Individual Applications: Authorizations to pledge: Baltimore & Ohio R.
Co.: Refunding and general mortgage bonds, series E, as security for short-term
notes and loans, granted. Baltimore & O. R. Co. Bonds, 157; Equity in refund-
ing and general mortgage bonds, series B, C, and E, and stock of Alton R. Co.,
Monongahela Ry. Co., Cincinnati, I. & W. R. Co., now pledged with the Recon-
struction Finance Corporation as additional security for notes pledged with the
Railroad Credit Corporation, granted, but application to pledge stock of the
Buffalo, R. & P. Ry. Co., and Buffalo & S. Ry. Co., and certificates of beneficial
interest in stock of the Western Maryland Ry. Co., dismissed, inasmuch as the
authority of the Commission is not required for such pledge. Baltimore & O.
R. Co. Pledge of Equity, 346; Refunding and general mortgage bonds, series C,
as security for 3-year secured notes, and refunding-mortgage bonds of Pitts-
burgh, Lake Erie & West Virginia system, under applicant's refunding and
general mortgage, granted. Baltimore & O. R. Co. Securities, 392; Refunding
and general mortgage bonds, series C, as security (1) for short-term note or notes,
(2) in substitution for, or in equalization of, existing collateral under existing
loans, (3) for loans maturing more than two years from date, (4) for several of
these purposes, granted. Previous report, 193 I. C. C. 392. Baltimore & O.
R. Co. Securities, 543.
Boston & Maine R., first-mortgage bonds, series LL, as security for short-
term notes, granted. Boston & M. R. Securities, 151.
Chicago & North Western Ry. Co., first-mortgage bonds, series A and B, of
Chicago, St. P., M. & O. Ry. Co., as security for short-term notes, granted.
Chicago, St. P., M. & O. Ry. Co. Bonds, 93.
Chicago, Indianapolis & Louisville Ry. Co., upon argument and reconsidera-
tion, previous report, 189 I. C. C. 752, denying pledge of first and general
mortgage bonds, series B, as security for notes, affirmed. Chicago, I. & L.
Ry. Co. Bonds, 553.
Cleveland, Lorain & Wheeling Ry. Co., since consolidated first-mortgage
bonds, issued prior to the effective date of sec. 20a, will be reacquired prior to
their pledge, it is unnecessary to secure authority of the Commission for their
pledge under the Pittsburgh, Lake Erie & West Virginia system refunding
mortgage.
Baltimore & O. R. Co. Securities, 392 (393).
Delaware, Lackawanna & Western R. Co., first and refunding mortgage bonds,
series A, of the Oswego & S. R. Co., Valley R. Co., Green R. Co., and New
York, L. & W. R. Co., as security for promissory notes, granted. Delaware,
L. & W. R. Co. Securities, 97.
Detroit, Toledo & Ironton R. Co.: First and refunding mortgage bonds,
series A, as security for short-term notes, granted. Previous report, 187 I. C. C.
57. Detroit, T. & I. R. Co. Bonds, 125; First-mortgage 50-year bonds as
security for short-term notes, granted. Detroit, T. & I. R. Co. Bonds, 147.
Erie R. Co.: Refunding and improvement mortgage bonds, series of 1932,
with the Railroad Credit Corporation as security for short-term loans, and equity
in any of said bonds that may be pledged with the Reconstruction Finance
Corporation, with the Railroad Credit Corporation as security for loans, granted,
Erie R. Co. Bonds, 35; Extension of pledge of first consolidated mortgage general-
lien bonds now pledged under short-term notes, granted, but authority to extend
the pledge of first consolidated mortgage general-lien bonds, now pledged as
security for loans from the Reconstruction Finance Corporation, deferred until
the applicant has need for pledging them as security for short-term notes. Pre-
vious report, 158 I. C. C. 525. Erie R. Co. Bonds, 791.
Great Northern Ry. Co., general-mortgage bonds, series F, that may not be
pledged with the Reconstruction Finance Corporation, as security for short-
term notes, granted. Previous report, 193 I. C. C. 115. Great Northern Ry.
