Form of general balance sheet statement as prescribed by the Interstate Commerce Commission for Steam Roads in accordance with section 20 of the Act to Regulate Commerce [microform]. First issue. Effective on July 1, 1909

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Author:

U.S- Interstate Commerce
Commission

Title:

Form of general balance
sheet statement as...

Place:

Washington, D.C.

Date:

1909

COLUMBIA UNIVERSITY LIBRARIES
PRESERVATION DIVISION

BIBLIOGRAPHIC MICROFORM TARGET

ORIGINAL MATERIAL AS FILMED - EXISTING BIBLIOGRAPHIC RECORD

U, S, Interni.ate comneroe coniniission.

Form of general balance sheot statenent as pre-,
scribed by the Interstate oonmerce coTunission f or ■
stean roads in accordance v/ith f5ect?.on 20 of the -.
Act to regulate commerce. First isnue. Effective
on July 1, 1909, Vfashington, Govt, print, off.,
1909.

3ri p. 2Prh cm.

4

MASTER NEGATIVE #

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FORM OF

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AS PRESCBIB£D BY THB

INTEJRSTATE COMMERCE COMMISSION

FOR

STEAM ROADS

IN ACCORDANCE WITH

SECTION 20 OF THE ACT TO REGULATE

COMMERCE

FIRST ISSUE

Effective on July 1, 1909

WASHINGTON

GOVERNMENT PRINTING OFFICE
1909

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FORM OF

AS PRESCRIBED BY THE

INTERSTATE COMMERCE COMMISSION

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STEAM ROADS

IN ACCORDANCE WITH

SECTION 20 OF THE ACT TO REGULATE

COMMERCE

FIRST ISSUE

Effective on Juhj 1, 1909

WASHINGTON

GOVERNMENT PRINTINCi OFFICE
1909

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THE INTEKSTATE COMMERCE COMMISSION.

IklARTiN A. Knapp, of New Yorh
JuDSON C. Clements, of Georgia.
Charles A. Prouty, of Vermont
Francis M. Cockrell, of Missouri.
Franbxin K. Lane, of California.
Edgar E. Clark, of Iowa.
James S. Harlan, of Illinois,

Edward A. Moseley, Secretary.

(3)

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Commissioners.

At a General Session of the INTERSTATE COMMERCE
COMMISSION, held at its Office in Washington, D. C,
on the 21st day of June, 1909.

Present:

Martin A. Knapp,
JuDSON C. Clements,
Charles A. Prouty,
Francis M. Cockrell,
Franklin K. Lane,
Edgar E. Clark,
James S. Harlan,

The subject of a Uniform General Balance Sheet State-
ment for the use of carriers making reports to the Conmiis-
sion, and of the Ledger Accounts immediately pertaining
thereto, being under consideration, the following order
was entered :

It is ordered, That the Form of General Balance Sheet
Statement, with the classification of the accounts involved
in such statement and the text pertaining thereto, pre-
pared under the direction of this Commission by Henry C.
Adams, in charge of Statistics and Accounts, and embodied
in printed form, to be hereafter known as Form of General
Balance Sheet Statement, a copy of which is now before
this Commission, be, and the same is hereby, approved ;
that a copy thereof duly authenticated by the Secretaiy of
the Commission be filed in its archives, and a second copy
thereof, in like manner authenticated, in the office of the

(5)

Bureau of Statistics and Accounts; and that each of
said copies so authenticated and filed shall be deemed an
original record thereof.

It is further ordered, That the said Form of General Bal-
ance Sheet Statement, with the classification of the ac-
counts involved in such statement and the text pertainmg
thereto, be, and is hereby, prescribed for the use of carriers
by rail (exclusive of electric railways) subject to the pro-
visions of the act to regulate commerce as amended June
29, 1906, in the keepmg and recording of all transactions
reflected m the said Form of General Balance Sheet State-
ment ; that each and every such carrier and each and every
receiver or operating trustee of any such carrier be re-
quired to keep all accounts involved in the Form of Gen-
eral Balance Sheet Statement in conformity therewith;
and that a copy of such Form of General Balance Sheet
Statement be sent to each and every such carrier and to
each and every receiver or operating trustee of any such
carrier.

It is fuHher ordered, That the rules contained in said Form
of General Balance Sheet Statement are, and by virtue of
this order do become, the lawful rules according to which
all entries in the accounts involved in such statement are
defined; and that each and every person directly in
charge of the accounts of any such carrier or of anv
receiver or operating trustee of any such carrier is hereby
required to see to, and under the law is responsible for, the
correct apphcation of the said rules in the keeping and re-
cording of all transactions pertaining to, or reflected in, the
said Form of General Balance Sheet Statement; and that
it shall be unlawful for any such carrier or for any receiver
or operating trustee of any such carrier, or for any person
directly in charge of the accounts of any such carrier or
of any receiver or operating trustee of any such carrier,
to keep any account or recortl or memorandum of any

transactions pertaining to, or reflected in, the said Form
of General Balance Sheet Statement except in the manner
and form hereby prescribed : Provided, however. That noth-
ing in this order shall be construed as depriving a carrier
of the right to make whatever analysis of balance-sheet
entries it may deem proper for the information of stock-
holders or of officials who have the management of its
property.

It is further ordered. That July 1, 1909, be, and is
hereby, fixed as the date on which said Form of General
Balance Sheet Statement shall become effective.

A true copy.

Edw. a. Moseley,

Secretary,

INTRODUCTORY LETTER.

Interstate Commerce Commission,
Bureau of Statistics and Accounts,

Washington, June il , 1909,

To Carriers Concerned:

The Form of General Balance Sheet Statement pro-
mulgated under the foregoing order will be incorporated
in the Forms for Annual Report of Carriers to the Inter-
state Commerce Commission for the year ending June 30,
1910, unless modified by an order of the Commission
before that date. In any case, carriers whose current
accounts are kept in such a manner as to enable them to
report on the balance-sheet statement herewith promul-
gated will be able to make any balance-sheet statement
which the Conmussion may finally accept as satisfactory.

