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8 per cent on the $1,000,000 it carries under this head; on its bonded indebtedness of $3,000,000 the com pany paid last year 5 per cent, or $150.000 —a total on stocks and bonds combined, of $210,000. Suppose the Electric Company’s own returns should he accepted as the actual value of its prop erty, we should have here the spectacle of investors receiving $210,000 as one year's interest on property worth $973,000, —a result which would put to shame about any get-rich-quick enterprise promot er's promises yet heard of. Xow. it would seem within reasonable bounds entirely to tax the Electric Company upon a basis of half the amount represented by its bonds and I preferred stork, which would be $2,000,000. But even this is not proposed by the opponents of the Guckenheimer amendment to the tax ordinance. The Aidermen who are insisting that the Electric Company should bear at least a respectable share of the tax burden, only ask that its property in the city be placed upon a basis of about $1,500,000, or fifty per cent of the amount of its outstanding bonds, leaving out of the question altogether the $1,000,000 preferred stork, which last year, it is claimed, netted its owners $60,000 in dividends. This, it is contended, is a basis far and away lower than that upon which the assessment against private property is fixed. It is estimated that own ers of private* property in Savannah pay taxes to the city upon an assessment basis of from 75 to 80 per cent of its full valuation, and in some parts of the city, notably that section north of Liberty street and east of Habersham where property depreciated in value because of the withdrawal of the old Savannah, Florida and Western terminals, the taxable basis is said to be practically at par. and even above par in certain instances, with the marketable value of the property. Xo one comes forward to deny that a goodly pro portion of the Savannah Electric Company’s capita lization is water, mere water. This view of the situation, at least, is taken by those who oppose its petition for a reduction in taxes. The men whom the company’s spokesmen call its “enemies” have never thought of taxing the “water” element in its composition. Yet if the question were considered in all its phases, it is doubtful if the fictitious quantity enters so largely into the company's capitalization, after all. 'fhe value of its rights to traverse and occupy the streets of the city is something enormous and may not be computed in figures. These rights are perpetual, not limited in duration as are similar pri vileges elsewhere. This is an item of inestimable worth, and might well be considered as tangible property for purposes of taxation. It is understood that the Savannah Electric Com pany offers to Council as an excuse for asking a re duction of its taxes the fact that it last year paid $60,000 in dividends on its preferred stock, expect ing its earnings to reach a point justifying that ac tion, when, as a matter of fact, the earnings did not meet expectations. If this is true, and it was so stated by Aiderman Wilson in Council last week, the reader must determine for himself the amount of merit due such a plea. Mr. Wilson also stated that if this premature and anticipatory disburse ment had been omitted, the company would now have in its treasury some $30,000 with which to pay taxes or for any other purpose. In this connection, the query might aptly be put, whether the City of THE REASON Savannah should stand ready to financially reim burse the agents of a corporation owned outside the State of Georgia for their errors in reckoning divi dends on the corporation’s securities! The Reason assumes that the citizens of Savan nah who are affiliated with organized labor bodies are familiar with the Stone and Webster Company’s attitude toward unionized labor. Press reports indi cate that the company's officers have fought its motormen and conductors in Pensacola to a suc cessful finish, through the importation of profes sional strike-breakers. This contest was a stubborn one, and must have cost the trolley interests a large amount of money. But the price they had to pay is doubtless considered by them to have been well expended. If the labor people here are satisfied with this result, and would reward the victors, they should lend their influence in aid of the amend ment to the tax ordinance. The Reason desires that its position in reference to the contest now on between the Savannah Elec tric. Company and the Savannah Lighting Company shall be thoroughly understood. If reports are true, the competition for lighting contracts has brought the rates for current down to a basis under the cost of production in some cases. Both companies pos sess great strength, and if they have entered into a death grapple, the end cannot be foreseen. This paper's position is always one of special solicitude for home enterprise, whether it consist of lighting companies, insurance companies, manufactories, or what not. But its chief concern is the welfare of the people of Ihe city in which it resides. 'The Reason is the spokesman for neither of the electric com panies, and is not concerned in the lighting and power war except so far as its results may affect the interests of the community. It might well be looked upon as a public catastrophe should either concern completely triumph over the other in a life and death struggle. Right here it should be impressed upon citizens who alternate from one lighting company to the other, as rates are successively lowered by either, that they are in all probability reaping but a tem porary advantage, and if there are business men who avail themselves of the opportunity produced by the rate war to exact from either concern contracts for lighting at ruinous figures, they are but laying up future trouble for themselves. Sane competition is good for the consumer, and he should therefore encourage it. On the other hand, the style of competition which must surely result in the putting out of the fight of one of the contestants, should be discouraged in every pos sible way, unless the consumer stands willing to ultimately pay the war debt. Residents of Savannah have good reason to know that life and death struggles between opposed utility corporations have a habit of ending in combinations. Telephone users, it may be ventured, are well aware of the soundness of this proposition. If. in the light of recent events here, the people have not profited by experience, one would feel tempted to say “Go ahead and get another dose of the same medicine.” Os course no evidence is in sight of any such issue in the conflict now waging in Savannah. The Reason claims no prophetic powers, and leaves citi zens to do their own reasoning, which they are amply capable of doing. The point is sought to be made, however, that if the Savannah Electric Company were really in need