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522 William H. Swanson, Cross Examination.
entered it as an asset at cost, and taking it at the cost, of course, the loss would be enormous, but taking the film at the actual value of it, it perhaps would not amount to a great deal. I have since established a rule that the very day that I buy a reel of film that costs f 100, I depreciate it 85 per cent,, immediately — so, on that basis, my loss by the fire would have been maybe in the neighborhood of twenty or twenty-five thousand dollars, or thirty thousand dollars.
Q. Up to the time that you ceased to be a licensed exchange of the Patents Company, you were carrying all of your film upon your books at its original cost? A. Up until the time — no, I cannot identify just the exact time either in connection with other circumstances as to when we began to realize that there should be a definite method of distribution on the books, but it was either about that time or later.
Q. At the time of the fire, were you carrying the film at the Omaha office on your books at its original cost? A. My last answer was an effort to explain that I did not know.
Q. You are unable to say now what your loss was at that fire? A. Why, Mr. Raver, the manager, wired me that the loss was somewhere in the neighborhood of f 150,000 to $200,000, and other than what he said, I don't know.
Q. Did that include the film at its original cost? A. I presume it was on the basis of its original cost, Surely.
Q. Of course, when your Omaha office burned out as you have described, that office was unable to supply the customers which it had, with film — A. (Interrupting) : Oh, yes.
Q. (Continuing) : Until it was re-established? A. It never lost a customer nor it never lost a day's business on that account.
Q. It did not? A. They got in touch with the Chicago and St. Louis offices, and they, by the very first train, sent them a sufficient quantity of film to continue on with their business.
Q. So there was no interruption in the business of your customers? A. Insofar as it was possible to continue it. Of course, for a time, they had to do all their business from memory, inasmuch as their records were all burned.