Four of Lynchburg, Va.'s seven city fathers last week looked sheepish as men who had gone to school with them pointed derisive fingers. The Lynchburg council had made a monkey of itself over arithmetic. The council was about to tax Chesapeake & Potomac Telephone Co. of Virginia 3% of its gross revenue for doing business in the city, when a councilman suggested that the franchise tax be set at 1½% and the company be required to provide city officials with 40 free telephones. A 3% tax was calculated to yield $8,000. The annual charge for 40 telephones was $2,880. The council...
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