Individual Applications: Astor, William Vincent, application to hold the position of director of the Delaware & H. R. Corp. while holding the positions of director of the Great Northern Ry. Co. and the Illinois Central R. Co., denied. In re Astor, 528.
In General: The issue of bonds as a dividend is not compatible with the public interest. Charleston & W. C. Ry. Co. Bonds, 309 (312).
Capitalizable assets and assets that cannot properly be so classified under a State statute and the accounting requirements of the Commission constitute a part of a carrier's stated capital that cannot be diminished by the payment of dividends. Chicago, M., St. P. & P. R. Co. Bonds, 725 (729).
A new company organized to take over the assets of another corporation should be permitted to set up on its books as its stated capital only the capitalizable assets as representing the contribution of the holders of no-par stock to fixed capital, treating the remainder of the assets contributed as capital surplus to be used for any legitimate corporate purpose other than the payment of divi- dends, and the accounting requirements of the Commission might well be modi- fied to authorize such accounting. Id. (730).
If and when a situation arises under which traffic is diverted from one system because of unduly preferential divisions accorded another system, the matter may be corrected in an appropriate proceeding under sec. 15 (6) of the Act. Fort Benning R. Co. Acquisition, 223 (228).
In General: Increase in assets should result in increased earning power. Charleston & W. C. Ry. Co. Bonds, 309 (312).
The Commission must consider the earning power of an applicant in approving loans from the Reconstruction Finance Corporation. Bartlett W. Ry. Recon- struction Loan, 550 (551).
Individual Applications: St. Louis Southwestern Ry. Co. of Texas, applica- tion for permission to retain excess earnings derived from operation over Dallas Term. Ry. & Union Depot Co., dismissed, inasmuch as sec. 15a (18) was repealed by the Emergency Railroad Transportation Act, 1933. St. Louis S. W. Ry. Co. of Texas Operation, 441 (442).
EQUIPMENT-TRUST CERTIFICATES. See SECURITIES (EXCHANGE)
Matters not of record are not treated as evidence. Tri-State Teleph. & Teleg. Co. Control, 383 (390).
EXCESS INCOME. See EARNINGS
EXCHANGE OF SECURITIES. See SECURITIES (EXCHANGE)
EXTENSION OF LINES. See CONVENIENCE AND NECESSITY (EXtension of LINES)
EXTENSION OF MATURITY DATE. See SECURITIES (MATURITIES AND RETIREMENTS)
DEFICITS UNDER SECTION 204 OF TRANSPORTATION ACT, 1920: The following carriers are not entitled to deficit benefits: Christie & E. Ry. Co., 469; Rio Grande Ry. Co., 473.
GUARANTY UNDER SECTION 209 OF TRANSPORTATION ACT, 1920: Minnesota, Dakota & Western Ry. Co., found to be a carrier within the meaning of sub- division (a) of sec. 209 of the Transportation Act, 1920. Amount necessary to make good the guaranty under that section ascertained and final settlement made. Minnesota, D. & W. Ry. Co. Guaranty Settlement, 685.
FEDERAL EMERGENCY ADMINISTRATION OF PUBLIC WORKS LOANS. See LOANS TO CARRIERS
FINAL SETTLEMENTS. See FEDERAL CONTROL GUARANTY TO CARRIERS.
See FEDERAL CONTROL (GUARANTY)
INCOME DEBENTURES. See SECURITIES (DEBENTURES) INDUSTRIAL LINES
Individual Applications: Fort Benning R. Co., facilities may have the physical aspect of a plant facility, but circumstances of their purpose and owner- ship clearly distinguish them from industrially controlled and operated railroad properties in the application of regulatory policies. Fort Benning R. Co. Acquisition, 223 (227).
See also SECURITIES (ASSUMPTION OF OBLIGATION AND LIABILITY)
In General: Carriers in default of fixed interest obligations are ineligible to become parties to the marshaling and distributing plan, 1931. Louisiana S. Ry. Co. Reconstruction Loan, 1 (2).