There will shortly be issued a Special Report Series
Circular calUng for the adjustment of assets and habil-
ities as of June 30, 1909, to the form of balance-sheet
statement promulgated under the present order, with a
view of testing its practicability and of collating all dif-
ficulties incident to its use. Any modification, should
modification be thought desirable, will be made as the

result of this test.

Henry C. Adams,
In charge of Statistics and Accounts,

90303—09 2 (9)

COISTTENTS.

r,

I

Page.
Form op Genebal Balance Sheet Statement 15

GENERAL ACCOUNTS.

Assets —

Property Owned as Investment 18

Working Assets 21

Deferred Debit Items 23

Deficit 28

Liabilities —

Stock 28

Mortgage, Bonded, and Secured Debt 29

Working Liabilities 32

Accrued Liabilities Not Due 34

Deferred Credit Items 34

Appropriated Surplus 35

Free Surplus.. 36

PRIMARY ACCOUNTS.
Assets —

Property Owned as Investment —
I. Physical Property Owned —

1-A. Road and Equipment to June 30, 1907 18

1-B. Road and Equipment since June 30, 1907 18

II. Securities Owned —

2. Securities of Proprietary, Affiliated, and Controlled

Companies — Pledged 18

3. Securities Issued or Assumed — Pledged 19

4. Securities of Proprietary, Affiliated, and Con-

trolled Companies — Unpledged 19

III. Investments —

5. Advances to Proprietary, Affiliated, and Con-

trolled Companies for Construction, Equipment,

and Betterments 20

6. Other Permanent Investments 21

(11)

12

Assets — Continued.

Working Asseta — p^ge.

7. Cash 21

8. Marketable Securities 21

9. Loans and Bills Receivable. 22

10. Net Traffic, Car Mileage, and Per Diem Balance. . . 22

11. Net Balance Due from Agents and Conductors 22

12. Miscellaneous Accounts Receivable 22

13. Materials and Supplies 23

14. Other Working Assets 23

Deferred Debit Itemsi —

15. Advances. 23

16. Insurance Premiums Paid in Advan<?e 24

17. Taxes Paid in Advance 24

18. Discount on Securities Issued 24

19. Property Abandoned, Chaigeable to Operating Ex-

penses 25

20. Cash and Securities in Sinking and Redemption

Funds 27

21. Cash and Securities in Insurance and Other Special

Funds 27

22. Cash and Securities in Special Trust Funds 27

23. Items in Suspense 27

Deficit— ""

24. Profit and Loss— Balance 28

Liabilities —

Stock—

25. Capital Stock 28

26 Receipts Outstanding for Capital Stock 29

27. Stock Liability for Conversion of Outstanding Se-

curities of Constituent Companies 29

28. Premium Realized on Capital Stock Sold 29

Mortgage, Bonded, and Secured Debt—

29. Funded Debt 29

30. Receipts Outstanding for Funded Debt 31

31. Premium Realized on Funded Debt Sold 31

32. Receivers* Certificates 31

33. Obligations for Advances Received for Construc-

tion, Equipment, and Betterments 31

Working Liabilities —

34. Loans and Bills Payable 32

35. Net Traffic, Car Mileage, and Per Diem Balance. . . 32

^

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13

Liabilities — Continued.

Working Liabilities — Continued. Page.

36. Audited Vouchers and Wages Unpaid 32

37. Miscellaneous Accounts Payable 32

38. Matured Dividends, Interest, and Rents Unpaid... 32

39. Matured Mortgage, Bonded, and Secured Debt Un-

paid 33

40. Working Advances Due to Other Companies 33

41. Other Working Liabilities - - 33

Accrued Liabilities Not Due —

42. Dividends Declared and Interest and Rents Ac-

crued, Not Due 34

43. Taxes Accrued 34

Deferred Credit Items —

44. Operating Reserves 34

45. Liability on Account of Special Trust Funds 35

46. Items in Suspense 35

Appropriated Surplus —

47. Surplus Reserves 35

48. Additions to Property through Income since June

30,1907 36

Free Surplus —

49. Profit and Loss — Balance 36

V

FORM OF GENERAL BALANCE SHEET STATEMENT.

ASSETS.

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PROPERTY OWNED AS INVESTMENT:

I. Physical Property Owned —

1-A. Road and Equipment to June 30, 1907 —

(a) Road.

(b) Equipment.

1-B. Road and Equipment since June 30, 1907 —
(a) Road.
(6) Equipment.

(c) General Expenditures.

II. Securities Owned —

2. Securities of Proprietary, Affiliated, and Controlled Com-

panies— Pledged —
(a) Stocks.
(6) Funded Debt.
(c) Miscellaneous.

3. Securities Issued or Assumed — Pledged —

(a) Stocks.

(6) Funded Debt.

(c) Miscellaneous.

4. Securities of Proprietary, Affiliated, and Controlled Com-

panies— Unpledged —
(a) Stocks.
(6) Funded Debt.
(c) Miscellaneous.

III. Investments —

5. Advances to Proprietary, Affiliated, and Controlled Com-

panies for Construction, Equipment, and Betterments.

6. Other Permanent Investments —

(a) Physical Property.
(6) Securities.

(15)

II

16

WORKING ASSETS:

7. Cash.

8. Marketable Securities-—

A. Securities Issued or Assumed — Unpledged —

(a) Stocks.

(ft) Funded Debt.

(c) Miscellaneous.

B. Other Marketable Securitiee—

(a) Stocks.

(6) Funded Debt.

(c) Miscellaneous.

9. Loans and Bills Receivable.

10. Net TraflSc, Car Mileage, and Per Diem Balance,

11. Net Balance Due from Agents and Conductors.

12. Miscellaneous Accounts Receivable.

13. Materials and Supplies.

14. Other Working Assets.
DEFERRED DEBIT ITEMS:

15. Advances —

(a) Advances to Proprietary, Affiliated, and Controlled

Companies.
(6) Working Funds.
(c) Other Advances.