Illinois Central R. Co., applicant's refunding-mortgage bonds and Yazoo &
M. V. R. Co.'s improvement bonds, series Z, with the Railroad Credit Corpora-
tion as security for loans, granted. Illinois Central R. Co. Bonds, 103; To con-
tinue to pledge improvement bonds of the Yazoo & M. V. R. Co. with the Railroad
Credit Corporation as security for loans, granted but that part of the application
requesting authority to continue the pledge of such bonds with the Reconstruc-
tion Finance Corporation, dismissed as no authority is required from the Com-
mission for such pledge. Yazoo & M. V. R. Co. Bonds, 649.
Louisiana & Arkansas Ry. Co., first-mortgage bonds, series A, as security for
short-term notes, granted. Previous reports, 166 I. C. C. 684; 175 I. C. C. 623.
Louisiana & A. Ry. Co. Securities, 747.
New York Central R. Co., refunding and improvement mortgage bonds,
series C, as security for short-term notes, granted. New York Central R. Co.
Securities, 763.
Southern Pacific Co.: First-refunding mortgage bonds of Central Pac. Ry
Co. as security for notes, granted. Central Pac. Ry. Co. Bonds, 161; Through
Short Line first-mortgage bonds of Central Pac. Ry. Co. as security for notes
granted. Central Pac. Ry. Co. Bonds, 248.
Western Maryland Ry. Co., first and refunding mortgage 51⁄2 percent bonds,
series A, as security for short-term notes, granted. Previous report, 175 I. C. C.
168. Western Maryland Ry. Co. Bonds, 37.
Western Pacific R. Co.: Promissory note of the Sacramento N. Ry., to be
pledged under the Pacific's general and refunaing mortgage, subject to its pledge
under any prior mortgage, granted. Sacramento N. Ry. Note, 205; Promissory
note of Tidewater S. Ry. Co., to be pledged under the Pacific's general and
refunding mortgage subject to its pledge under any prior mortgage, granted.
Tidewater S. Ry. Co. Note, 207.
RECEIVER'S CERTIFICATES: Individual Applications: Minneapolis & St.
Louis R. Co., authority to issue receiver's certificates to be sold or otherwise
disposed of, at not less than par, and proceeds used to renew or extend a like
amount of certificates, granted. Minneapolis & St. L. R. Co. Receiver's Certifi-
cates, 305; 639.
RETIREMENTS AND MATURITIES: See MATURITIES AND RETIREMENTS under
this heading.
STOCK: See also Assumption of OBLIGATION AND LIABILITY under this heading.
In General: Stock issued without authority of the Commission is void.
Coos Bay S. Ry. Co. Construction, 297 (299); Denver I. & S. Ry. Co. Acquisition,
707 (710); Okolona, H. & C. C. Ry. Co. Stock, 533 (534).
No-par stock does not represent a fixed liability but is merely a participation
certificate. Chicago, M., St. P. & P. R. Co. Bonds, 725 (730).
Shrinkage in the fair market value of no-par stock reduces the aggregate of
short-term notes which a carrier would be permitted to issue to a corresponding
extent. Id. (731).
ASSUMPTION OF OBLIGATION AND LIABILITY. See ASSUMPTION OF OBLIGATION
AND LIABILITY under this heading.
Individual Applications: Albright & Bruceton R. Co., application for
authority to issue common and preferred stock, denied inasmuch as application
for authority to construct a line of railroad is denied. Albright & B. R. Co.
Construction, 74.
New Orleans Great Northern Ry. Co., authority granted to issue common
stock in connection with the reorganization of the New Orleans G. N. R. Co.
New Orleans G. N. Ry. Co. Acquisition and Securities, 349.
Okolona, Houston & Calhoun City Ry. Co., authority to issue common stock,
to be distributed, at par, to the incorporators in payment of advances and for
services rendered, granted. Okolona, H. & C. C. Ry. Co. Stock, 533.