Individual Applications: Middletown & Unionville R. Co., application to reduce interest of first-mortgage 20-year 6 percent bonds to 5 percent and adjust- ment-mortgage 6 percent bonds to 4 percent, granted upon conditions. town & U. R. Co. Bonds, 588.
INTERIM CERTIFICATES. See SECURITIES (INTERIM CERTIFICATES) INTERLOCKING DIRECTORS. See DIRECTORS
Companies which do not operate in interstate commerce are not subject to regulation under the Act, and bonds issued under their mortgages are not subject to the jurisdiction of the Commission. Chicago, R. I. & P. Ry. Co. Reconstruction Loan, 259 (261).
JOINT OPERATION.
OPERATION)
See CONVENIENCE AND NECESSITY (ACQUISITION AND
JURISDICTION. See particular subjects of jurisdiction under appropriate headings
LIABILITIES AND OBLIGATIONS. See SECURITIES (ASSUMPTION OF OBLIGATION AND LIABILITY)
In General: Under the terms of the Reconstruction Finance Corporation Act, the Commission is required to find that the Corporation will be adequately secured in making loans to railroads, and approval for the purpose of construction must be founded on the demonstrated soundness of the enterprise at the time of the decision. Waco, B., T. & S. Ry. Co. and Receiver Reconstruction Loan, 168 (180-181).
Recognizing a comprehensive change in the conditions upon which the Com- mission's finding in 1927, authorizing extension of lines, was based, and the fact that it is now proposed to use Government money and not private capital for carrying out the plan, the issuance of the certificate in 1927 cannot be invoked as a reason for approving a loan from the Reconstruction Finance Corporation. Id. (181).
Under the terms of the Emergency Transportation Act, 1933, the Commission may not approve an application for a loan from the Reconstruction Finance Corporation if it is of the opinion that the carrier is in need of financial reorgani- zation in the public interest. Chicago & N. W. Ry. Co. Reconstruction Loan, 370 (373); Meridian & B. R. Ry. Co. Reconstruction Loan, 506 (507); Sumpter Valley Ry. Co. Reconstruction Loan, 572 (575).
The Commission cannot approve a loan to the trustee of a railroad for the purpose of establishing a working fund to meet unspecified items of expense. Meridian & B. R. Ry. Co. Reconstruction Loan, 506 (509).
The Commission's responsibilities under the Reconstruction Finance Corpora- tion Act extend beyond the mere distribution of funds. It must consider also the earning power of the applicant. Bartlett W. Ry. Reconstruction Loan, 550 (551).
The Commission's action in granting authority to construct a railroad, while evidencing its willingness at a time of industrial activity to waive the doubts inherent in a proposition to bring into production new coal areas in favor of the optimism of those who were willing to back their judgment by their capital, should not later be construed as a reason for authorizing the expenditures of Government funds for that purpose, when the promoters are unwilling or unable to carry out their undertaking. Ozark & P. V. R. Co. Reconstruction Loan, 583 (587).
Individual Applications: Applications of the following carriers or trustees involving loans from the Federal Emergency Administration of Public Works, approved: Chicago & E. I. Ry. Co. Trustee Public Works Improvement, 789; Chicago & N. W. Ry. Co. Public Works Improvement, 787; Chicago, M., St. P. & P. R. Co. Public Works Improvement, 783; Pittsburgh & W. V. Ry. Co. Public Works Improvement, 785.
Applications of the following carriers or receivers for loans from the Recon- struction Finance Corporation, approved. Terms prescribed: Chicago & N. W. Ry. Co. Reconstruction Loan, 370; Erie R. Co. Reconstruction Loan, 46; Great Northern Ry. Co. Reconstruction Loan, 211; Southern Pac. Co. Reconstruction Loan, 55; 63; Sumpter Valley Ry. Co. Reconstruction Loan, 572; Wabash Ry. Co. Receivers Reconstruction Loan, 15.