16. Insurance Premiums Paid in Advance.

17. Taxes Paid in Advance.

18. Discount on Securities Issued—

(a) Discount on Stock.
(6) Discount on Funded Debt,
li. Property Abandoned, Chargeable to Operating Expenses,

20. Cash and Securities in Sinking and Redemption Funds.

21. Cash and Securities in Insurance and Other Special Funds.

22. Cash and Securities in Special Trust Funds.

23. Items in Suspense.

DEFICIT:

24. Profit and La*?s— Balance.

i

STOCK:

LIABILITrBS.

25. Capital Stock—

(a) Common Stock.
(6) Preferred Stock,
(c) Debenture Stock.

17

26. Receipts Outstanding for Capital Stock.

27. Stock Liability for Conversion of Outstanding Securities

of Constituent Companies.

28. Premium Realized on Capital Stock Sold.

MORTGAGE, BONDED, AND SECURED DEBT:

29. Funded Debt—

(a) Mortgage Bonds.

(6) Collateral Trust Bonds.

(c) Plain Bonds, Debentures, and Notes.

(d) Income Bonds.

(«) Equipment Trust Obligations,

(/) Miscellaneous Funded Obligations.

30. Receipts Outstanding for Funded Debt.

31. Premium Realized on Funded Debt Sold.

32. Receivers' Certificates.

33. Obligations for Advances Received for Construction,

Equipment, and Betterments.

WORKING LIABILITIES:

34. Loans and Bills Payable.

35. Net TraflBc, Car Mileage, and Per Diem Balance.

36. Audited Vouchers and Wages Unpaid.

37. Miscellaneous Accounts Payable.

38. Matured Dividends, Interest, and Rents Unpaid.

39. Matured Mortgage, Bonded, and Secured Debt Unpaid.

40. Working Advances Due to Other Companies.

41. Other Working Liabilities.

ACCRUED LIABILITIES NOT DUE:

42. Dividends Declared and Interest and Rents Accrued,

Not Due.

43. Taxes Accrued.

DEFERRED CREDIT ITEMS:

44. Operating Reserves —

(a) Reserves for Replacement of Property.
(6) Reserves for Other Purposes.

45. Liability on Account of Special Trust Funds.

46. Items in Suspense.

90303—09 3

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48.

18

APPROPRIATED SURPLUS:
47. Surplus Reserves —

(a) Reserves Invested in Sinking and Redemption Funds.

(b) Reserves Invested in Insurance and Other Special

Funds.

(c) Reserves Not Specifically Invested.
Additions to Property through Income since June 30 1907

FREE SURPLUS:

49. Profit and Loss— Balance.

XEXT EXPLAXATORY OF BALANCE SHEET

ACCOUNTS.

ASSETS.
PROPERTY OWNED AS INVESTMENT.
I. Physical Property Owned.
1-A. Road and Equipment to June 30, 1907.

This account should include the balances carried in the
General Ledger showing the value of Road and Equipment
as It stood on June 30, 1907, subdivided between (a) Road
and (6) Equipment, when the subdivision can be accu-
rately made.

1-B. Road and Equipment since June 30, 1907.

This account should include amounts expended and charged
in accordance with the Classifications of Expenditures for
Road and Equipment and Expenditures for Additions and
Betterments since June 30, 1907. These amounts should be
Bubclassified: (a) Road, (6) Equipment, (c) General Expend-
itures.

II. Securities Owned.
2. Securities of Proprietary, AflSliated, and Controlled Com-
panies—Pledged.

This account should include the book value of securities
of proprietary, affiliated, and controlled companies whose
property is used by or forms a part of the railway system
of the respondent company, which securities are pledged
as collateral security for any of the respondent company's
funded debt or other outstanding obligations. It should in-
clude securities of union depot, terminal, bridge, ferry, and

19

similar companies owned by the respondent company and
pledged to secure its outstanding obligations whep the prop-
erty of those companies is used by the respondent company
in the transaction of its own transportation business.

Amounts reported in this account should be classified under
the subheadings: (a) Stocks, (6) Funded Debt, (c) Miscel-
laneous.

See text of accounts Nos. 25 and 29 for description of items
classed as "Capital Stock" and "Funded Debt." Among
the items that should be cla^ised as "Miscellaneous" are
receivers' certificates and demand or short-time notes issued
by proprietary companies, which do not come within the
character of obligations classed as funded debt. .

3. Securities Issued or Assumed — Pledged.

This account should include the book value of securities
issued by the respondent company, and securities issued by
other companies, payment having been assumed by the re-
spondent company, which have been pledged as collateral
for other securities issued by the respondent company.

The par value of securities reported under this caption
should be included in the amount of capital stock or funded
debt of the respondent company under general account
** Stock " or ''Mortgage, Bonded, and Secured Debt."

Amounts reported under this caption should be classified
under the subheadings: (a) Stocks, (6) Funded Debt, (c) Mis-
cellaneous.

See text of account No. 25, ''Capital Stock," and No. 29,
"Funded Debt," for description of items classed under sub-
headings (a) Stocks and (6) Funded Debt. Under subheading
(c) Miscellaneous should be grouped the balances representing
issued or assumed obligations (other than stocks, bonds, or
certificates of indebtedness maturing more than one year after
date of ist-ue) which are owned by the respondent company
and pledged by it as collateral security.

Note.— This account is not intended to cover securities guaranteed
only.

4. Securities of Proprietary, Afiiliated, and Controlled Com-

panies—Unpledged .

This account should include the book value of unpledged
securities of proprietary, affiliated, or controlled companies

mm

Il

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whose property is used by or forms a part of the railway
system of the respondent company, the securities* being held
for the purpose of preserving the integrity of the system.
There should be included under this caption the book value
of investments in the securities of union depot, terminal,
bridge, ferry, and similar companies when the property of
those companies is used by the respondent company in the
transaction of its own transportation business and said securi-
ties are in its treasury unpledged.

