The Birmingham age-herald., 1922-12-14

The associate commissioners fixed the working capital at $2,25S.241.
 Going Concern Value
 Going concern value: Hagenah and Erickson fixed this item at s5,Q00, 900 and MT. Mcdonnell at s3,750.0oo. The fixed the going con- cern value at s4,375g000.
 Developed water power value: Hagenah & Erickson fixed it's value at s2,75o,o0o. MT. Mcdonnell fixed the value of developed and undevel- oped water power at st.1S1.957. The Alabama Power company claimed a value of $3.30O,O0o. The commits sioners announced that they could not permit the entire water power value to be placed to the credit of the utility announced 1t had assigned one-half of the value to the utility and the other half to the public and placed the value of developed water power at s2,41o,652.
 UndevelopedS water powers: flag enah & Erickson set s3,65O,975 as the book cost of undeveloped water powers. MT. Mcdonnell all lowed $f,1S1,957 for both developed and undeveloped water powers. The commissioners stated that there was not sufficient time to show that un- developed water powers should be considered in arriving at the "valua- tion of the properties used and use- ful in the public service" and de- clined to fix any value on unde- veloped water powers.
 Retail properties: Hagenah < Erickson set $3,642,590 as the value of retail properties, that is proper ties of local companies which furnish electric energy, gas and car service to consumers. MT. Mcdonnell fixed the value at $3,55s.0so. After figur- ing depreciation the commissioners reached the conclusion that the value of retail property is $3,o03,2S9.
 Wholesale Depreciation
 Figuring depreciation on whole- sale physical property, the comms- sioners found the value to be $21, ,796,- 07O.
 To the values of wholesale property and of fetail property the commis- sioners added the proportion of go- ing concern value and working capi- tai as shown in the opinion and reached the conclusion that the value of wholesale property $30,043,974 and the value of retail property is S3,799,- PTS, making a total value of the com panys property in Alabama S33. S43,252. This valuation is esIab- lished as of June 30, 1920.
 The properties, wholesale and re- tail are divided into the following items:
 Wholesale-Physica property af- ter depreciation. s21.79e,07o. going concern value. $S,S5O.o00 working capital, s1,9S7,252; developed water power $2,01O,652; total of whilesale property value. S30,043,974.
 Retail-Physical property after de- preciation, $3,003,2s9 going concern value. $525,000; working capital S270.9S9; total of retail property value. s3.799.27S.
 The tentative valuation of the com. is for June 30. 1920, the date of the appraisal of Hagenah x Erickson. The commissioners declined to consider in the total valuation the following properties of the Alabama Power company: The Gorgas electric utility ailocated to the government unit, the Selma electric utility and the Selma gas plant. These utilities had not been acquired by the com pany on the date of the appraisal.
 To the total valuation as fixed by the commissioners. there must be add ed at some future date either by the present commission or the succeeding commission. the value of all property acquired by the Alabama Power com pany since June 20. 1920 The addi- tional values must be fixed after fur ther investigation by the public ser vice commissicn.
 Under the utilities act of 1920 the commission must fix valuation on the property of each public utility which becomes permanent for rate making purposes except for such changes as may be necessary by the addition or subtraction Of property purchased or discarded by the utility
 Conducts Fight Alone
 A. G. Patterson. president of the Alabama public service commission alone and sfngle-handed carried on a throughout Wednesday in an effort to prevent Associate Com B., H. Cooper and S p. Gaillard from adopting a tentative of the property of the Ala bama Power company.
 The filibuster began when the commission entered into conference early Wednesday and continued the day. It was still in full swing late in the evening. MT Patterson's fight followed his public statement issued In the early hours of Wednesday morning that the as- sociate commissioners proposed to es- tablish a tentative valuation on the power company's property before De- cember 16. in order that a rehearing or protest might be considered by them before their term expires, Janu- ary 15, and that the final valuation might be made by them, he said.
 Not Ready To Act
 President Patterson charged that the commission was not ready to. es- tablish tentative valuation and in- sisted that all the information re- quired by law had not been obtained and that the records of the Alabama Power company from which the in fci ma ton may be obtained were not made available to the commission un- til Tuesday. He declared that the law required the commission, in es- a valuation on uuhIic utilities, to take into consideration the original cost of the property ana that repeated request of the commis- sion's accountant for the record had not been compiled with until Tues day.
 In his statement. Mir. Patterson said ihe associate commissioners had dis regarded the law which required the of the original cost anc lad made and seconded motion which provided for an immediate con ference for the purpose of fixing the 
 This motion was adopted Wednes- day. President Patterson made vlg- orous protest in his talk of about two