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2. Great difficulty has been experienced in the work of each section, due to the inadequacy and, in many cases, total lack of available records with respect to many phases of the properties. This applies particularly to Washington Railway & Electric Co. and Potomac Electric Power Co., which have passed through several amalgamations.

3. The underground conduit construction of the electric railways has no counterpart in this country except in small measure and in different character in New York City. Much complication is introduced, particularly as to underground construction and so-called "special work." Lack of precedent and lack of adequate records increased the difficulties incident to this construction. The electrical distribution systems are decidedly unusual also, from the standpoint of the amount of underground construction which, in proportion to area and population, far exceeds that of any other American city. The inspection and inventory of this underground work is much more laborious and expensive than of overhead systems, especially with records so decidedly inadequate.

4. While all of the companies have extended uniform courtesy, there has been so far no cooperation, except in the case of The Capital Traction Co., who have cooperated with the commission in a number of instances effectually and to the advantage of both the company and the commission. The Washington Railway & Electric Co. and Potomac Electric Power Co. politely declined to furnish any specific information, other than ownership of property in certain cases, and other than that afforded by their books and such records as they have and such as the bureau is able to locate and analyze. This peculiar, unusual, and unexpected attitude upon the part of these two companies has greatly increased the difficulties and cost of our work. The following is a brief summary of work done to December 31, 1914:

ACCOUNTING SECTION.

The accounting section of the valuation bureau has completed a detailed examination of the books and records of The Capital Traction Co., which was the first of the public utilities taken up for investigation. The cooperation of the company and its officials, together with the generally complete state of the records, combined to make the investigation very satisfactory. The results, when arranged, should therefore prove of great assistance to the commission in dealing with the various problems of the valuation of the traction company. The examination of the accounts of the Washington Railway & Electric Co. and the Potomac Electric Power Co. has now proceeded for some time. The former presents many difficulties in the fact that the company is the outcome of various amalgamations of earlier corporations. Each of these earlier companies require to be investigated independently, and, as noted, it is not always possible to obtain all the necessary records, as some of them appear to have been mislaid or lost in several instances consequent on the change of ownership. On this account the work is, of course, more arduous than it would have been had the properties been owned by one corporation throughout the entire period.

It is anticipated that the work connected with these two companies will be completed within the time allotted; that is, in 1915.

ENGINEERING SECTION.

Track and roadway field surveys completed, except as to depreciation.

Field inventories and quantitative surveys of 13 buildings of The Capital Traction Co., 9 buildings of the Washington Railway & Electric Co., and 4 buildings of the Potomac Electric Power Co. have been finished.

Field inventory of power plants and substations of The Capital Traction Co. has been finished.

Field inspection completed of 207 cars of Washington Railway & Electric Co. and 32 cars of The Capital Traction Co.

Field inventory of underground electrical distribution systems of the Potomac Electric Power Co. 75 per cent complete.

Inventory and inspection of gas-distribution system of Washington Gas Light Co. largely done.

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The principal offices of the commission are in the District Building. The office of the gas-inspection bureau is at Tenth and D Streets, NW.

EXECUTIVE OFFICER.

J. L. SCHLEY.

The duty of the executive officer is to oversee and coordinate the operation of the executive departments and to prepare and present to the commission the questions for its consideration.

OFFICE OF CHIEF CLERK.

B. A. HARLAN, Chief Clerk.

The duties of this office comprise the maintenance of the files, the preparation of correspondence, the reporting of hearings, the receiving of verbal inquiries and complaints, and other clerical work of the

commission.

The methods pursued in handling the work have remained in large part as described in the report for 1913.

During the first part of the year the work of reporting the hearings and investigations of the commission was done by a firm of stenographic reporters, as was done last year. Since October, however, stenographers employed by the commission have performed this work, resulting in a material saving in cost. This method will be more thoroughly tried out and, if it continues to prove satisfactory, it will be permanently established.

The following revenue has resulted from the sale of copies of transcript:

1,047 folios, at 5 cents..

$52.35

This sum has been deposited with the collector of taxes, District of Columbia, as required by law.

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177

BUREAU OF STATISTICS AND ACCOUNTS.

J. G. WILLIAMS, Statistician and Accountant.

The duties of this bureau comprise the compilation of statistics, prescribing and auditing reports of the utilities to the commission, auditing the utilities' books and accounts, the examination and filing of rates of the utilities, and making special investigations into cases arising before the commission.