Amounts reported in this account should be classified under
the subheadings: (a) Stocks, (6) Funded Debt, (c) Miscel-
laneous.

See text of account No. 2 for description of items classed as
Miscellaneous.

Note.— This account Is not Intended to cover securities guaranteed
only, or any deemed by the respondent company as "Marlcetable
Securities."

III. Investments.

5. Advances to Proprietarj% Affiliated, and Controlled Com-
panies for Construction, Equipment, and Betterments.

Except as provided below, there should be included in this
account all cash advances made to proprietary, affiliated, and
controlled companies to enable said companies to pay for con-
Btniction, equipment, and additions and betterments, which
advances may be carried in open accounts by the respondent
company. ^Tien the companies to which said advances are
made issue notes or other securities to the rec^pondent com-
pany for the payment of said advances, the cost of said notes
or securities should be transferred from this account to account
No. 2, if said securities are pledged as collateral for obligations
issued, or to be issued, by the respondent company, or to
account No. 4 if held unpledged.

In case advances are made to proprietary, affiliated, or con-
trolled companies for the purposes above mentioned, with the
understanding and intention that the advances nhall be liqui-
dated by the company to which made, either in cash realized
from the issuance and sale of its own securities, or by the
issuance of securities to the respondent company, which the
latter may sell or hold in its treasury as free assets at its

21

pleasure, the amounts so advanced should be included in
account No. 15, "Advances."

. Other Permanent Investments.

(a) Physical Property .—This account should include invest-
ments in property not used for railway purposes or outside
operations, such as coal and other mines, timber lands, saw-
mills, hotels (not a part of the railway property) with their
furniture and fittings, buildings and property used for com-
mercial purposes; land scrip acquired for the purpose of
locating upon and securing title to public lands; investments
in property not used for railway purposes and for which no
titles or securities for titles are held; and other property that
has been acquired in anticipation of future necessity or use,
but which is not at present a part of the carrier's property
used in carrying on its transportation business or outside
operations.

(6) Securities. — This account should include investments in
the securities of steamship lines, express companies, or other
enterprises which it is necessary or desirable for the respond-
ent company to control or to be interested in for the purpose of
maintaining the integrity of its transportation system, pro-
vided such securities be not considered "Marketable Securi-
ties" (account No. 8). This account should also include
securities, not provided for in accounts Nos. 2, 3, and 4, that
may be pledged in connection with mortgage, bonded, and
secured debt (see accounts Nos. 29 and 33); also memberships
in boards of trade and other conunercial organizations when
such memberships have a permanent value.

WORKING ASSETS.
7. Cash.

8

This account should include current funds in the hands of
financial officers and agents, deposits in banks or trust com-
panies available for use on demand, including deposits to pay
declared dividends or matured coupons, and cash in transit
for which agents and conductors receive current credit.
Marketable Securities.

This account should include the cost or book value of ail
securities which arie held in the company's treasury unpledged
and free for sale and which it is not necessary or desirable for

ui^

22

the respondent company to hold for the purpose of maintaining
the integrity of its railway system. Such securities should be
subdivided to show:

A. Securities held in the treasury of the respondent com-
pany, whether securities of its own issue or securities the pay-
ment of which it has assumed.

B. Other securities.

These securities should be further classified as stocks, funded
debt, and miscellaneous.

Note.— The par value of securiUes entered under A should be
Included under accounts Nos. 25 and 2», "Capital Stock" and "Funded
Debt."

9. Loans and Bills Receivable.

This account should include the book value of all collectible
obligations in the form of loans and bills receivable or other
similar evidences of money receivable on demand or within
a time not exceeding one year.

Note.— This does not Include time loans which mature more than
one year after date of Issue, considered as investments, or loans to
proprietary, affiliated, or controUed companies, such as are described
under accounts Nos. 5 and 15a.

10. Net Traffic, Car Mileage, and Per Diem Balance.

This account should include the net amounts due from
other companies on account of interline freight and ticket
balances and balances resulting from the interchange of cars
on a per diem or a mileage basis. Amounts due to the owners
of private cars for per diem or mileage on cars should be con-
sidered the same as amounts due to other railway companies.

11. Net Balance Due from Agents and Conductora.

This account should include the net balance due in current
accounts from agents, and train, sleeping-car, and dining-car
conductors, train auditors, porters, and others. Amounts
advanced to general and special agents as working funds should
not be included.

12. Miscellaneous Accounts Receivable:

This account should include amounts due for audited
accounts, such as those due from the United States or other
governments for transportation of mails and government pro-
perty, and from express companies for express facilities fur-
nished under contract; miscellaneous bills against other

23

railway companies, corporations, firms, and individuals;
ground rents collectible; interest collectible on bills and ac-
counts receivable, and on mortgages, deposits, and securities;
and other similar items.

Note.— The amount to be reported under this account Is not the
net balance between accounts Nos. 12 and 37.

13. Materials and Supplies.

This account should include the balances representing the
value of all unapplied material, and the value of material
temporarily in use and not charged out, such as articles in
process of manufacture by the company; telegraph and tele-
phone material; fuel; stationery; dining-car supplies, etc.

14. Other Working Assets.

This account should include items of working assets not
covered by accounts Nos. 7 to 13, inclusive. It is intended
to include asset items that have not reached the stage of
audited accounts properly classed under account No. 12,
** Miscellaneous Accounts Receivable," and yet have been
advanced beyond the stage of accounts properly classed under
account No. 23, * ' Items in Suspense. ' ' This account includes
such items as fines imposed by postal authorities in process
of collection from parties at fault; amounts due from other
roads for mileage or tickets honored for which reports or
accounts have not been rendered or received; advanced
charges billed out on waybills not reported received at the
end of the month, and similar items.

DEFERRED DEBIT ITEMS.

