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411

FEDERAL REGISTER, Thursday, January 26, 1939
cations for smaller amounts and to make reduced allotments upon, or to reject, applications for larger amounts, or to adopt any or all of said methods or such other methods of allotment and classi fication of allotments as shall be deemed by him to be in the public interest; and his action in any or all of these re spects shall be final. Allotment notices 2. The notes will be issued under au will be sent out promptly upon allot thority of an act of Congress known as ment, and the basis of the allotment will United States Housing Act of 1937 be publicly anounced.
approved September 1, 1937, as amend IV. PAYMENT
ed, which provides that the notes shall be fully and unconditionally guaranteed 1. Payment at par and accrued inter upon their face by the United States as est, if any, for notes allotted hereunder to the payment of both interest and must be made or completed on or before principal; that in the event the Author February 1, 1939, or on later allotment.
ity shall be unable to make any such In every case where payment is not so payment upon demand when due, pay completed, the payment with applica ments shall be made to the holder by tion up to 10 percent of the amount of the Secretary of the Treasury with notes applied for shall, upon declaration money authorized to be appropriated made by the Secretary of the Treasury for such purpose out of any money in in his discretion, be forfeited to the the Treasury not otherwise appropri United States.
ated; and that the notes shall be ex V. GENERAL PROVISIONS
empt, both as to principal and interest, 1. As fiscal agents of the United from all taxation except surtaxes, es tate, inheritance, and gift taxes now States, Federal Reserve banks are au or hereafter imposed by the United thorized and requested to receive sub States or by any State, county, munici scriptions, to make allotments on the pality, or local taxing authority. These basis and up to the amounts indicated notes shall be lawful investments and by the Secretary of the Treasury to the may be accepted as security for all fidu Federal Reserve banks of the respective ciary, trust, and public funds the in districts, to issue allotment notices, to vestment or deposit of which shall be receive payment for notes allotted, to under the authority or control of the make delivery of notes on full-paid sub United States or any officer or agency scriptions allotted, and they may issue interim receipts pending delivery of the thereof.
3. Bearer notes with interest coupons definitive notes.
2. The Secretary of the Treasury may attached will be issued in denominations of $1,000, $10,000 and $100,000. The at any time, or from time to time, pre notes will not be issued in registered scribe supplemental or amendatory rules and regulations governing the offering, form.
which will be communicated promptly to m . SUBSCRIPTION AND ALLOTMENT
the Federal Reserve banks.
seal
H enry M orgenthau, Jr., 1. Subscriptions will be received at Secretary of the Treasury.
the Federal Reserve banks and branches and at the Treasury Department, Wash F. R. Doc. 39-269; Filed, January 25, 1939;
ington. Banking institutions generally 11:15 a. m.
may submit subscriptions for account of customers, but only the Federal Reserve banks and the Treasury Department TITLE 47TELECOMMUNICATION
are authorized to act as official agen cies. Others than banking institutions FEDERAL COMMUNICATIONS
will not be permitted to enter subscrip COMMISSION
tions except for their own account.
Subscriptions from banks and trust Chapter XXVI. R ules G overning A c counting by Class C T elephone C om
companies for their own account will be panies
received without deposit but will be re stricted in each case to an amount not The Commission on January 16, 1939
exceeding one-half of the combined cap repealed its Order No. 43 CFR Secs.
ital and surplus of the subscribing bank 45.01 to 46.02 and adopted the fol or trust company. Subscriptions from lowing:
all others must be accompanied by pay T able of Contents ment of 10 percent of the amount of Part notes applied for. The Secretary of the 450 Applicability.
Treasury reserves the right to close the 451 Definitions.
books as to any or all subscriptions or 452 InstructionsGeneral.
classes of subscriptions at any time 453 InstructionsBalance-sheet accounts.
without notice.
450.01 to 463.02 issued under 2. The Secretary of the Treasury re theSections authority contained in Sec. 220, 48 Stat.
serves the right to reject any subscrip 1078; 47 U. S. C. 220.
Promulgated by F. C. C. on June 28, tion, in whole or in part, to allot less 1938 as Order No. 43 Uniform System of than the amount of notes applied for, Accounts for Class C Telephone Companies";
to make allotments in full upon appli CFR Secs. 450-463.02.

date at the rate of 1% percent per an num, payable semiannually on August 1, 1939, and thereafter on February 1 and August 1 in each year until the principal amount becomes payable. They will ma ture February 1, 1944, and will not be subject to call for redemption prior to maturity.

Part
454 Instructions Telephone - p l a n t
ac counts.
455 InstructionsOperating revenue ac counts.
456 InstructionsOperating expense ac counts.
457 InstructionsClearing accounts.
458 InstructionsDepreciation accounting.
459 InstructionsWork-order system.
460 Prescribed accounts.
461 List of units of property.
462 Accounts recommended for Class D tel ephone companies.
463 Contemplated form of financial state ments.
PART 4 5 0 . APPLICABILITY

Sec.
450.01 Telephone companies these rules.

subject
to
S ec. 450.01 Telephone companies sub ject to these rules, a This Uniform System of Accounts for Class C Tele phone Companies is prescribed for the use of telephone companies including radio-telephone companies having av erage ajmual operating revenues ex ceeding $25,000 but not exceeding $50,000, subject to the provisions of the Communications Act of 1934, in the keeping and recording of their accounts;
and each and every such carrier or each and every receiver or operating trustee of any such carrier is required to keep all accounts in conformity therewith.
b Telephone companies or their re ceivers or operating trustees having average annual operating revenues not exceeding $25,000 shall keep all the ac counts of this system of accounts until a statement is filed, under oath, showing to the satisfaction of the Commission that their average annual operating rev enues for the three years immediately preceding the filing of the statement did not exceed $25,000, Provided, however, That such carriers shall keep the ac counts of this system of accounts if after filing the statement their average annual operating revenues exceed $25,000.
c Nothing herein contained shall be construed as prohibiting or excusing any such carrier or receiver or operating trustee of any such carrier from sub dividing the accounts hereby prescribed in the manner ordered by any State commission having jurisdiction or to the extent necessary to secure the informa tion required in the prescribed reports to such commission.
d The said Uniform System of Ac counts for Class C Telephone Companies hereby prescribed shall become effective on the first day of January, 1939.
e Class C companies shall keep all of the accounts prescribed in this system of accounts Chapter XXVI that are applicable to their affairs. Companies that desire more detailed accounting may adopt the accounts prescribed for Class A or Class B telephone companies contained in the Uniform System of Ac counts for Telephone Companies, Issue of June 19, 1935, as amended or as here after amended. Companies that exer cise this option shall promptly notify the Commission of such action.