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Kansas City Term Ry. Co. Bonds, 257 I. C. C. 827.
Lehigh & N. E. R. Co. Trackage Rights, 261 I. C. C. 820_
Litchfield & M. Ry. Co. Bonds, 202 I. C. C. 412.
Louisiana, A. & T. Ry. Co. Operation, 170 I. C. C. 602.
Louisiana & A. Ry. Co. Control, 233 I. C. C. 123..........

422

773

610

114

434, 492

Louisville & N. R. Co. Bonds, 82 I. C. C. 249; 82 I. C. C. 321..

1

212 I. C. C. 415___

Construction, 257 I. C. C. 805..

Louisville Bank v. Radford, 295 U. S. 555.......

2

7,8

510

Middletown & U. R. Co. Bonds, 193 I. C. C. 588..

Milwaukee Livestock Handling Co. Control, 257 I. C. C. 796_
Minneapolis & St. L. R. Co. Reorganization, 244 I. C. C. 357.

459

625

100

192

746

Minneapolis, St. P. & S. S. M. Ry. Co. Reorganization, 252 I. C. C. 525;
252 I. C. C. 615__

Minnesota Western R. Co. Construction, 111 I. C. C. 377.___
Missouri Pac. R. Co. Reorganization, 257 I. C. C. 479; 257 I. C. C. 745;
261 I. C. C. 808-

New York Central Acquisition of Chicago, A. & S. R. Co., 187 I. C. C. 527;
207 I. C. C. 519__

164, 601

New York Central Securities Corp. v. United States, 287 U. S. 12................
New York Central Unification, 150 I. C. C. 278; 154 I. C. C. 489; 249 I. C.
C. 627...

New York, N. H. & H. R. Co., 147 Fed. (2d) 40; 54 Fed. Supp. 595; 54
Fed. Supp. 631.

Reorganization, 224 I. C. C. 723; 254 I. C. C. 405--
New York, S. & W. R. Co. Reorganization, 257 I. C. C. 593-

653

115

653

195, 196

195, 201

101

Nicholas, F. & G. R. Co. Construction, 145 I. C. C. 643; 257 I. C. C. 811.

[blocks in formation]

Northeast Oklahoma R. Co. Construction, 252 I. C. C. 273..
Oklahoma Ry. Co. Trustees Abandonment, 257 I. C. C. 177..
Oliver J. Olson & Co. Contr. Car. Applic., 250 I. C. C. 151..
Olson & Co. Contr. Car. Applic., 250 I. C. C. 151.
Oregon-W. R. & Nav. Co. Bonds, 257 I. C. C. 831.
Pacific Lbr. Co. v. Northwestern Pac. R. Co., 51 I. C. C. 738–
Palmer v. Palmer, 104 Fed. (2d) 161; 308 U. S. 590-
Pan-Atlantic S. S. Corp. Com. Car. Applic., 250 I. C. C. 321..
Pennsylvania R. Co. Stock, 145 I. C. C. 237.
Pittsburgh Steel Co. Terminal Allowance, 241 I. C. C. 562..
Port Angeles W. R. Co. Construction, 124 I. C. C. 455--

[blocks in formation]

Porto Rican American Tobacco Co., 117 Fed. (2d) 599.

32

Port Townsend & Puget Sound Ry. Co., 116 I. C. C. 361..........
Port Townsend Southern R. Co. Abandonment, 99 I. C. C. 501; 99 I. C. C.
647..

99

95

Rio Grande, M. & N. Ry. Construction, 117 I. C. C. 19.
Roberts v. New York City, 295 U. S. 264.

746

302

St. Louis-S. F. Ry. Co. Reorganization, 257 I. C. C. 399.

326, 382

Santa Fe & L. A. H. Ry. Co. Construction of Line, 72 I. C. C. 832____ 229 Seaboard Air Line Ry. Co. Receivership, 257 I. C. C. 683; 261 I. C. C.

826__

690, 714

257 I. C. C. 837_

691, 721

Seaboard-All Florida Ry. Receivers Abandonment, 261 I. C. C. 334..
Seaboard Ry. Co. Acquisition, 257 I. C. C. 584...

Sudden & Christenson (Arrow Line) Com. Car. Applic., 250 I. C. C. 419;
260 I. C. C. 643..

(Coastwise) Contr. Car. Applic., 250 I. C. C. 809--Susquehanna & N. Y. R. Co. Abandonment, 252 I. C. C. 81..

Page

788

690

595, 600

596

652

Taylor v. Standard Gas & Electric Co., 306 U. S. 307---

Terminal R. Assn. of St. Louis Bonds, 233 I. C. C. 684

303, 381

421

[blocks in formation]

Unified Operation at Los Angeles Harbor, 150 I. C. C. 649-.

544

745

228

United Parcel Service of Portland-Purchase-Wiese, 37 M. C. C. 473.

United States v. Delaware & H. Co., 213 U. S. 366--

261

666

[blocks in formation]

Warrior & Gulf Nav. Co. Control, 250 I. C. C. 26---

Western Pac. R. Co., 124 Fed. (2d) 136; 34 Fed. Supp. 493

261

15

Reorganization, 240 I. C. C. 206..