15. Advances.

(a) Advaruxs to Proprietary, Affiliated, and Corw-olled Com-
panies.—This account should include amounts advanced to
proprietary and subsidiary companies for purposes other than
construction, purchase of equipment, or additions and better-
ments, as provided for in account No. 5. It should include
advances on open accoimt for the purpose of paying interest
on the funded debt of proprietary or subsidiary companies,
deficits resulting from the operations of such companies, and
other advances not to be included in capital account and
not represented by the physical property of said proprietary
or subsidiary companies.

i

I

24

There should also be included in this subdivision amounts
advanced to proprietary, affiliated, or controlled companies
to enable such companies to pay construction, equipment,
and additions and betterments expenditures when it is the
understanding or intention that the advances shall be liqui-
dated by the company to which made, either in cash realized
from the issuance and sale of its securities, or by the issuance
of its securities to the company making the advances, which
securities the latter company may sell or hold in its treasury
as free assets at its pleasure, it being considered not necessary
that the company receiving said securities shall hold them
for the purpose of maintaining the integrity of its railway sys-
tem. (See accounts Noe. 2, 3, and 4.)

(6) Working Funds. — ^This account should include amounts
advanced to general and special agents, officers and employees
of the engineering department, and other officers and employ-
ees as working funds from which certain expenditures are to
be made and accounted for by the persons to whom the advances
are made. It also includes advances to fast freight lines and
union depot and other terminal companies as working funds
to be used in paying the current expenses of such companies
in advance of regular monthly settlements.

(c) Other Advances.— Thia account should include other
advances not properly classified under (a) and (6) above or
under account No. 6, "Advances to Proprietary, Affiliated,
and Controlled Companies for Construction, Equipment, and
Betterments."

16. Insurance Premiums Paid in Advance.

This account should include the debit balances representing
premiums paid in advance for fire, boiler, accident, plate
glass, liability, and kindred insurance, to be absorbed by
monthly chaiges to operating expenses and outside operations
during the term of the insurance.

17. Taxes Paid in Advance.

This account should include the excess of taxes paid over
the proportion accrued against the income of the period covered,

18. Discount on Securities Issued.

(a) IXscount on Stock.—When stocks, included under
account No. 25 at theif par value, are issued or sold at a dis-
count, the discount should be reported in this account and, if
the stock is not to be retired or converted, carried on the

J^,

n^

25

balance sheet permanently or until extinguished by premiums
realized on subsequent sales of the same class of stock. If the
stock is to be retired or converted, the discount should be
charged to Profit and Loss or against the premium realized,
if any, at the date of such retirement or conversion.

If the premium in account No. 28, "Premium Realized on
Capital Stock Sold," is less in amount than the discount
included in this account, it should be deducted herefrom and
the net amount included in this accoimt. If the premium
in account No. 28 is greater than the discoimt charged in this
account, the discount should be deducted therefrom and the
difference included in account No. 28.

(6) Discount on Funded Debt. — \Vhen bonds are issued or
sold at a discount they should be included in account No. 29,
"Funded Debt," at their par value. The discount should be
charged to Income in such equal annual installments during
the life of the bonds as will extinguish the discount. The
carrier may, however, at its option, charge to Profit and Loss
all of the discount or any part of it remaining at any time
unextinguished; but the charge to Income in any one year
must not exceed the amount of the annual installment appli-
cable to that year. The discount remaining unextinguished
should be included in this account.

If the premium in account No. 31, "Premium Realized on
Funded Debt Sold," is less in amount than the discount in-
cluded in this account, it should be deducted herefrom and
the net amount reported in this account. If the premium in
account No. 31 is greater than the discount charged in this
account, the discount should be deducted from the premium
and the difference included in account No. 31.

19. Property Abandoned, Chargeable to Operating Expenses.

This account is intended as a suspense account to which may
be chaiged certain costs representing important pieces of prop-
erty abandoned in the course of improvement or betterment
work when the cost of such property would, if included in the
operating expenses for a single year, unduly burden such ac-
counts for that year. It is to be used only after permission of
the Interstate Commerce Commission has been asked and given
and is not to be applied to lands abandoned or equipment re-
tired from service. Amounts included herein are to be redis-
tributed to operating expenses through a period of years, the

27

number of which will be determined when permiaeion to use
the account is granted.

To this account may be charged the cost, lees salvage, of re-
placing in kind any of the following property: Station build-
ings, enginehouses, turntables, shop buildings, and terminal
yards, including buildings and other structures therein, re-
moved or abandoned in the course of replacing them with im-
proved structures or facilities; bridges and trestles abandoned
by reason of replacing them with structures of greater capacity
or permanency; interlocking apparatus abandoned in the
course of eliminating grade crossings or of other improvements;
block and other signal apparatus replaced with improved appa-
ratus; and fuel stations, grain elevators, storage warehouses,
docks, wharves, light and power plants, and all other important
miscellaneous structures abandoned in the couree of replacing
them with enlarged or improved property.

To this account may also be charged the cost, less salvage,
of main line and sidings, including track material abandoned
by r^iaon of change of line or location ; and the cost, less salvage,
of rails, track fastenings, and frogs and switches released from
track on account of relaying with heavier rails. For the pur-
poses of this account the cost of replacing rails, track fastenings,
and frogs and switches should be computed upon the basis of
the cost of replacing the original weight of the rails, track
fastenings, and frogs and switches, at the price per ton paid
for the material put in anew.

This account may also include the cost of removing old mate-
rial and all other incidental expenses directly connected with
the abandonment of property the cost of which is included in
this account.

Note A.-The amount charged to this account for property aban-
doned should be concurrently credited to the appropriate accounts
under Additions and Betterments.

