ing indebtedness of the applicant, outstanding and presently payable, heretofore incurred to provide the applicant with funds necessary for the acquisition of property, the construction, completion, extension and improvement of its railroad and facilities, and for the improvement and maintenance of its service, to-wit: In and about the construction of its line of railroad, as the same is shown upon the map attached to the application herein and marked for identification Exhibit “A," including expenditures incurred in the construction of a bridge over the Ohio river. The aggregate amount expended to September 25, 1915, for said purposes, out of the proceeds of said floating indebtedness, in the face amount of one million dollars ($1,000,000), and from other funds of the applicant, is set forth in detail, in accordance with the classification prescribed by law, in the statement attached to and filed with the application herein and marked for identification, Exhibit "C." The residue of the expenditures made or to be made subsequently to said September 25, 1915, and to be provided, for, to the extent of not less than seventy-five percentum (75%) thereof out of the remaining proceeds of said common capital stock are set forth in the statement attached to the application herein and marked for identification, Exhibit "D." The said several exhibits set forth the total expenditures made and the amount expended respectively within and without the state of Ohio. Of said expenditures so referred to, not exceeding twenty-five percentum (25%) will be provided for out of the proceeds of a certain issue of applicant's first mortgage bonds, the issue and disposition of which have been duly consented to and authorized by order made and entered in the proceeding entitled, "In the matter of the application of The Chesapeake and Ohio Northern Railway Company for an order authorizing such corporation to issue $1,000,000 first mortgage, five per cent. thirty year gold bonds" and numbered No. 625.

3. That the applicant, said The Chesapeake and Ohio Northern Railway Company, shall, on or before the thirtieth day of January, 1916, for the period ending December 31, 1915, and upon the expiration of every six months thereafter, make verified reports to this commission, as follows:

(a) The amount of said capital stock subscribed for;

(b) The terms and conditions of such subscriptions and the amount realized therefrom;

(c) The disposition and use made of the proceeds of said capital stock, setting forth in reasonable detail the purposes to which the proceeds have been devoted.

such reports to be made until all of said capital stock has been issued and disposed of and all the proceeds thereof expended pursuant to the terms and conditions of this order.

No. 625-In the Matter of the Application of The Chesapeake and Ohio Northern Railway Company for an Order Authorizing Such Corporation to Issue $1,000,000.00 First Mortgage, Five Per Cent. Thirty-Year Gold Bonds. Prayer Granted.

(October 13, 1915.)

This day, after due notice, this matter came on to be heard upon the application, filed October 2, 1915, under Section 614-53 et sequitur of the General Code of Ohio, of the Chesapeake and Ohio Northern Railway Company for an order consenting to and authorizing the issue by said application of one million dollars, face amount, of its first mortgage, five per cent, thirty-year bonds, all as set forth in said application on file with this commission, and the commission having held such hearings and made such inquiry and investigation as were deemed by it proper and necessary, and being fully advised in the premises, and it appearing that part of the proceeds of said issue is to be expended in the state of Ohio and that a portion of the capital to be procured thereby is to be expended in the state of Ohio, and the commission being of the opinion that the money to be procured by the issue of said bonds herein authorized is reasonably required for the acquisition of property; the construction, completion, extension or improvement of the facilities, or for the improvement or maintenance of the service, of said applicant, and the discharge or lawful refunding of its obligations, as hereinafter specified. It is, hereby, ORDERED,

1. That said applicant, The Chesapeake and Ohio Northern Railway Company, be, and it hereby is authorized to issue its first mortgage, five per cent, thirty-year gold bonds, maturing October 1, 1945, in the face amount of one million dollars ($1,000,000.00), to be substantially in one or more of the forms set forth in or permitted by the mortgage and deed of trust, filed with the application herein and marked for identification Exhibit "B"; the prompt payment of the principal and interest of siad bonds to be guaranteed by The Chesapeake and Ohio Railway Company, a corporation of the state of Virginia, which guaranty will be duly endorsed upon each of said bonds substantially in the following form:

"The Chesapeake and Ohio Railway Company, for value received, unconditionally guarantees to the holder of the within bond the payment of the principal thereof and of the indebtedness represented thereby, and of the interest on said bond and

indebtedness, as such principal and the installments of said interest shall respectively become due; and in case of the failure of The Chesapeake and Ohio Northern Railway Company punctually to make any such payment of either principal or interest as the same shall mature, The Chesapeake and Ohio Railway Company itself punctually to make such payment.

"IN WITNESS WHEREOF, The Chesapeake and Ohio Railway Company has caused this guaranty to be signed by its corporate name by its president or one of its vice-presidents, and its corporate seal to be hereunto affixed and attested by its secretary or an assistant secretary.

"The Chesapeake and Ohio Railway Company,

By

Vice-President.

"Attest:

Assistant Secretary."

and that the excess of the total of one million dollars, principal sum, of the bonds of said The Chesapeake and Ohio Northern Railway Company herein authorized to be issued, over and above the sum of fifty thousand dollars, the amount of the capital stock of said The Chesapeake and Ohio Northern Railway Company now issued and outstanding, and the issue and disposition of such excess in the manner and on the terms and conditions herein provided, be, and the same hereby are approved, consented to and authorized.