TRUSTEE'S CERTIFICATES: Individual Applications: Minarets & Western
Ry. Co., authority to issue trustee's certificates, to be sold or otherwise disposed
of and the proceeds used to provide funds for insurance, maintenance, assembling
and collecting equipment, and operating expenses, granted. Minarets & W. Ry.
Co. Trustee's Certificates, 289.
SHORT LINES
In General: Independent operation of numerous short lines is not conducive
to economies in transportation. Fort Benning R. Co. Acquisition, 517 (518).
Although an application to acquire and operate a railroad owned by the
Federal Government differs from cases in which it has been proposed to intrude,
between industries and line-haul carriers, operation by separate organizations,
controlled by or affiliated with industries of short lines to act as feeders to trunk
lines, since there is no community of interest between the contractors operating
the line and the War Department, that fact does not differentiate the case in
principle. Id. (518).
SHORT-TERM NOTES. See SECURITIES (NOTES)
See CONVENIENCE AND NECESSITY (ABANDONMENT (SIDE-
SPUR TRACKS. See CONVENIENCE AND NECESSITY (ABANDONMENT (SPUR
TRACKS))
Section 5 (15) exempts the Commission's orders under the consolidation pro-
vision from the application of State authority. Rock Island System Consoli-
dation, 395 (403).
Although State laws require the separate operation of lines of railroad located
in the State, the Commission has jurisdiction to approve a provision of a lease
giving a carrier the right to change the location of general offices, machine
shops, and terminal facilities, where the unnecessary expenditures required by
State laws would constitute a burden upon interstate commerce.
& F. S. Ry. Co. Control, 521 (524).
STATIONS. See TERMINALS
STOCK. See SECURITIES (STOCK)
TELEPHONE
ACQUISITION: Certificates of advantage and public interest issued to following-
named companies authorizing acquisition of properties indicated upon showing
that proposed acquisition will result in improved service:
Chesapeake & Potomac Telephone Co. of West Virginia, of properties of J. Roy
Watson and A. G. Hudkins, doing business as Clay District Teleph., Harrison-
Doddridge, Teleph. Lines, and Lewis-Upshur Teleph. Lines, Harrison, Doddridge
Lewis, and Upshur Counties, W. Va. Clay District Teleph. Acquisition, 445.
Northwestern Bell Telephone Co., of Tri-State Teleph. & Teleg. Co., by pur-
chase of capital stock. Tri-State Teleph. & Teleg. Co. Control, 383.
TERMINALS
Atlanta, Ga.: Atlanta, Birmingham & Coast R. Co. (a) abandonment of use
of tracks and passenger-station facilities of the Atlanta Term. Co. and (b) use
of facilities of the Atlanta passenger station of the Nashville, C. & St. L. Ry.,
Atlanta, Ga., authorized. Atlanta, B. & C. R. Co. Abandonment and Opera-
tion, 470.
Paducah, Ky.: Gulf, Mobile & Northern R. Co., operation over certain
terminal facilities of the Nashville, C. & St. L. Ry., McCracken County, Ky.,
authorized. Gulf, M. & N. R. Co. Operation, 106.
TRACKAGE RIGHTS. See CONVENIENCE AND NECESSITY (TRACKAGE
RIGHTS)
TRUSTEE'S CERTIFICATES. See SECURITIES (TRUSTEE'S CERTIFICATES)
VALUATION
The financial condition of the acquiring line is decidedly relevant to the ques-
tion of whether acquisition should be required and also to the question of the
commercial value of the line to be acquired. New York Central R. Co. Acqui-
sition of Boyne City, G. & A. R. Co., 607 (611).
That scrap value does not constitute an element of commercial value is a
contention that cannot be accepted. Id. (612).
"Capitalizable assets": Chicago, M., St. P. & P. R. Co. Bonds, 725 (726).
"Carriers": Rock Island System Consolidation, 395 (397).
"Merger": Rock Island System Consolidation, 395 (396).
See CONVENIENCE AND NECESSITY (ABANDONMENT (SIDE
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