Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1886-04-03

rour Witness one witne3
IS for Bridge only for city
piers under water A52II "a s1s,, on
Pier No. (Breakwater) 6l320 no estimate
Piers above water 5636N M as,i,nots
Ballast work in piers 279lS no estimate
Superstruc'ures. S witnesses
for Bridge Co., 2l,s54 20 $500
Abutments 275O 0O ZOO
Land damages, actual cost, i'''
(worth much more nowO 1897 1000
Timber on hand tor ~
chord 1-46,I no sstino+o
Cost of false works in building 100000 nothine
Piles and driving with steel
pointed hammer, 5oOOo ro,b;ra
Rip rap, 10000 n0.hins
Franchise. value of one years
profits, 5000 90 notbjno
VALUE OF BRIDGE AND FRANCHISE AS SHOWN BY
MARKET VALUE OF SHARES.
Capital Stock sso ooo
Market value (sl25,l premium), $500
Value of bridge by stock. $500
Smiths estimate of $500 for the whole SUI
perstructure is criticised. Smith says that
| the bridge, excluding draw, has deprecated
IS per cent, but makes this value only
$500. But the bridge would cost new, ex-
elusive of draw, as per average of five other
bridge builders who testified, viz: Mr..
Booker, bridge builder and engineer of the
Maine Central railroad; Mr.. Manley. assist
ant engineer Of Boston; Mr.. Shaw, who de-
signed and superintendent the repairs on the
bridge and worked so days On it.
Messrs. Perkins and Bovnton estimated the
cost per linear foot, S37; 1872 feet exclusive
of the draw, st S37 per foot would be S27,-
0S4. Drdnct tYrn - per cent as Smith
would leave tie P~rSent value, S6,77l.
While Smith alton .univ $500, add the value
of the draw as pc aE rage of all witnesses of
borh sides, incuIing Smith. $3.50. The
aggregate value i, 81 ,32l of the superstruc-
ture on Smiths basis.
Mr.. Smith states the value of he whole sup
erstructure at $500 But Mr.. Booker tn.
engineer and bridge builder of the Maine Cen
trail r. r., whose judgment is wholly di.in
terested and entitled to great weight, says the
same ,uperstructure IS worth $4,000 to
$50. 600, and the average value of all the wit
nesses in the case on both sides is S2l S54 60.
Which shall be taken? II is commended that
these value. are only collection of materials,
but each witness for the bridge company,
stated distinctly that he based his estimate on
the value of the structure as an efficient
bridge. adapted to carry the travel between
the two towns of Gardiner and Pittston.
Yesterday forenoon A. NJ. Spear, Esq of
Gardiner, argued for the towns, occupying
about two hours, he said;
The value of the land and ferry property is
"
and should be deducted entirely in fixing the
value of the bridge. The sum of s2606 10 is
given rs the value of the land on the west side
of the Gardiner estate. The land west of the
railroad has been given to the city and does
not belong to the company. East of the rail-
road where the pier sets they own simply a
right to pass over, and do not own the land at
ali. Joshua Gray was paid for the right to
set post. to hold the bridge up. Therefore,
7 allow for land which remains to them on the
west side 950O-a large sum. On the east
side of the river the approach to the bridge
they do not own. They paid for tho Stevens
& Rollins wharf $1,000, making the full value
of the land they own $500. In valuing the
abutments take the estimate as given by
John Milton of Gardiner He makes the value
of both abutments, Sl275. These abutments
when built cost S1075, "a given by the cor
poration books. The value of the entire
sub.tructure now, as fixed by Henry Manley,
the company's witness, was S2l, 1858. Now
no admits that the tops must be rebuilt once
in 90 wears The value of the square timber
in the tons he makes $3.50, new. 10 retop
them there must be some source OF revenue
To produce $3.50 would require Sl0,65O at
per cent for 20 years. Thus, as compared
with stone piers, the estimate should be Slo,-
$50 for present value, new, less than that
given Manley admits that one-half the orig
inal value of the tops is gone, making their
mr., sent value 1910 Deduct that also from
the full value. Then deduct $1,000 risk For
the worn out condition he deducts 5000. Inc
guess at the value of the r,p-rap is $500.
Maxine in all a deduction of Sl7 .445 from
the s2l 1928 given by the bridge company.
Tins making the present value of the piers
s450s Emery says that ideal piers of stone
can be put in for 1858 Thus the cost OF
niers of stone would be but S24S2 more than
that of the wooden piers which cost $3.50
every 20 years for repairs
Twill now make az estimate of the value
of the superstructure:
Present value, a,ono ~'' ~
Deduct risk, saOCo
profits, wv aooo on