hearings Before the Surface Transportation Subcommittee of the Committee on Interstate and Foreign Commerce, United States Senate, Eighty-seventh Congress, First Session, on S. 1146, a Bill to Amend Section 510 of the Interstate Commerce Act So as to Extend for 2 Years the Loan Guaranty Authority of the Interstate Commerce Commission. March 9 and 10, 1961U.S. Government Printing Office, 1961 - 77 pages |
Common terms and phrases
ALPERT amendment applications bankruptcy BARTON bill Boston & Maine capital expenditures capital improvements carrier cash Chairman class I railroads Commissioner committee condition Congress counsel depreciation earnings eastern district economic enactment England Council equipment express business express company extend facilities Federal filed fixed charges freight funds George Alpert going guarantee loans Haven Railroad HUTCHINSON Interstate Commerce Act Interstate Commerce Commission JOHNSON LAUSCHE legislation lenders loan guaranty authority loan provision March 31 ment MOLONEY mortgage Norfolk Southern Railway O'Donoghue obligations passenger deficit passenger service payment Pennsylvania Railroad percent Pocahontas region position present president problem purposes question rail railroad industry Railway Express Railway Express Agency railway operating income REA Express reasonable recession recommend reimbursement relief roads ruptcy section 510 Senator SCHOEPPEL Senator SMATHERS SHOEMAKER situation statement statute subcommittee subsidies talking terminal things tion traffic Transportation Act trucks York
Popular passages
Page 60 - ... that the prospective earning power of the applicant and the character and value of the security offered are such as to furnish reasonable assurance of the applicant's ability to repay the loan within the time fixed therefor...
Page 21 - Act in the financing or refinancing (1) of additions and betterments or other capital expenditures, made after January 1, 1957, or to reimburse the carrier for expenditures made from its own funds for such additions and betterments or other capital expenditures, or (2) of expenditures for the maintenance of property: Provided, That in no event shall the aggregate principal amount of all loans guaranteed by the Commission exceed $500,000,000.
Page 3 - Be it enacted by the Senate and House of Representatives of the Vnited States of America in Congress assembled, That this Act may be cited as the Bank Holding Company Act of 1947.
Page 22 - Commission the loan involved is at a rate of interest which is unreasonably high; "(3) if the terms of such loan permit full repayment more than fifteen years after the date thereof; or "(4) unless the Commission finds that the prospective earning power of the applicant carrier, together with the character and value of the security pledged, if any, furnish reasonable assurance of the applicant's ability to repay the loan within the time fixed therefor and reasonable protection to the United States.
Page 32 - and express companies," and by inserting in sections 503 and 504 (b) after the words "common carrier by railroad" the words "or express company." lilvV Express serves approximately 23,000 communities in all 50 States, plus a few in Canada, through approximately 10,500 offices. We have through-billof-lading service to and from 41 foreign countries through agreements with carriers operating to, from, and within these countries. In the United States REA operates over approximately 153,000 miles of railroads,...
Page 7 - Sec. 505. The Commission may consent to the modification of the provisions as to rate of interest, time of payment "of interest or principal, security, if any, or other terms and conditions of any guaranty which it shall have entered into pursuant to this part, or the renewal or extension of any such guaranty, whenever the Commission shall determine it to be equitable to do so.
Page 37 - Jersey, wishes to make a statement which we will make a part of the record at this point unless you prefer to have it at the beginning of the hearings.
Page 40 - The position of some of the railroads, primarily located in the East, is an extremely serious one. Some of those in the most precarious position are our largest railroads in point of employees, wages, purchases, and track miles. Some of them have millions of dollars of deferred maintenance, millions of dollars owed in unpaid loans and State taxes, and a few of them have so little operating capital remaining that there is considerable likelihood of their being unable to meet their payrolls in the...
Page 3 - UNITED STATES SENATE, COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE, SUBCOMMITTEE ON SURFACE TRANSPORTATION, Washington, DC The subcommittee met, pursuant to adjournment, at 10 am, in room G-16, United States Capitol, Hon.