During the year a more detailed subdivision of the work of the bureau has been accomplished by the appointment of a tariff clerk. His duties require the examination and classification of schedules of rates and regulations filed with the commission and the preliminary investigation of complaints concerning matters wherein the rates and regulations are in any manner affected.

The individual cases involving investigations are shown among the informal cases in Appendix B. One case which arose upon complaint as to the removal charges for telephone equipment resulted in a slight modification of the telephone company's regulations upon that subject.

The two cases mentioned in the last annual report of the commission in which the Potomac Electric Power Co. and the Chesapeake & Potomac Telephone Co. were rendering service to customers under existing contracts not in accordance with published schedules were disposed of after hearing by formal opinions directing that the discriminatory contracts be abrogated. This action by the commission resulted in a slight reduction of the electric company's "Schedule E, for wholesale lighting and power," where the demand contracted for is not less than 20 kilowatts.

STATISTICS AND ACCOUNTS.

There appear in Appendix F tabulations of the statistics from the annual reports submitted to the commission by the utilities for the year ended December 31, 1914, and sworn to by them as being correct. In this annual report there are two additional tables showing (1) stocks owned by utilities and (2) funded debt owned by utilities.

The jurisdiction of the commission over taxicab companies having been determined, there is published in Appendix E certain information concerning the outstanding stock and bonds of these utilities as of March 4, 1913.

Compliance with paragraph 11 of the act creating the commission made it necessary for the commission to direct that from and after January 1, 1915, each street railroad and street railroad corporation subject to its jurisdiction keep its books, accounts, papers, and records in conformity with the general instructions and text pertaining to accounts as published in the Uniform System of Accounts for Electric Railways, prescribed by the Interstate Commerce Commission in accordance with section 20 of the act to regulate commerce, issue of 1914, effective on July 1, 1914.

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AUDITING OF THE ACCOUNTS OF UTILITIES.

The annual reports for the year 1913, which were received and forwarded to Congress and published in the annual report of the commission, have been audited, but after the valuations are completed it is contemplated making such audits more thorough and careful and to accompany them by such examinations of the utilities' books and vouchers as appear to be necessary.

CERTIFICATES OF AUTHORITY FOR THE ISSUE OF STOCK, BONDS, ETC.

Under the provisions of paragraphs 72, 73, and 74 of the act creating the commission the commission has passed upon and authorized the issue of bonds by utilities as follows:

Order No. 51, February 18, 1914, authorizing the sale by The Capital Traction Co. of $360,500 5 per cent 40-year bonds which were the unsold remainder of an issue of $6,000,000 dated June 1,

1907.

Order No. 54, April 15, 1914, authorizing the sale by the Washington Railway & Electric Co. of $1,000,000 4 per cent 50-year consolidated mortgage bonds, dated March 1, 1902.

Order No. 116, October 12, 1914, authorizing the sale by the Potomac Electric Power Co. of $271,000 5 per cent 30-year consolidated mortgage bonds, dated June 30, 1906.

Order No. 123, November 19, 1914, authorizing the sale by the Washington Gas Light Co. of $600,000 5 per cent 50-year general mortgage bonds, dated November 1, 1910.

In compliance with paragraph 77 of the act it has been required of each of the above utilities that it "shall keep separate, true, and accurate accounts showing the receipt and application in detail of the proceeds of the sale of the bonds hereby authorized to be issued, and on or before the 15th day of January and the 15th day of July the company shall make verified reports to the commission until the bonds shall have been sold and the proceeds thereof expended, stating the sale of the bonds during the previous period of six months, the terms and conditions of sale, the moneys realized therefrom, and the use and application of such moneys." Such reports have been

filed with the commission.

There are pending before the commission applications for certificates of authority for the issue of stock and bonds by the following utilities, viz:

Washington & Maryland Railway Co., $44,300 of common stock and $145,000 of 5 per cent 30-year first-mortgage bonds for the purpose of liquidating receivers' certificates and costs of construction for the extension of the line and the acquisition of equipment.

Metropolitan Coach Co., $150,000 of 6 per cent first-mortgage bonds for the purpose of acquiring new equipment, the erection of a garage, and the liquidation of present indebtedness.

City & Suburban Railway of Washington, $7,314.91 of notes or bonds for the purpose of defraying the company's portion of the cost of the Monroe Street Bridge.

Washington Railway & Electric Co., $664,000 of general improvement 6 per cent debenture bonds for the purpose of extensions, additions, betterments, and improvements.

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