Page Kansas City Term Ry. Co. Bonds, 257 I. C. C. 827. 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_ 459 625 100 192 746 Minneapolis, St. P. & S. S. M. Ry. Co. Reorganization, 252 I. C. C. 525; Minnesota Western R. Co. Construction, 111 I. C. C. 377.___ New York Central Acquisition of Chicago, A. & S. R. Co., 187 I. C. C. 527; 164, 601 New York Central Securities Corp. v. United States, 287 U. S. 12................ New York, N. H. & H. R. Co., 147 Fed. (2d) 40; 54 Fed. Supp. 595; 54 Reorganization, 224 I. C. C. 723; 254 I. C. C. 405-- 653 115 653 195, 196 195, 201 101 Nicholas, F. & G. R. Co. Construction, 145 I. C. C. 643; 257 I. C. C. 811. Northeast Oklahoma R. Co. Construction, 252 I. C. C. 273.. Porto Rican American Tobacco Co., 117 Fed. (2d) 599. 32 Port Townsend & Puget Sound Ry. Co., 116 I. C. C. 361.......... 99 95 Rio Grande, M. & N. Ry. Construction, 117 I. C. C. 19. 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.. Sudden & Christenson (Arrow Line) Com. Car. Applic., 250 I. C. C. 419; (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 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 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... 255 453 Wheeling Steel Corp. Terminal Allowances, 214 I. C. C. 53-- 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 |