2. That the purposes for which said one million dollars, face amount, of said bonds are to be issued and to which the proceeds thereof are to be applied be as follows:

Said bonds are to be issued, upon the terms hereinafter set forth, to provide funds to pay, discharge or refund twenty-five percentum of floating indebtedness of said applicant, now outstanding and presently payable, in the face amount of one million dollars, heretofore incurred to provide said applicant with funds necessary for the acquisition of property, the construction, completion, extension or improvement of its facilities, and the improvement and maintenance of its service, to-wit, in or about the construction of its line of railroad as set forth upon the map attached to said application and marked for identification Exhibit "A," including expenditures incurred in the construction of a bridge over the Ohio river, and also to provide for not to exceed twenty-five percentum of expenditures incurrd for such purposes, in addition to the proceeds of said floating indebtedness, a; as set forth in the statements attached to said application and marked for identification Exhibit "C" and Exhibit "D."

3. That the terms upon which said bonds are to be issued be as follows:

Said bonds are to be sold for money only at a price of ninetyfour and one-half percentum of the face value thereof, together with accrued interest to the date of delivery thereof, less one per cent. commission to bankers for negotiating the sale.

4. That said applicant shall make verified reports to this commission as follows:

(a) Within thirty days from the consummation of any sale of said bonds, said applicant shall report to this commission the fact of such sale, together with the net amount received by said application therefor.

(b) At the expiration of six months after the date of said sale, and at the expiration of each period of six months thereafter until the entire proceeds of said bonds have been expended, said applicant shall report to this commission the disposition and use. made of the proceeds of said bonds, setting forth in reasonable detail the purposes to which said proceeds have been devoted in accordance with the terms of this order.

5. That no other or different application of any of the proceeds of said bonds shall be made without the further order of this commission.

No. 614-In the Matter of the Joint Application of The Cleveland, Painesville and Ashtabula Railroad Company and The Cleveland, Painesville and Eastern Railroad Company for Consent and Authority of The Cleveland, Painesville and Ashtabula Railroad Company to Sell $140,000.00, Par Value, of its Bonds to The Cleveland, Painesville and Eastern Railroad Company. Prayer Granted.

(October 4, 1915.)

This day, after due notice, this matter came on to be heard upon the joint application, filed September 16, 1915, of The Cleveland, Painesville and Ashtabula Railroad Company and The Cleveland, Painesville and Eastern Railroad Company, corporations duly organized and existing under and by virtue of the laws of the state of Ohio, asking for the consent and authority of this commission for the sale, by said The Cleveland, Painesville and Ashtabula Railroad of one hundred and forty thousand dollars, principal amount, of its first mortgage, five per cent. gold bonds, which said bonds are now, and have been since December 28, 1906, and May 4, 1911, pledged as security for loans, made on said dates aforesaid, as follows: $67,000, par value, of said bonds pledged with banks as

security for a loan of $31,000, which moneys so secured were expended for the construction of additions, extensions and improvements to applicant's line of railroad, and $73,000, par value of said bonds, pledged with said The Cleveland, Painesville and Eastern Railroad Company as security for moneys, by it advanced to applicant, for the construction of additions, extensions and improvements to applicant's railroad, and asking, further, for the consent to, and approval, by the commission, in the event of inability to dispose of said bonds elsewhere equally advantageously, to the purchase and acquisition thereof by said The Cleveland, Painesville and Eastern Railroad Company.

After considering the pleadings, hearing the evidence and examining the exhibits, and being fully advised in the premises, and it appearing that the proceeds arising from the sale of said bonds are to be used for the payment and discharge of the obligations of said The Cleveland, Painesville and Ashtabula Railroad Company incurred in the construction, completion, extension and improvement of its facilities, and it appearing further that the public will be furnished adequate service for a reasonable and just rate or charge therefor, the commission is satisfied that the prayers of said application should be granted. It is, therefore,

ORDERED, That said The Cleveland, Painesville and Ashtabula Railroad Company be, and it hereby is authorized to sell for the highest price obtainable, but for not less than eighty (80) percentum of the par value thereof, the one hundred and forty thousand dollars ($140,000), principal sum, of its first mortgage, five per cent. gold bonds, now pledged $67,000 as security for a loan of $31,000 made by certain banks, and $73,000 as security for certain advances made to it by The Cleveland, Painesville and Eastern Railroad Company, it being the opinion and finding of the commission that the money to be secured by the sale of said bonds is reasonably required for the proper purposes of said corporation. It is further

ORDERED, That the proceeds arising from the sale of said bonds, be, by said The Cleveland Painesville and Ashtabula Railroad Company, devoted to and used for the following purposes and no other, to-wit: The payment and discharge of its said indebtedness to said banks with which a portion of said bonds are now pledged, which said indebtedness is of the total sum of thirty thousand dollars, and the balance of such proceeds to be applied to the payment and discharge of an equal amount of said applicant's indebtedness to said The Cleveland, Painesville and Eastern Railroad Company. It is further