6. The report shall be on paper approximately 81⁄2 by 11 inches. of 11⁄2 inches shall be left on the left side for binding.

A margin

1. If the order authorized issuance of securities to capitalize proposed expenditures, the As. F. E. or work order numbers to be entered in column (c) of this report should correspond with those shown in the application and included by the terms of the order.

2. The totals of columns (e), (f), (g), and (h) shall be shown for each page of this report and shall be carried forward to a grand total at the end of the report.

3. The original report shall be signed on behalf of the applicant by its president, vice president, auditor, comptroller, or other executive officer having knowledge of the matters therein set forth, and shall be made under oath.

4. The original report and two copies thereof shall be made and filed with the executive secretary of the Federal Power Commission, Washington, D. C., within 30 days after each six months' period ended June 30 and December 31, and shall accompany report Form D-1.

5. The report shall be on paper approximately 17 by 22 inches. A margin of 11⁄2 inches shall be left on the left side for binding.

Orders, No. 27. (May 28, 1928.)

In pursuance of the findings of the Federal Power Commission made at its meeting of May 28, 1928, namely:

That the work of the commission relating to auditing of the accounts of its licensees, and to the valuation of properties which were constructed at the time license was issued, is seriously in arrears and must remain so until a more adequate personnel is available for the performance of this work; and That, under such circumstances, it is desirable to limit as far as practicable any further accumulation of unsettled cases affecting questions of accounting and of valuation;

and by authority of subsections (a), (f), (g), and (h) of section 4 of the Federal water power act:

It is hereby ordered that from and after the date hereof no application for license, or for amendment of license which adds to the property subject thereto, shall, except in case of emergency or in cases coming within the scope of subsection (i) of section 10 of the Federal water power act, be presented to the commission for its approval unless and until agreement has been reached with the applicant with respect to the valuation under section 23 of said act, in cases where the provisions of said section are applicable, of the property or properties affected by such application for license or for amendement of license, or, if such section is not applicable, with respect to the amount which, under the provisions of said act and of the rules and regulations of the commission may, as of some definite date, properly be included in the fixed capital accounts of the project or projects covered by such application for license or for amendment of license; and

It is further ordered that all preliminary permits hereafter issued shall contain a requirement that the permittee shall, with its application for license, submit under oath a statement in triplicate showing the items and amounts and the total amount claimed by the applicant as the actual legitimate cost of and the actual legitimate investment in said project as applied for as of the date of such application or as of a date not more than thirty days prior thereto. Such statement shall include all items and amounts properly chargeable in whole or in part to the fixed capital accounts of said project under the provisions of said act and of the regulations of the commission established thereunder, whether consisting of expenditures actually made, or charges accrued, or of liabilities or obligations incurred up to and including the date of such statement; and each of such items and amounts shall be supported by satisfactory evidence and shall show the nature of the service performed or of the property acquired or to be acquired or of the charge or proposed charge and whether such items or amounts have been actually paid or actually accrued or represent liabilities or obligations under contract, agreement, or otherwise applicable to the period prior to the date of such statement.

Orders, No. 28. (February 28, 1929.)

By authority of section 4. subsection (h) of the Federal water power act, approved June 10, 1920 (41 Stat. 1063), and in pursuance of the action of the Federal Power Commission at its meeting of February 28, 1929—

It is hereby ordered that on and after May 1, 1929, every licensee under said act which is a public-service corporation owning or operating any project licensed under said act and developing, transmitting, or distributing power for sale or use in public service, and which proposes to issue securities (the term "securities" for the purpose of these orders to mean and include any shares of capital stock or any bonds or other evidence of interest or indebtedness which by the terms of its creation does not mature until more than one year after date of creation)—

(A) Any part of the proceeds of which will be used in the development, acquisition, or construction of such project or part thereof, so licensed, or of any addition thereto or betterment thereof, or is intended to be used in the development, acquisition, or construction of any project which will require a license under said act; or

(B) Which will constitute a lien upon any project or project property so licensed; or

(C) Which will result in the refunding, retirement, or cancellation, or in any modfiication of the terms, conditions, priorities, or preferences, of any

prior issue of securities the proceeds of which, in whole or in part, were used for the development, acquisition, or construction of a project so licensed, or of any part thereof—

shall

(1) if developing, transmitting, distrbiuting, or using power in a State which has not authorized and empowered a commission or other agency or agencies within such State to regulate and control the amount or character of securities to be issued by such licensee; or

(2) if said power or any part thereof shall enter into interstate or foreign commerce, and any of the States directly concerned has not provided a commission or other authority to regulate and control the amount and character of securities to be issued by said licensees, or such States are unable to agree through their properly constituted authorities upon the amount or character of securities to be issued by such licensee;

file with the commission prior to issuance or entering into contracts for issuance of such proposed securities, notice in triplicate of intention to issue such securities, which notice shall specify:

(a) The exact corporate name of the licensee, and the name, title, and postoffice address of the executive officer by whom notice is filed;

(b) The name of each State in which the licensee operates or proposes to operate;

(c) A description of and statement with respect to the securities which it is proposed to issue, including, as to evidences of debt, the date thereof and the date of maturity, the interest rate and the dates interest is payable, whether secured or unsecured, and, if secured, how and in what manner, and, if to be secured by mortgage or other indenture, the name of the trustee thereunder; as to capital stocks, whether preferred or common, whether of par value or no par value, stating par value, if any, dividend rate, if any, and dates dividends are payable, terms, conditions, priorities, and preferences; as to all securities, amount to be authorized and amount to be issued, purpose of proposed issue and proposed use of proceeds, proposed disposition (whether to be sold, exchanged for other securities or property, or pledged, etc.), price or prices, rate or rates, and terms or conditions at which or upon which the securities are proposed to be sold or disposed of, actual or estimated discount and expenses of issuance and net proceeds of issue, together with a statement explaining the contracts, underwritings, and/or other arrangements made or proposed to be made in connection with the issue.

