The age-herald., 1899-08-26

wetmore has to pay his clerks and his att
 torneys out of his commission.
 Human Nature In It
 The most interesting facts developed at
 the vaudeville show have been that every
 property holder thinks his holdings less
 valuable than anybody else's. It is per-
 haps human nature to decry your own
 holdings when you are to be taxed upon
 them. If that be true. human nature Is
 thoroughly developed in and about Bir-
 mingham. As an instance, the Gas com
 pany's tanks are eaten up by acids. and
 lightning tears everything to pieces in the Electric Light company's plant semi-occa-
 sionally.
 The Electric Light Case The most interesting case before the
 board yesterday was that of the Consoli- dated Electric Light company. It occupied nearly two hours. and the assessment upon 1t was eventually raised from $12S,00o to $20O, ,0O0. It was hot and interesting fight between Attorneys Walker and Cabaniss. Before the case was called, and while other smaller matters were under discus- sion, the fights against them being con ducted by Attorney Weakey MT. Robert Jemison, president of the Electric Light company. an enthusiast on the subjec- of Birminghar1s future jolly good fellow and an all-round good citizen. was over in a corner with his arm around Matador Cabaniss. talking earnestly. Attorney Walker Percy. of the Tennessee Coal and Iron company. walked up and
 said: "Cabaniss, he is hugging you mighty tight, but he doesn't love you any better than I do."
 The case was called. MT. Armstrong, secretary and treasurer of the Electric Light company, was put upon the stand. He testified that the company had S300.00 of bonds and $500,000 of stock: that 1t paid 6 per cent. on the bonds regularly. and that 1t paid 4 per cent. on the stock last year, but the company had to borrow S, 900 to make up the dividend on the stock. He testified that the gross receipts of the company were $S3,000 and the gross ex- penses s54,OO0. Neither interest on the
 bonds nor stock was included in the ex- penses.
 "what are your expenses made of?" ask ed MT. cabaniss. "Of the purchase of material for main- tenance, of salaries ana wages. "What is the business of the company?' .'It sells electric currents" "What is the market value of the stock?" .'The last sale was $25 share" Captain Walker. the attorney for the company, then made his debut upon the stage and examined the witness. "How much did the Electric Light conl- pany borrow to pay this per cent. divi- dend on the stock?" Mine thousand five hundred and seventy dollars" answered MT. Armstrong. Borrowed it to pay the dividend?' "Yes"
 What is the property assessed at?" ask ed MT. McAdory. MT. Walker responded. '$12s. .13o' ssDid the company make any allowance for depreciation last year?" asked Captain Walker.
 "No," responded Mir. Armstrong. Here Captain Ward elevated his feet to the desk in front for the first time in two days. Chairman Earle looked serious. and MT Elliott made note on a paper in front of him.
 What is the depreciation per annum on electric light machinery" asked Captain Walker.
 About 9 per cent.'' Mir. Walker then brought out the fact that the company had eight dynamos, which had proven worthless. They cost exceeding s2500 each. and the best offer they could get to sell them was $500 for all. They had to be thrown out and new dyna- mos put in their places. "what amount should have been charged of for depreciation last year?' asked At- torney Walker.
 'T should says from s10,0oO to s12,0oO." "If that had been charged off would there have been any net receipts?" every little"
 "Are you in the habit of borrowing