[ § 34 of the Colorado law is practically identical with § 49 of the California Colorado. law, quoted above. Laws 1913, c. 127, § 34. (See note p. 3.) Utilities subject to the Act to Regulate Commerce are excepted from the section providing for the keeping of a depreciation reserve. Laws 1913, c. 61, § 47. Idaho. "The commission shall have power, after hearing, to require any or all public utilities to keep such accounts as will adequately reflect depreciation, obsolescence and the progress of the arts. The commission may, from time to time, ascertain and determine and by order fix the proper and adequate rate of depreciation of the several classes of property for each public utility; and each public utility shall conform its depreciation accounts to the rates so ascertained, determined and fixed." Laws 1913, p. 459,1 § 14. "Every public utility shall carry a proper and adequate depreciation account whenever the commission after investigation shall determine that such depreciation account can be reasonably required. The commission shall from time to time ascertain and determine what are the proper and adequate rates of depreciation of the several classes of property of each public utility. The rates shall be such as will provide the amounts required over and above the expense of maintenance to keep such property in a state of efficiency corresponding to the progress of the industry. Each public utility shall conform its depreciation accounts to such rates so ascertained and determined by the commission. The commission may make changes in such rates of depreciation from time to time as it may find necessary.' Acts 1913, c. 76, § 22. "The commission shall also prescribe rules, regulations and forms of accounts regarding such depreciation, which the public utility is required to carry into effect." Same, § 23. The commission shall provide for such depreciation in fixing the rates, tolls and charges to be paid by the public." Same, § 24. Illinois. Indiana. "All money thus provided for shall be set aside out of the earnings and carried in a depreciation fund. The moneys in this fund may be expended for new constructions, extensions or additions to the property of such public utility or invested, and if invested, the income from the investment shall also be carried in the depreciation fund. This fund and the proceeds thereof, shall be used for no other purposes than as provided in this section and for depreciation. But in no event shall the moneys expended from the fund for new constructions, extensions or additions to the property be credited to or considered a part of the capital account of any public utility, but shall always be charged against the depreciation fund." Same, § 25. Business risk and depreciation shall be taken into consideration in fixing rates. Maine. Laws 1913, c. 129, § 10. [ Rates shall be fixed with due regard to the necessity of making reservation Missouri. out of income for surplus and contingencies. Laws 1913, p. 556, § 93. § 102 of the Missouri law is practically identical with § 49 of the California law, quoted above, except that it applies only to telephone and telegraph corporations. Similar sections apply to other utilities. Same, § 102. 'Effective January 1, 1914. New New Jersey. New York. Ohio. "*** (b) Every public utility shall carry a proper and adequate depreciation account whenever the commission shall determine that such depreciation account can reasonably be required, and shall so order. (c) Every public utility shall conform its depreciation account to such rules, regulations and forms as may be prescribed by the commission. The depreciation fund may be expended in new construction, extensions or additions to the property of the public utility, or invested, and if invested, the income from the investment shall be added to the depreciation fund. Such fund may be used only for new construction, extensions, or additions to physical property or for renewing, restoring, replacing or substituting depreciated property in order to keep its plant and system in a state of repair and efficiency. (d) No public utility shall declare or pay any dividend except out of net corporate income, and except after setting aside such depreciation reserve if any as it may carry in compliance with the provisions of paragraph (b); provided, however, that this paragraph shall not be construed to prevent the payment of dividends in any year out of any undistributed balance of such net corporate income previously accumulated." Laws 1911, c. 164, § 6, as am'd 1913, c. 98. "The board shall have power, after hearing, upon notice, by order in writing, to require every public utility as herein defined: "(f) To carry, whenever in the judgment of the board it may reasonably be required, for the protection of stockholders, bondholders or creditors, a proper and adequate depreciation account in accordance with such rules, regulations and forms of account as the board may prescribe. The board shall from time to time ascertain and determine, and by order in writing after hearing fix proper and adequate rates of depreciation of the property of each public utility, in accordance with such regulations or classifications, which rates shall be sufficient to provide the amounts required over and above the expense of maintenance to keep such property in a state of efficiency corresponding to the progress of the industry. Each public utility shall conform its depreciation accounts to the rates so ascertained, determined and fixed, and shall set aside the moneys so provided for out of earnings and carry the same in a depreciation fund. The income from investments of moneys in such fund shall likewise be carried in such fund. This fund shall not be extended otherwise than for depreciation, improvements, new constructions, extensions or additions to the property of such public utility." Laws 1911, c. 195, § 17. Rates shall be fixed with due regard to the necessity of making reservation out of income for surplus and contingencies. Laws 1910, c. 673, Pub. Ser. Com. Law, § 97. Rates shall be fixed with regard to the necessity of making reservation out of the income for surplus, depreciation and contingencies. Laws 1911, p. 549, § 25 [614-23]. "Every public utility shall carry a proper and adequate depreciation or deferred maintenance account, whenever the commission after investigation shall determine that a depreciation account can be reasonably required. The commission shall ascertain, determine and prescribe what are proper and adequate charges for depreciation of the several classes of property for each public utility. The charge for depreciation shall be such as will provide the amount "The moneys for depreciation charges thus provided for shall The above provisions are continued in force in connection with the public utilities commission. Laws 1913, p. 