HoTB B.— The phnse "unduly burden such accounts," used above,
should not be interpretej as meaning that a carrier is at liberty to
make charges for abandoned property directly to Operating Expenses,
or to Operating Expenses through the account " Property Abandoned,
Chargeable to Operating Expenses," in view of its financial ability to
make such charges directly in one year and its inability to make such
charges in another year. It shouU be l^membered that the charges
Included in Operating Expenses are designed to cover the current
cost of maintaining and operating the property, and that the Property
Abandoned accounts are designed to cover any unusual expenditures
from year to year.

f

s

20. Cash and Securities in Sinking and Redemption Funds.
This account should include the amount of cash and the cost

or book value of live securities in the hands of trustees of sink-
ing and other funds for the purpose of redeeming outstanding
obligations. Any live securities of the respondent company
held by such trustees should be included in the amounts re-
ported under the appropriate subheadings of account No. 25,
* ' Capital Stock, ' ' or account No. 29, " Funded Debt. ' '

21. Cash and Securities in Insurance and Other Special Funds.
This account should include the ledger balances covering

the amount of cash and the cost of securities in the hands of
trustees or managers of insurance funds, pension funds, and
other funds that have been raised by the carrier for specific
purposes (except special trust fimds and sinking funds for the
retirement of obligations). The amount reported in this ac-
count should agree with the amoimt reported in account
No. 476, " Reserves Invested in Other Special Funds."

22. Cash and Securities in Special Trust Funds.

This account should include the ledger balances covering
the amount of cash and the cost of securities in the hands of
trustees or managers of employees' savings funds, relief, hos-
pital, and other association funds when such trustees or man-
agers are acting for the carrier in the administration of such
funds. If such funds are held in the carrier's treasury not
invested and unidentified they should be included in account
No. 7, "Cash." The amount reported in this account should
agree with the amount reported in account No. 45, "Lia-
bility on Accoimt of Special Trust Funds."

23. Items in Suspense.

In this account should be included suspense accounts
showing debit balances that can not be entirely cleared and
disposed of until additional information is received, such as
freight claims paid when found to be correct but in advance
of investigation with other carriers; charges for work done or
materials furnished for which bills have not been received from
the proper departments; items awaiting adjustment between
accounts, such as cost of work done in advance of receipt of
proper authority or appropriation; accounts covering the cost
of operation of gravel pits and quarries to be apportioned on
output; debit balances in "Shop Expense" and "Store Ex-

28

-»»

pense accounts; also accounts to be spread over a stated
term not provided for in account No. 18 or elsewhere; and
debit balances in operating reserve accounts to be cleared
by future charges to operating expenses.

DEFICIT.

24. Profit and Loss — Balance.

In case the debit balance in the Profit and Loss Account is
less than the total of accounts Noe. 47 and 48, under the cap-
tion * 'Appropriated Surplus," the amounts of these accounts
ehould be stated in short column on the credit side of the bal-
ance sheet and the total brought down . From this total should
be deducted the Profit and Loss debit balance and the net
amount remaining should be extended as " Profit and Loss-
Balance" under "Free Surplus." If, however, the debit
balance of the Profit and Loss Account is in excess of the total
of accounts Nos. 47 and 48 the amount of these accounts should
be stated in short column on the debit side of the balance
sheet and the total deducted from the Profit and Loss debit
balance, the difference being shown as "Profit and Loss — Bal-
ance ' ' under ' ' Deficit . ' '

LXABILITIES.

STOCK:

;;:

25. Capital Stock.

In this account should be entered the full amount of the
capital stock issued and outstanding, whether all or any part
of same is held by the public, by other railway companies, in
the company's treasury, pledged or unpledged, or by the trus-
tees of sinking or other funds for the redemption of outstanding
obligations, or for other special purposes. The amounts en-
tered in this account should be subdivided as follows:

(a) Common Stock. — The par value of common stock issued
and outstanding.

(ft) Preferred Stock. — The par value of first, second, or other
preferred stock issued and outstanding.

(c) Debentvre Stock. — The par value of debenture stock issued
and outstanding.

Note.— Capital stock is considered as "issued" when certificates are
signed, sealed, and placed witli the proper officer for sale and delivery.
All capital stock issaed ani not canceled is considered to be "out-
standing."

29

26. Receipts Outstanding for Capital Stock.

When capital stock is sold, to be paid ior in installments,
the amounts received in such installments should be included
in this account. When such stock has been paid for in full,
and the receipts given for the installments paid are sur-
rendered in exchange for regular stock certificates, the par
value should be included under the appropriate subdivision
of account No. 25, "Capital Stock." The premium, if any,
realized on such capical stock should be disposed of as pro-
vided in the text of account No. 28, "Premium Realized
on Capital Stock Sold," while the discount, if any, should be
disposed of as provided in the text of account No. 18a, " Dis-
count on Stock."

27. Stock Liability for Conversion of Outstanding Securities

of Constituent Companies.

This account should include the company's liability under
agreements to exchange its capital stock for the outstanding
securities of constituent companies whose physical property
has been acquired under such agreements, but whose secur-
ities have not yet been surrendered for exchange.

28. Premium Realized on Capital Stock Sold.

When stocks, included in account No. 25, "Capital Stock,"
at their par value, are issued or sold at a premium, the premium
realized should be reported in this account and, if the stock is
not to be retired or converted, carried on the balance sheet
permanently or until extinguished by discounts on subsequent
sales of the same class of stock. If the stock is to be retired
or converted, the premium should be either credited to Profit
and Loss or against the discount, if any, suffered at the
date of such retirement or conversion.

If the discount in account No. 18a, "Discount on Stock," is
less in amount than the premium included in this account,
it should be deducted herefrom and the net amount included
in this account. If the discount in account No. 18a is greater
than the premium credited in this account, the premium
should be deducted therefrom and the difference included in
accoimt No. 18a.

MORTGAGE, BONDED, AND SECURED DEBT.

29. Funded Debt.

There should be entered in this account the full amount of
funded debt issued by the respondent company and outstand-

30

31

ing, or issued by other compaDies and outstanding when
the payment of such securities has been assumed by the re-
spondent company, whether all or any portion of said funded
debt is held by the public, by other railway companies, in
the company's treasury, pledged or unpledged, held un-
canceled by the trustees of sinking funds to retire outstand-
ing obligations issued or assumed by the respondent company,
or held by the trustees of any other special funds created for
the benefit of the respondent company.