It is hereby further ordered that no such licensee proposing to issue securities for the purposes or with the effect hereinabove named shall, within a period of thirty (30) days from the date when the notice herein prescribed has been filed with the commission, issue such securities or enter into any contracts or obligations for such issuance unless notified meantime by the commission that it does not propose to exercise its jurisdiction to regulate such issuance; and, in the event the commission shall, either upon complaint or upon its own initiative, notify such licensee of intent to exercise its jurisdiction to regulate such issuance, such licensee shall not issue such securities or enter into contracts or obligations for such issuance until the amount or character of such securities has been approved by the commission.

APPENDIX C

THE FEDERAL WATER POWER ACT

(Approved June 10, 1920; vol. 41, Statutes at Large, p. 1063)

(Public-No. 280-66th Cong. H. R. 3184)

(United States Code, p. 440, secs. 791 to 823)

AN ACT To create a Federal Power Commission; to provide for the improvement of navigation; the development of water power; the use of the public lands in relation thereto; and to repeal section 18 of the river and harbor appropriation act, approved August 8, 1917, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That a commission is hereby created and established, to be known as the Federal Power Commission (hereinafter referred to as the commission), which shall be composed of the Secretary of War, the Secretary of the Interior, and the Secretary of Agriculture. Two members of the commission shall constitute a quorum for the transaction of business, and the commission shall have an official seal, which shall be judicially noticed. The President shall designate the chairman of the commission. SEC. 2. That the commission shall appoint an executive secretary, who shall receive a salary of $5,000 a year,1, and prescribe his duties, and the commission may request the President of the United States to detail an officer from the United States Engineer Corps to serve the commission as engineer officer, his duties to be prescribed by the commission.

The work of the commission shall be performed by and through the Departments of War, Interior, and Agriculture and their engineering, technical, clerical, and other personnel, except as may be otherwise provided by law.

All the expenses of the commission, including rent in the District of Columbia, all necessary expenses for transportation and subsistence, including, in the discretion of the commission, a per diem of not exceeding $43 in lieu of subsistence incurred by its employees under its orders in making any investigation or conducting field work, or upon official business outside of the District of Columbia and away from their designated points of duty, shall be allowed and paid on the presentation of itemized vouchers therefor approved by a member or officer of the commission duly authorized for that purpose; and in order

Indirectly amended by the classification act of 1923, under which this position is allocated to grade 6 of the professional and scientific service, with salary range from $6,000 to $7,500.

2 The independent offices act, 1928, provided that the commission's estimates for the fiscal year 1929 should include the salaries of all civilian employees whose service with the commission had become permanent through detail from any executive department. The independent offices act, 1929, provided appropriation by which such salaries are being paid directly by the commission beginning July 1, 1928.

3 Indirectly amended by the subsistence expense act of 1926, the maximum per diem rate of $6 being authorized.

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to defray the expenses made necessary by the provisions of this act there is hereby authorized to be appropriated such sums as Congress may hereafter determine, and the sum of $100,000 is hereby appropriated, out of any moneys in the Treasury not otherwise appropriated, available until expended, to be paid out upon warrants drawn on the Secretary of the Treasury upon order of the commission.

SEC. 3. That the words defined in this section shall have the following meanings for the purposes of this act, to wit:

"Public lands" means such lands and interest in lands owned by the United States as are subject to private appropriation and disposal under public-land laws. It shall not include "reservations," as hereinafter defined.

"Reservations" means national monuments, national parks, national forests, tribal lands embraced within Indian reservations, military reservations, and other lands and interests in lands owned by the United States, and withdrawn, reserved, or withheld from private appropriation and disposal under the publicland laws; also lands and interests in lands acquired and held for any public purpose.

"Corporation" means a corporation organized under the laws of any State or of the United States empowered to develop, transmit, distribute, sell, lease, or utilize power in addition to such other powers as it may possess, and authorized to transact in the State or States in which its project is located all business necessary to effect the purposes of a license under this act. It shall not include "municipalities" as hereinafter defined.

"State" means a State admitted to the Union, the District of Columbia, and any organized Territory of the United States.

"Municipality" means a city, county, irrigation district, drainage district, or other political subdivision or agency of a State competent under the laws thereof to carry on the business of developing, transmitting, utilizing, or distributing power.

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'Navigable waters means those parts of streams or other bodies of water over which Congress has jurisdiction under its authority to regulate commerce with foreign nations and among the several States, and which either in their natural or improved condition, notwithstanding interruptions between the navigable parts of such streams or waters by falls, shallows, or rapids compelling land carriage, are used or suitable for use for the transportation of persons or property in interstate or foreign commerce, including therein all such interrupting falls, shallows, or rapids; together with such other parts of streams as shall have been authorized by Congress for improvement by the United States or shall have been recommended to Congress for such improvement after investigation under its authority.

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Municipal purposes means and includes all purposes within municipal powers as defined by the constitution or laws of the State or by the charter of the municipality.

66 Government dam" means a dam or other work, constructed or owned by the United States for Government purposes, with or without contribution from others.

"Project means complete unit of improvement or development, consisting of a power house, all water conduits, all dams and appurtenant works and structures (including navigation structures) which are a part of said unit, and all storage, diverting, or forebay reservoirs directly connected therewith, the primary line or lines transmitting power therefrom to the point of junction with the distribution system or with the interconnected primary transmission system, all miscellaneous structures used and useful in connection with