Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-09-15

consumption, and the money is refund
ed in any case where it does not do all
that is claimed for it. Fifty years in
use.
legal principle, is not called for here.
We are willing to pay the price this
company paid for these rights, regard
less of the legal rights we believe we
possess. The supreme court has ruled
that people as individuals or in COM
have the first right to take
from Il body of water what is needed
for domestic purposes, within the realm
of reasonable use, and it is not unlaW-
fui to diverge from the streams what
is so needed. This company could have
taken the water for these purposes
without the payment of, Il single dollar,
and we have IL right to do the same.
but according to testimony these water
rights were purchased for $500, and we
accede it is worth that today. AS to
domestic and fire service, | may pause
here to say that absolutely TO service
is available ut that magnificent piece OF
property-thc Gardiner mansion.
Mr.. Stafford and Mr. CoGin testify to
their estimate OF $35,GC0 depreciation
because of decrease in capacity of THIS
system to transmit the water, which
differentiation undoubtedly has accomp-
lshed. If such tubercules rs have been
shown here in court, could form in Il
wheel casing in II years Immersed in
the June water which the profession of
the mysterious science tell US cannot
produce tuberculosis, what shall we
say of the effect of this same water in
q system OF cast iron for IS years
Friction tests have settled the question
forever of the presence of great deprec-
iaton in this regard, and Mr.. Richards
tests in the aggregate have not been
questioned in any WaT-a few scgre-
@ate tests were selected for criticism
but the result of the whole stands I'M
touched. The other side does not dare
today, to complete the work they have
bcGun in Il certain SECTION of the city
where service pipe is at present I'M
co, cred. by cutting that pipe, lest VIC
should be cr;i bletl to secure "a section Of
it and demonstrate its condition. Hcre
Mr.. Littlefield read extensively from
nearly all of "a decisions in law regard
ing the question of investment in enter
priscS and emphasized the Importance
of the question of return on the value
of the investment. Entering into this
WAS the value of the franchise and the
question of earning reasonable ratcs)
The value of the property is its actual
value REGARDLESS of franchise and the
company has 4 right to Il fair decision
based upon 4 fair value of the property.
No more can be efacted than the SER
vice itself is worth. No other COM
panys rate can determine the charge
of this one, for no other company is
identical in circumstance with this one
The company has q right to Il fair in
come on the one hand and the consumer
Il right to fair service on the other.
Adjourned till p. NJ, with Mr.
Littlcnelds argument unfinished.
Mr.. Littlefied resumed his reading
of opinions at +. M.
An income although assured, should
not be added to the value of Il going
concern. The ultimate amount of
reasonable return is the legal rate Of
interest on the income of the invest
ment in the enterprise.
We have demonstrated the fair value
of the property to be $97, 462.50 and q
fair income is the legal rate of 6 per
cent, combine these and the entire val
nc of the plant is found.
A wear ago, water bonds could he
'oatcd for ~ per cent.-now for only
per cent. We assume it to be fair
that extremes either way should be
avoided.
Il ;,,, nf ,,,,1n
ing apprnisals, was here read) We ask
simply that the value of this property
shall be settled in accordance with the
legal opinions here cited.
Mr.. Iittleficld had spoken with great
enthusiasm and finished at the call of
time. go p. NJ.
Mr.. Baker, 2.30-The eminent counsel
has fully and pairly stated his views
and the viWs OF his clients and that
they will be fully and pairly considered
! am sure. This tribunal will appraise.
not the value of parts, but every elc-
mont of value and so fixing the worth
of the whole. A few rotten timbers Il
piece Of old tin, these things are triv-
ial-thc totality of full and fair value
and just compensation for the same Is
all we ask. in it's full legitimate force.
The most minute and painstaking care
should be exercised in inspecting the
whole. No one street in London or
New York. however closely inspected
could set the value upon either or
those cities. From some eminence the
witness on the other side should have
seen the whole, but their observation
was confined strictly to certain physi-
cal features. Mr.. Stafford and Mr..
Coffin brought here as experts, who
proved themselves worthy the name.
We're confined carefully to mere physi-
cal matter. The law provides for
compensation for everything taken
away, upon the entire thing together.
We ask YOU. honors, to consider the
source of supply, its quantity and its
quality; this We desired the commits
sion to view and it did. Its quality
constitutes an exceedingly valuable
asset to this company. A natural wall
of clean stone constitutes 4 wall about
this splendid body of pure water. and
We have fully established this purity.