804, § 20 [499-7]. "Every public utility shall carry a proper and adequate depreciation account whenever the Commission after investigation shall determine that such depreciation account can be reasonably required. The Commission shall ascertain and determine what are the proper and adequate rates of depreciation of the several classes of property of each public utility. The rates shall be such as will provide the amounts required over and above the expense of maintenance, to keep such property in a state of efficiency corresponding to the progress of the industry. Each public utility shall conform its depreciation accounts to such rates so ascertained and determined by the Commission. The Commission may make changes in such rates of depreciation from time to time as it may find to be necessary. "The Commission shall also prescribe rules, regulations, and forms of accounts regarding such depreciation which the public utility is required to carry into effect. "The Commission shall provide for such depreciation in fixing the rates, tolls and charges to be paid by the public. "All moneys thus provided for shall be set aside out of the earnings and carried in a depreciation fund. The moneys in this fund may be expended in replacements, new constructions, extensions or additions to the property of such public utility, or invested, and if invested the income from the investments shall also be carried in the depreciation fund. This fund and the proceeds thereof shall be used for no other purpose than as provided in this section and for depreciation." Laws 1911, c. 279, § 17. "It shall be the duty of every public service company *** to carry a proper and reasonable depreciation account, if required so to do by order of the commission; ***" Laws 1913, No. 854,1 Art. II, § 1. 'Effective January 1, 1914. (0.) Oregon. Pennsylvania. (Pa.) Wisconsin. The commission may enforce above, and may, upon application, relieve any public utility from the duty to keep such an account. Same, Art. V, § 15. A provision similar to that in Oregon (§ 17), with the exception that "replacements" is not included among the items for which the depreciation fund may be expended, is found in Stats. 1911, § 1797m-15. The above applies to telephone, not to telegraph companies. United 12. REPORTS AND INFORMATION TO COMMISSION. 'Every common carrier subject to this act shall also file with said commission copies of all contracts, agreements, or arrangements with other common carriers in relation to any traffic affected by the provisions of this act to which it may be a party." Par. 5, § 6, Act to Regulate Commerce, as am'd. The commission shall have the right to obtain from such common carriers full and complete information necessary to enable the commission to perform the duties and carry out the objects for which it was created." Same, § 12. For provisions requiring the furnishing of information in connection with valuation of property see, § 19a, quoted on p. 201 supra. *** That the commission is hereby authorized to require annual * * Said detailed reports shall contain all the required statistics for the period of twelve months ending on the thirtieth day of June in each year, or on the thirty-first day of December in each year if the commission by order substitute that period for the year ending June thirtieth, and shall be made out under oath and filed with the commission at its office in Washington within three months after the close of the year for which the report is made, unless additional time be granted in any case by the commission; * * * " for each day's default. under penalty of $100 "The commission shall also have authority by general or special orders to require said carriers, or any of them, to file monthly reports of earnings and expenses, and to file periodical or special, or both periodical and special, reports concerning any matters about which the commission is authorized or required by this or any other law to inquire or to keep itself informed or which it is required to enforce; and such periodical or special reports shall be under oath whenever the commission so requires; ***" reports. Same, § 20. under penalties prescribed as to annual In connection with the valuation of property the commission is directed to ascertain gross and net income, amounts paid for salaries to officers and the wages paid to employees, and the maximum hours of continuous service required of each class. District Appropriation Act, March 4, 1913, § 8, par. 6. (Quoted on p. 205 supra.) That the accounts shall be closed annually on the thirty-first day of December, and a balance sheet of that date promptly taken therefrom. On or before the first day of February following such balance sheet, together with such other information as the commission shall prescribe, verified by an owner or officer of the public utility, shall be filed with the commission, and a copy thereof transmitted to Congress." Same, par. 14. "That each public utility shall furnish to the commission in such form and at such times as the commission shall require, such accounts, reports, and information as shall show in itemized detail: Depreciation; salaries and wages; legal expenses; taxes and rentals; quantity and value of material used; receipts from residuals, byproducts, services, or other sales; total and net costs; net and gross profits; dividends and interest; surplus or reserve; prices paid by consumers; and in addition such other items, whether of a nature similar to those hereinbefore enumerated or otherwise, as the commission may prescribe, in order to show completely and in detail the entire operation of the public utility in furnishing its product or service to the public." Same, par. 19. "That the commission shall keep itself informed as to the manner and method in which the business of all public utilities is conducted, and shall have the right to obtain from any public utility all necessary information to enable the commission to perform its duties." Same, par. 33. "That every public utility shall furnish to the commission all information required by it to carry into effect the provisions of this section, and shall make specific answers to all specific questions submitted by the commission. Any public utility receiving from the commission any blanks with directions to fill the same shall cause the same to be properly filled out so as to answer, fully and correctly, each question therein propounded, and in case it is unable to answer any question it shall give a good and sufficient reason for such failure; and said answer shall be verified under oath by the president, secretary, superintendent, or general manager of such public utility, and returned to the commission at its office within the period fixed by the commission. Whenever required by the commission, every public (U. S.) District of Columbia. |