Applications of the following carriers for a loan from the Reconstruction Finance Corporation, denied: Albright & B. R. Co. Reconstruction Loan, 79; Ann Arbor R. Co. Receivers Reconstruction Loan, 127; Coos Bay S. Ry. Co. Reconstruction Loan, 300; Hillsboro & N. E. Ry. Co. Reconstruction Loan, 323; Louisiana S. Ry. Co. Reconstruction Loan, 1; Marshall, E. F. & S. E. Ry. Co. Reconstruction Loan, 133; Ozark & P. V. R. Co. Reconstruction Loan, 583; Santa Fe, S. J. & N. R. Receiver Reconstruction Loan, 545.
Upon further consideration or supplemental applications, conditional approval of loans modified in the following cases: Chicago & N. W. Ry. Co. Reconstruction Loan, 489; Florida East Coast Ry. Co. Reconstruction Loan, 495; Meridian & B. R. Ry. Co. Reconstruction Loan, 677; Southern Pac. Co. Reconstruction Loan, 601.
Bartlett Western Ry., upon reconsideration of application for a loan from the Reconstruction Finance Corporation, previous decision, in 187 I. C. C. 479, deny- ing approval of the loan, affirmed. Bartlett W. Ry. Reconstruction Loan, 550. Birmingham & Southeastern R. Co., previous report, 184 I. C. C. 419, modified to approve diversion of funds loaned. Birmingham & S. E. R. Co. Reconstruction Loan, 316.
Chicago, North Shore & Milwaukee R. Co., upon further consideration of application for a loan from the Reconstruction Finance Corporation, previous decision, 189 I. C. C. 765, denying approval of the loan, affirmed. Chicago, N. S. & M. R. Co. Receivers Reconstruction Loan, 167.
Chicago, Rock Island & Pacific Ry. Co., substitution of collateral for a loan from the Reconstruction Finance Corporation, approved. Previous reports, 184 I. C. C. 597; 735. Chicago, R. I. & P. Ry. Co. Reconstruction Loan, 259.
Denver & Rio Grande Western R. Co., upon application, report and certificate, 189 I. C. C. 674, approving a loan by the Reconstruction Finance Corporation modified so as to reduce the amount of the loan. Denver & R. G. W. R. Co. Reconstruction Loan, 209.
Gainesville Midland Ry., upon further consideration of the application of the receivers of, for a loan from the Reconstruction Finance Corporation and con- sideration of the joint supplemental application of the receivers and the railway, approval of loan denied and certificate canceled. Previous report, 189 I. C. C. 15. Gainesville Midland Ry. Receivers Reconstruction Loan, 136.
Georgia & Florida R., upon supplemental application, modifications of terms for loans from the Reconstruction Finance Corporation for the receivers, approved. Previous reports, 184 I. C. C. 332; 731. Georgia & F. R. Receivers Reconstruction Loan, 139.
Meridian & Bigbee River Ry. Co., application of trustee for a loan from the Reconstruction Finance Corporation, approved in part and previous certificates approving loan from the Corporation to the Meridian & B. R. Ry. Co., canceled. Former reports, 184 I. C. C. 371; 187 I. C. C. 127; and 189 I. C. C. 345. Meridian & B. R. Ry. Co. Reconstruction Loan, 506.
St. Louis-Kansas City Short Line R. Co., application for a loan from the Recon- struction Finance Corporation, dismissed. Applicant is not qualified for a lean under provisions of sec. 5 of the Reconstruction Finance Corporation Act, as amended. St. Louis-K. C. S. L. R. Co. Reconstruction Loan, 141.
Waco, Beaumont, Trinity & Sabine Ry. Co. and Receiver, upon further con- sideration of application for a loan from the Reconstruction Finance Corporation for the purpose of constructing extensions, previous decision, 187 I. C. C. 275, denying approval of a loan, affirmed despite the fact that the extensions had been authorized in 1927. Waco, B., T. & S. Ry. Co. and Receiver Reconstruction Loan, 168.
In General: Rail wear, generally speaking, is governed by the amount of traffic passing over it, and traffic conditions over a period of years may be accepted as a fair index of rail requirements for the same road or system. Chicago, M., St. P. & P. R. Co. Public Works Improvement, 783 (784).
