A bill to amend the Interstate Commerce Act in order to give the Interstate Commerce Commission additional authority to alleviate freight car shortages, and for other purposes.

Provides that, in fixing compensation to be paid for the use of any type of freight car, the Interstate Commerce Commission shall determine the value base of freight cars and shop facilities with additions and betterments, the depreciation thereon, and a rate of return on investment.

Provides that the total annual ownership costs, including operating and maintenance costs, shall be converted by a car day divisor to car day cost brackets so as to produce daily car hire rates.

Provides that such rates shall be recomputed annually. Gives the Commission authority to impose penalty per diem rates during periods when an emergency freight car shortage exists. (Amends 49 U.S.C.1 (14)(a))