The amounts included in this account should be subdivided
as follows:

(a) Mortgaffe Bonds.— Bonds secured by a lien on the prop-
erty of the company, except as provided in the other sub-
divisions of this account.

(6) Collateral Trust Bond!*.— Bonds secured by lien on securi-
ties or other commercial paper. Stock trust certificates that
are similar in character to collateral trust bonds should be
included under this heading, as should also short-time col-
lateral trust notes.

(c) Plain Bonds, Debentures, and iVb<««.— Unsecured certifi-
cates of indebtedness. Short-time notes (having a life of one
year or less) given in payment of temporary indebtedness
should not be included under this heading. Short-time notes
secured by collateral should be classed with collateral trust
bonds. Debentures should be clearly distinguished from
debenture stock.

(d) Income Bonds.—Bonds which are a lien on a carrier's
revenue alone, or bonds which, while being a lien on its road
and franchises, can claim payment of interest only in case
interest is earned.

(e) Equipment Trust Obligations. —Equipment bonds, equip-
ment notes, or car trust notes secured by a lien on specific
equipment, such lien having been created in connection with
the acquisition of the equipment securing the obligation.

(/) Miscellaneous Funded Obligations.— AW other funded
obligations not provided for by the other subdivisions of
this account, including real-estate mortgages executed or as-
sumed by a carrier, and other similar obligations.

Note A.— Jonds are considered "issued " when they are certified by
tnistees and placed with the proper officer for sale and delivery.
" Outstanding bonds " include all bonds issued and not canceled.

Note B.— This account is not intended to cover securities when th«
ptvment ot either principal or interwt has been guaranteed only.

\
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30. Receipts Outstanding for Funded Debt,

When funded debt is sold, to be pwiid for in installments, the
amounts received in such installments should be included in
this account. Upon final payment of purchase price and the
surrender of receipts given for the installments paid in ex-
change for the regular securities, the par value of the funded
debt so issued should be transferred to the proper subdivision
of account No. 29, "Funded Debt." The premium realized,
if any, should be disposed of as provided in the text of ac-
count No. 31, "Premium Realized on Funded Debt Sold,"
while the discount, if any, should be disposed of as provided
in the text of account No. 186, "Discount on Funded Debt,"

31. Premium Realized on Funded Debt Sold.

When bonds are issued or sold at a premium, they should be
included under account No. 29, "Funded Debt," at their par
value. The premium should be credited to Income in such
equal annual installments during the life of the bond as will
extinguish the premium . A carrier may, however, at its option,
credit to Profit and Loss such premium or any part of it at
any time unextinguished; but the credit to Income in any
one year must not exceed the amount of the annual installment
applicable to that period. The premium remaining unex-
tinguished should be reported in this account.

If the discount in account No. 186, "Discount on Funded
Debt," is less in amount than the premium included in
this account, it should be deducted herefrom and the net
amount included in this account. If the discount in account
No. 186 is greater than the premium credited in this account,
the premium should be deducted from the discount and the
difference included in account No. 186.

32. Receivers' Certificates.

This account should include the par value of outstanding
certificates, notes, or other obligations issued by receivers in
charge of and operating the property of a carrier, and the par
value of certificates, notes, or other obligations issued by
receivers and assumed upon reorganization.

33. Obligations for Advances Received for Construction,

Equipment, and Betterments.

Proprietary, affiliated, and controlled companies should
show in this account the amounts advanced to them for

32

33

constniction, equipment, and additions and betterments ex-
penditures. These amounts, if advanced by another carrier,
should be reported by it in account No. 5, "Advances to
Proprietary, Affiliated, and Controlled Companies for Construc-
tion, Equipment, and Betterments. ''

WORKING LIABILITIES.

34. Loans and Bills Payable.

This account should include the balances representing obli-
gations outstanding in the form of loans and bills payable or
other similar evidences of money borrowed, payable on
demand or within a time not exceeding one year, which are
not properly classed under account No. 29, "Funded Debt."

35. Net Traffic, Car Mileage, and Per Diem Balance.

This account should include the net amounts due to other
companies on account of interline freight and ticket balances
and balances resulting from interchange of cars on a per diem
or a mileage basis. Amounts due to the owners of private
cars for per diem or mileage on cars should be considered the
same as amounts due to other railway companies.

36. Audited Vouchers and Wages Unpaid.

This account should include the amount of audited vouchers
or accounts and audited pay rolls unpaid on the date of the
balance sheet. It should include unclaimed wages and out-
standing pay and time or discharge checks issued in payment
of wages.

37. Miscellaneous Accounts Payable.

There should be included in this account unpaid and out-
standing drafts drawn by station agents, unpaid and outstand-
ing drafts drawn on the company in settlement of freight
claims, conductors' rebate and extra-fare checks not presented
for redemption, meal checks and tickets outstanding, deposits
of controlled companies, and other items of the nature of
demand liabilities not covered by accounts Nos. 34, 35, 36,
38, and 39.

Note.— The amount to be reported under this account Is not the net
halanoe between accounts Nos. 12 and 37.

38. Matured Dividends, Interest, and Rents Unpaid.

This account should include the amount of dividends pay-
able on capital stock and unpaid, uncalled for, or unclaimed
at the date of the balance sheet, including dividends payable

\

on the first day of the month following that for which the
balance sheet is made; the amount of matured and unpaid
interest on the funded debt of the respondent company,
and of other companies when payment has been assumed by
the respondent company, including interest which matures
on the first day of the month following that for which the
balance sheet is made; unpaid dividends on the stock and
impaid interest on the funded debt of other companies when
same are payable by the respondent company as all or a
portion of the rent due under leases; and all other rents due
imdor leaees which have become payable.

39. Matured Mortgage, Bonded, and Secured Debt Unpaid.

This account should include the amount of matured mort-
gage, bonded, and secured debt payable but not yet paid,
including bonds drawn for redemption through the operation
of sinking and redemption fund agreements. Obligations
which mature on the first day of the month following that for
which the balance sheet is made should be included in this
account.