MATURITIES AND RETIREMENTS. See SECURITIES (MATURITIES AND RETIREMENTS)
MERGER. See CONSOLIDATION OF RAILWAYS
In General: The Commission has no jurisdiction over bus transportation. Unification of Lines in Southern New Jersey, 183 (198).
NEW LINES. See CONVENIENCE AND NECESSITY (NEW LINES)
NOTES. See SECURITIES (NOTES)
OBLIGATION AND LIABILITY. See SECURITIES (ASSUMPTION OF OBLIGA- TION AND LIABILITY)
OPERATION. See CONVENIENCE AND NECESSITY (ACQUISITION AND OPERA- TION)
PASSENGER STATIONS. See TERMINALS
PUBLIC CONVENIENCE AND NECESSITY. See CONVENIENCE AND NECESSITY
The issue of bonds as a dividend is not compatible with the public interest. Charleston & W. C. Ry. Co. Bonds, 309 (312).
A simplification of the ownership of the larger railway systems, including properties of various corporate ownership, is clearly in the public interest and is one of the purposes of legislation. Rock Island System Consolidation, 395 (397).
The transportation needs of a community must be weighed against the burden that the cost of rehabilitation, maintenance, and operation would impose upon interstate commerce, and the point at which abandonment shall be considered justifiable is a matter of sound judgment, and must be determined by the cir- cumstances of each case. Texas & G. Ry. Co. Abandonment, 474 (480).
In authorizing an individual to serve as officer or director of more than one carrier it is not enough to say that the Commission can see no harm in what is proposed, it is essential that it be able to say beyond doubt that neither public nor private interests will suffer. In re Astor, 528 (529).
It is not necessary that every existing board of directors must be brought into conformity with the principle that an officer or director shall not hold positions with other carriers without authorization of the Commission, but corrections should be made as and when shown to be in the public interest and conformity observed when new applications are presented. Id. (530).
RECEIVER'S CERTIFICATES. See SECURITIES (RECEIVER'S CERTIFICATES) RECONSTRUCTION FINANCE CORPORATION LOANS. See LOANS TO CARRIERS
RENEWAL OF SECURITIES. See SECURITIES (NOTES) (RECEIVER'S CER- TIFICATES)
In General: Under the terms of the Emergency Railroad Transportation Act, 1933, the Commission may not approve an application for a loan from the Reconstruction Finance Corporation if it is of the opinion that the carrier is in need of financial reorganization in the public interest. Chicago & N. W. Ry. Co. Reconstruction Loan, 370 (373); Meridian & B. R. Ry. Co. Reconstruction Loan, 506 (507); Sumpter Valley Ry. Co. Reconstruction Loan, 572 (575). RETIREMENTS AND MATURITIES. See SECURITIES (MATURITIES AND RETIREMENTS)
ROUTES. See also ROUTING.
Baltimore & Ohio R. Co., authorized to file tariffs canceling certain routes covered by condition in original report, 158 I. C. C. 779. Buffalo, R. & P. Ry. Co. Control, 557.
ROUTING. See also ROUTES.
If and when a situation arises under which traffic is diverted from one system because of unduly preferential divisions accorded another system, the matter may be corrected in an appropriate proceeding under sec. 15 (6) of the Act. Fort Benning R. Co. Acquisition, 223 (228). SECURITIES
In General: In dealing with capitalization consisting entirely of securities having a par value, the par value of common stock represents a contribution by the stockholders for investment in capitalizable assets. Chicago, M., St. P. & P. R. Co. Bonds, 725 (727).
Where a carrier seeks to issue securities to capitalize expenditures for additions and betterments, the Commission must first determine whether the applicant's capitalizable assets as a whole will exceed its capital liabilities, after the proposed issue.
ASSUMPTION OF OBLIGATION AND LIABILITY: Individual Applications: Chicago & Eastern Illinois Ry. Co., of first and refunding mortgage bonds, series C, of Chicago & W. I. R. Co., granted. Chicago & W. I. R. Co. Bonds, 565.
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