The age-herald., 1899-08-26

money to pay dividends?" seriously asked Chairman Earle.
 ,"I can't say; haven't been with the company long"
 MT. Cabaniss then took a hand in the proceedings. and asked MT. Armstrong.
 'iWhat. in your opinion, is the property of
 the Electric Light company worth, every
 thing including real estate?"
 q don't know''
 "Then how do you know how much 1t has
 depre4ated in a year?"
 'I know about what 1t costs to repair
 worn machinery"
 "Wbat did the new machines to replace
 the eight worthless ones cost?"
 '"They cost about s5.600."
 "These eight machines cost $5,60O?"
 asked MT. Cabaniss.
 Not two large machines were put in at
 that cost
 "Is the capacity of the plant as great as
 1t was before?"
 q can't tell. The use of arc lights has
 decreased considerably Nr. J. m son on the Gridiron Mir Armstrong here retired and MT.
 Robert Jemison. the president of the com
 pany, was called to the stand. Captain
 Walker led him on the stage and smlingly
 bowed to him as he placed him in chair
 in front of the assembled audience. Mr.
 Jemison smiled in return. The board looked upon MT. Jemison and MT. Jemison
 looked upon the board. Captain Ward re-
 moved his feet from the desk Chairman
 Earle drew his chair up closer and MT.
 Elliott crossed his feet under the table. MT McGeever took a long breath and MT.
 McAdory adjusted his necktie. Even Clerk
 zIcCarthy turned about in his chair. Strengthened himself up and wore Q digni-
 fed and wise expression. MT. Jemison, in
 the meantime, continued to wear a smile and carefully adjusted his necktie. What were the gross receipts of the
 Electric Light company last year?" asked Captain Walker. Mir. Jemison unbuttoned his coat and vest, delved down into the in- nermost pocket of his inner vest and pro-
 duced a morocco-coyered note book.
 "Tney were $S3.s2473.'' "How much did the company expend to earn this?' Another reference to the note book, and a prompt response-s54 57O.a." What were the net receipts?' '"They were $29, ,295.90." "How many bonds have you?" i've have s30O,OOO.'' "What interest?" "Six per cent" 'Was the interest paid?" "Yes." What did you do with the balance left tt,ns hon Iy1ff "Paid dividend of per cent. on the stock, but had to borrow S9,5O0 to do it." "what is the annual depreciation upon this pIant?" | .-f'About per cent. on engines, 10 per cent. on bbilers and 25 per cent. on electric ma- chinery," answered Mir. Jemison. ieWhat sum is equivalent to deprecia- tfonf" tnrIt is safe to charge up from sS.ooo to sio,OdO." "You didn't make any charge for this purpose last year?' "No.' f.You wanted to make good showing to the stockholders?" Mr Cabaniss objected to this. "Whaf is everything in the plant worth?'' asked Captain Ward. sI cant answer The property is the re- suit of four plants. all of which failed The machinery in the plant which cost as high as s25OO is not worth $100 now. I bor. rowed money to pay dividends to try get my stockholders to put up more money to get better plant I have gotten our peo- pie to agree to put up the money on the 1st of next month. I cant tell what the plant is worth" "Is not the stock owned principally by the General Electric company?' asked MT. Earle. NO; but It is the next largest stock holder" What did you mean by borrowing money