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Directions Governing the Making of Annual and
Quarterly Reports by the Street Surface
Railroads, Required by the Laws
of this State.

It having become apparent, owing to the change in methods of operation of street surface railroads, that the prevailing system of accounting was inadequate, the Secretary of the Board was directed, in January, 1895, to confer with the accountants of street surface railroads in the preparation of a new system of street surface railroad accounting. Several meetings were held, all of which were largely attended by representatives of the various street surface railroads of the State, who not only manifested much interest in the proposed changes, but a willingness to co-operate with the Board in any manner that would secure something like uniformity in the system of accounting. The result of these conferences was the preparation of a new street surface railway blank. and the formulation of rules for accounting and reporting thereon. The report of the Secretary was submitted to the Board on March 5th, and unanimously approved, and the following directions were ordered issued governing the making of annual and quarterly reports by the street surface railroads of the State, to become operative on and after the 30th day of June, 1895:

STATE OF NEW YORK,

OFFICE BOARD OF RAILROAD COMMISSIONERS,
ALBANY, March 15, 1895.

The directions herewith presented governing the making of annual and quarterly reports by street surtace railroad corporations, are designed to secure uniformity in the accounting of such operations.

This classification and distribution of accounts was adopted by the Board on March 5, 1895, and you are required to conform thereto in the compilation of the annual reports for the fiscal year ending June 30th. Careful observance of the directions given will avoid the necessity of returning for correction, reports once filed. Where there is nothing to report under any of the headings, indicate that fact by the use of a cipher, that it may be understood the item has not been overlooked.

The blank forms upon which the reports are to be made, cover the operations of cable, electric and horse roads.

In making quarterly reports for quarters ending March 31st, June 30th, September 30th and December 31st, each year, observe the explanations as given under similar headings for annual reports, only that the statement of earnings, etc., will be for three months, and the general balance

sheet will show the ledger balances on the date of the close of each quarter. Under "Deductions from Income" enter one quarter's proportion of the annual amount of interest on funded debt and rentals of leased lines and an estimate, where not known, of taxes based on the amount paid for previous year, and observe carefully that dates and percentages are filled in as called for.

Companies operating as lessees must make full report of the operations of all leased roads when the same is not included in their own report. Lessor companies must fill in "History of Organization," Tables A and B, and such portion of other tables as are applicable.

Companies whose railroads are projected or are partly or wholly constructed, but not in operation, must fill in all tables as far as possible. The fact that the road is not in operation does not excuse the company from making an annual report.

The law in relation to the filing of annual reports requires that they shall be filed in the office of the Board on or before September 1st. The penalty for failure to file a report within the time fixed by law is a fine of $250 and $25 a day for each day after September 1st on which there is neglect to file the same. The Board of Railroad Commissioners may extend the time limited, for cause, but unless application is made and time extended as provided, it is the duty of the Board to see that the penalty is enforced.

By order of the Board.
CHARLES R. DEFREEST,
Secretary.

HISTORY OF ORGANIZATION, CONSTRUCTION, CONSOLIDATION

AND LEASING.

Under this heading give a concise but complete history of the organization. Give the date of organization; date when road began operations; date of consolidation with or acquisition of other companies, with details of same; date of change of motive power; details of increase in stock, or issue of bonds, if any, and for what purpose.

In case of leases, state particularly the conditions, consideration, date of commencement and term of lease; the amount of rental and how and when payable. State terms under which additions and betterments are to be made by lessee on lessor roads.

If road was purchased, state price, length of purchased road and whether equipped or not. If whole or part of road was built by contract, state price, number of miles so built, and whether or not equipment was included.

TABLE A.

CAPITAL STOCK AND FUNDED DEBT.

Report only par value of stock and bonds of lines owned, giving complete details; when bonds were issued and for what term of years; rate of interest and when payable.

In the case of leased lines, these particulars must be reported by the lessors.

TABLE B.

COST OF ROAD AND EQUIPMENT.

Too much care cannot be exercised in making charges to these accounts, and no expenditure should be charged here, except for actual construction and equipment on lines owned. In the case of the conversion of a horse road to a road operated by mechanical power, the cost of such conversion, less the amount realized from the sale or value of equipment and material rendered useless by the change, must be charged to this account. After the conversion, and in the case of a road still operated wholly or in part by horses, nothing must be charged to construction and equipment which is expended to make good depreciation. No expenditures made by lessees in improvements and betterments on leased lines for which the lessees are to be reimbursed by the lessors, must be included by the lessees in expenditures for improvements on their own road, but must be reported to the lessor company at the close of the year and included in its report as advances for additions and betterments made by the lessee company. A separate account must be kept of "Additions and Betterments on Leased Lines," and the expenditure on this account must be reported in detail for the current year under the schedule on page 6, "Additions and Betterments on Leased Lines." If any balance remains unpaid at the end of the year, as will appear from the schedule above mentioned, it must be carried as an "asset" in the General Balance Sheet, as the amount due from Lessor Companies for advances for "Additions and Betterments on Leased Lines."

The lessor company must include the total amount claimed by the lessee company to have been expended on the lessor road in detail as reported under "Additions and Betterments on Leased Lines" and must carry as a liability in the general balance sheet the amount due the lessee.

The sub-headings under Table B indicate generally by their titles what expenditures are to be included under each. In detail they are as

follows:

COST OF ROAD.

Track and Roadway Construction.

Includes all expense for labor and material in track and roadway construction; cost of rails, ties, supplementary wire, tie wires, and all electrical appliances, including the cost of distributing and laying the samebriefly, the entire cost of roadway and track, except as otherwise provided.

Overhead and Underground Construction.

Includes cost of poles and putting in place, cost of trolley, feeder and guard-wires, delivery and placing of same, and cost of all devices, together with labor for overhead construction in case of an electrical road, and the cost of cables and cable conduit in the case of a cable road.

Superintendence and Organization Expenses.

Includes salaries of superintendents of construction and assistants, wages of clerks and others in the offices of this department, and all office expenses; also, all expenses of organization not otherwise provided for.

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