14

Wheeling & L. E. Ry. Co. Control, 254 I. C. C. 505...
Operation, 261 I. C. C. 37..

255

453

Wheeling Steel Corp. Terminal Allowances, 214 I. C. C. 53--
Yonkers v. United States, 320 U. S. 685---

46

800

261 I. C. C.

INTERSTATE COMMERCE COMMISSION

REPORTS

FINANCE DOCKET No. 14792

LOUISVILLE & NASHVILLE RAILROAD COMPANY BONDS

Submitted January 6, 1945. Decided January 13, 1945

Authority granted to issue not exceeding $53,835,000 of first and refunding mortgage 3%-percent bonds, series F, to be sold at 104.66 and accrued interest and the proceeds used in connection with the redemption of a like aggregate amount of outstanding first and refunding mortgage bonds, consisting of $14,000,000 of series B, 5 percent, $31,000,000 of series C, 4% percent, and $8,835,000 of series D, 4 percent, all due April 1, 2003.

Sidney Smith for applicant.

REPORT OF THE COMMISSION

DIVISION 4, COMMISSIONERS PORTER, MAHAFFIE, AND MILLER BY DIVISION 4:

The Louisville and Nashville Railroad Company, by an application filed on December 16, 1944, as supplemented January 6, 1945, applied for authority to issue $53,835,000 of first and refunding mortgage 3%-percent bonds, series F. No objection to the application has been offered.

The applicant has outstanding $53,835,000 of first and refunding mortgage bonds, consisting of $14,000,000 of series B, 5 percent, $31,000,000 of series C, 42 percent, and $8,835,000 of series D, 4 percent. The series B bonds are a part of $15,862,000 of such bonds authorized to be issued by our order of September 11, 1923, as amended by our supplemental order of September 25, 1923, in Louisville & N. R. Co. Bonds, 82 I. C. C. 249 and 321. The series C bonds are a part of $121,291,000 of such bonds authorized by our orders of September 12, 1924, April 10, 1928, April 27 and October 21, 1929, February 21 and August 22, 1930, August 12, 1931, and November 28, 1932, 90 I. C. C. 667, 138 I. C. C. 427, 154 I. C. C. 100, 158 I. C. C. 44, 162 I. C. C. 34, 166 I. C. C. 397, 175 I. C. C. 477, and 189 I. C. C. 159, respectively. The series D bonds are a part of $30,000,000 of such

bonds authorized by our order of March 23, 1936, in Louisville & N. R. Co. Bonds, 212 I. C. C. 415.

These bonds are secured by the first and refunding mortgage dated August 1, 1921, made by the applicant to the United States Trust Company of New York, trustee, as supplemented by various indentures thereafter executed, are dated August 1, 1921, are now redeemable on any interest date at 105 and accrued interest, and are due April 1, 2003.

Because of favorable market conditions now existing, the applicant proposes to call the outstanding bonds for redemption on April 1, 1945, and to provide a part of the funds for their payment it proposes to issue $53,835,000 of first and refunding mortgage 33%-percent bonds, series F. The additional money required for the payment of the premium on the outstanding bonds and other expenses will be paid from funds in the applicant's treasury.

The first and refunding mortgage provides for the issue of bonds, among other things, for the payment or redemption of bonds previously issued thereunder, upon the cancelation of such bonds. It also provides that bonds may be issued in series, and that the bonds of the several series may differ in respect of various features.

The series F bonds will constitute a new series, limited in amount to $53,835,000, and will be issued under and pursuant to, and will be secured by, the above-mentioned first and refunding mortgage, as supplemented, and a proposed supplemental indenture dated as of October 1, 1944. They will be dated October 1, 1944, may be issued as coupon bonds in the denomination of $1,000, and as fully registered bonds in denominations of $1,000, $5,000, $10,000, $50,000, and in such multiples of $1,000 as certain of the applicant's officers may approve. The bonds will bear interest at the rate of 33% percent per annum, payable semiannually on April 1 and October 1, and will mature April 1, 2003. They will be redeemable in whole or in part by lot at the option of the applicant on any interest-payment date upon not less than 60 days' notice and will also be redeemable through the operation of the sinking fund on April 1 of each year, beginning April 1, 1946, upon not less than 45 days' notice. Redemption percentages will be as follows, the first figure for each period referring to optional redemption and the second showing the percentage for redemption through the operation of the sinking fund, in each case with accrued interest: Through April 1, 1951, at 110%, 107%; thereafter through April 1, 1957, at 10934, 107%; thereafter through April 1, 1963, at 10834, 1061⁄4; thereafter through April 1, 1969, at 1075%, 1052; thereafter through April 1, 1975, at 1062, 10434; thereafter through April 1, 1980, at 1052, 104%; thereafter through April 1, 1985, at 104%, 1035%; thereafter through April 1, 1990, at 1034, 103%; thereafter through April

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