40. Working Advances Due to Other Companies.

Proprietary, affiliated, and controlled companies should
include in this account the amounts advanced to them for
general purposes, such as advances to pay interest on their
funded debt not included in account No. 33, "Obligations for
Advances Received for Construction, Equipment, and Better-
ments," deficits resulting from their operation, and advances
for construction, equipment, and additions and betterments,
when such advances are made under the conditions stated in
account No. 15a, "Advances to Proprietary, Affiliated, and
Controlled Companies," and when that account is used to
report the advances by the company making them.

41. Other Working Liabilities.

This account should include items of working liabilities not
covered by accounts Nos. 34 to 40, inclusive. It should
include liability items that have not reached the stage of
audited liabilities and become actually payable, yet are obli-
gations of the company and advanced beyond the stage of
accounts properly classed under account No. 46, "Items in
Suspense," such as retained percentages due contractors to be
paid on completion of contracts; deposits for construction of

34

35

i

side tracks, to be refunded on the basis of an agreed percentage
of the earnings from the traffic handled over the tracks; pre-
paid charge? billed out on waybills not taken into the month's
accounts; and other similar items. It should include also
balances to the credit of employees* savings funds, and relief,
hospital, and other association funds when such funds are held
unidentified iii the carrier's treasury and are included in
account No. 7, 'Cash."

ACCRUED LIABILITIES NOT DUE.

42. Dividends Declared and Interest and Rents Accrued, Not

Due.
This account should include the amount of dividends on
capital stock, interest on funded debt, including interest on
funded debt assumed, and rents under leases, accrued to the
date for which the balance sheet is made but not payable
until after the first day of the following month. There should
be included also as "rents accrued " the amount of accrued
dividends on the stock and accrued interest on the funded
debt of other companies when such dividends and interest
are paid as all or a portion of the rent under leases from tho-e
companies.

43. Taxes Accrued.

This account should include the amount of taxes accrued and
charged s^ainst income in excess of the amount paid. WTien
the respondent company leasej the property of another com-
pany and, under the terms of the lease, agrees to pay or assume
the taxes that may be levied upon or assessed against such
property, the taxes accrued on such property should be in-
cluded in this account and not in account No. 42. When,
however, the taxes are paid by the lessor company, the full
amount of cash rent to be paid by the lessee should be
included in account No. 42.

DEFERRED CREDIT ITEMS.

44. Operating Reserves.

This account should include the ledger balances in the
reservei created to cover past depreciation of property;
reservej created since July 1, 1907, by charge i to Operating
Expenses to cover accrued depreciation of equipment and of
way and structures when a plan for such purpose has been

v^

i

adopted by the carrier; reserves created by charges to Oper-
ating Revenues or to Operating Expenses to provide for over-
charge, personal injury, insurance, and other claims; and
similar reserves. The credits in this account should be sub-
divided as follows:

(a) Reserves for Replacement of Property.

(6) Reserves for Other Purposes.

The credit balance in sinking fund reserve account should
not be included in this account. See account No. 47a, "Re-
serves Invested in Sinking and Redemption Funds."

45. Liability on Account of Special Trust Funds.

This account should include the ledger balances covering
the amount of cash and the cost of securities in the hands of
trustees or managers of employees' savings fimds, relief, hos-
pital, and other association funds, when such trustees or
managers are acting for the carrier in the administration of
such funds. The amount reported in this account should
agree with the amount reported in account No. 22, "Cash and
Securities in Special Trust Funds."

46. Items in Suspense.

Under this caption should be included suspense accounts
showing credit balances that can not be entirely cleared and
disposed of until additional information is received, such as
collections by general agents and others to cover prepayment
of shipments originating on lines of other carriers; amounts
realized from sale of damaged, unclaimed, and over freight
and held pending claim; switching charges of other carriers
collected and held awaiting bills from such carriers; amounts
received from sale of mileage tickets to be disposed of as
mileage is honored by the respondent or other carriers; amounts
collected for milling-in-transit privileges, to be cleared when
products are shipped; credit balances in "Shop Expense"
and "Store Expense" accounts; and other similar items.

APPROPRIATED SURPLUS.

47. Surplus Reserves.

In this account should be grouped all appropriations of sur-
plus (except as covered by account No. 48), including unex-
pended balances of appropriations for additions and better-
ments. The account should be subdivided under the following
heads:

36

(a) Reserves Invested in Sinking and Redemption Funds.

Amounts charged against Income Account for sinking fund
payments; accretions to sinking funds in the hands of trustees;
also amounts realized and turned over to sinking fund trustees
or used in the purchase of outstanding obligations either by
sinking fund trustees or by the respondent company, when
such sums are realized from other sources than the company's
income. All credits to this account to cover amounts turned
over to sinking fund trustees, and all accretions to sinking funds
collected by trustees, should be debited to the account with
such trustees in account No. 20.

(6) Reserves Invested in Other Special Funds.

(c) Reserves Not Specifically Invested.

4S. Additions to Property through Income since June 30, 1907.

This account should include the cost of property acquired
by expenditures of appropriations from Income since June 30,
1907, whether such expenditures are for new lines or for addi-
tions and betterments to existing lines. The amount standing
to the credit of this account should be included in the amount
reported under account No. 1-B, "Road and Equipment since
June 30, 1907."

FREE SURPLUS.

' 49. Profit and Loss — Balance.

This account should include the balance, if any, standing
to the credit of the Profit and Loss Account.

Wlien there is a debit balance in the Profit and Loss
Account, but such balance does not exceed the total credit
balance of accounts Nos. 47 and 48, the latter are to be stated
in short column, the total brought down, and the debit balance
of account No. 49 deducted therefrom, the difference being
extended to the total column as the net appropriated surplus.
WTien the debit balance standing in account No.. 49 exceeds
the total credit balance of accounts Nos. 47 and 48, the ac-
counts are to be stated as prescribed in the text of account
No. 24.

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END OF

TITLE