Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-10-16
BIG FIGURES
In Evidence in the Watervi|le
Water Hearing,
The Expense Of Operating and Reye-
nue. Of the Plant.
Estimates as to the Valuation and
Other Interesting Points.

hc:Aing was one which brought out a
good deal Of testimony of an important
nature and big figures were much in
evidence. The figures sprung by Mr..
Manley as his valuation of the system
took the prize for magnitude.
Mr.. Manley had been on the stand for
considerable time, Wednesday after
noon, and had got into trim for the
morning session. The attendance was
not large, in fact but few people have
cared to hear the testimony but those
who were present anxiously waited to
hear Mr.. Manley's valuation which Mr..
Baker was gradually leading up to by
his questions, and which counsel on the
other side would like to have had ex-
Guided. Mr.. Manley, like most of the
others, was well armed with fluctuations
and all of his tabulations showed very
big earning capacity and very small
expense account. He had figures to
show the rate of increase in service for
the first nine months of this year over
last year. which amounted to 90 per
cent.
He had figures showing operating eX-
pcases, these embracing superinten
dents and office expenses taxes, engi-
necrs, station, reservoir, hydrant and
dam expenses. oil and waste, and mis-
cellancous. These figures were mostly
made up from the years 1D61sH 902, and
1902 The item for superintendent and
office expenses was s2f00, Qf which the
superintendent receives S$1500 and a
clerk $40. the taxes a140unt to $4,000
two engineers receive RS per month";
one getting $40 and the other $S5.
The station expenses amounted to
$40, and the re servoir SIS, the pump
and wheel expenses were $400, ana there
were sorne other lesser expenses to be
rcckoneG under running expenses, but
this part of Mr.. Manley's testimony
tended to show that the plant was Fun
at low figure and yet everything was
done that was necessary to be done.
As to increase, Mr.. Nanley was asked
whether there We're other items of rev
cnue IN sight, and in answer to this
question mentioned the new college
domitory and the piping of Chase's
mill, and some other matters which in
his opinion will amount to about $3.50
year, and then there are the usual
yearly additions. ~.
A question as to the prospects of the
maintenance of the present rate of
prosperity wasS collected to by Mr..
Thayer and wastexfluded by the court.
A long string Of questions all bearing
with more or less weight upon the n4afn
point followed some of interest and
Others not; a table which he read from
showed That there were 552 watertakefS
paying 81 or less, GAL paying overs$7 and
less than $50. ISL paying over $40 and
less than $40, and 146 over $50. sfss
In rlany cases discounts are n1aae
: Where one person has several services,
k.sto that the. discounts amount to over
MIR. Manlcy considers the systenAsto
be in good condition and thinks THAI the
large items of expense are behind IN
stead of ahead. E#
Then came one of the most interest
ing episodes of the hearing. Mr.. Baker
asked the witness, what, taking into
consideration the prospects of business.
the value of the franchise and fine
character OF this class4of investments
he. rs an owner considered the property
worth. Mr.. Thayer'was prompt to OBJ
lect TO this question. He said that the
Nalhing of franchise involves serious
legal questions, and that for the wit
hess to pass upon it would be for him
to take upon himself the task proper for
the board OF appraisers. and to substi-
tute his opinion for theirs. After con-
suting with his associate commission
ers, Judge Powers announced it as the
opinion of the board that the witness
might answer the question.
MI Manley said that he considered
S'oMo would be Il fair price and eX
planned that he arrived at this valua-
tlon by figuring that the net earnings
would allow the payment of per cent.
on this sum, as these earnings will
probably amount to $4,000 per year, in
five years. and would also allow of the
AZ setting aside of an adequate sinking
fund.
At the end of the morning session,
Mr.. Manley's testimony was not finish
&c but as a matter of accommodation
Mr.. Herbert NJ Payson, of the firm of
II. NJ Payson & Co. of Portland, a
broker ana bond dealer. who makes
specially Of dealing in water works
stocks. was put on the stand as an ex-
pert.
Mr.. Thayer questioned him as to
ms experience and it appeared
mat ne had done business in many of
the Western states. He claimed no ex-
pert knowledge as an engineer and Mr..
Thayer contended that he was not
quallhed to testify. but he was allowed
TO state that he would consider the
property under certain conditions worth
S15o.9o0.
The last witness called was William
Wheeler. civil engineer who has made
a special study of water works. who has
been interested as owner in some dozen
or so plants. and been connected with 9th
ers. He is familiar with plants all the
way frmo Maine to Florida and as far
west as Wisconsin. Mr.. Wheeler was
here In July and then made careful ex-
animation of the system and has again
inspected it recently. Mr. Wheeler gave
his opinion as to the value of the build
lnss, taking each up separately and of
the land and power. He also spoke of
the pumps and pipes. all of which he con-
sidered to be in good condition.
Wednesday was a hard day on the
stenographers, who had to work until
f,'p