Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-05-02


also. safely assume that the Govern
ment will build no new water plant a'
Togus Mr.. Goodhue investigated TINS
whole matter at the request of Genera
Stevenson and they found that 1t woul'
cost them too much money and the
project was abandoned and they linked
themselves to this system and they
linked themselves forever. The State
House is secure and the income there
admittedly fair. The Insane Asylum
ought to pay at least $1,000 more, and
the district will not lose that Oppor-
tunity.
AS to taxation. one single wcrd. This
company was a great public enterprise,
the city opened it's arms to get s.. the
city knew that they We're getting their
hydrant rentals and all the citywater
at ridiculously low figure. and in re-
turn for that they Of their own accord
fixed their own valuation upon this
property, and we are not board OF
review upon taxation for the city of
Augusta. There is no power OF pro-
priety in our undertaking to revise
their action of the past or to predict
that they will change their action in
the future.
|. The values that we have reached re-
oeive a striking confederation. First,
from the judgment of practical bust
ness men knowing all about this class
of prcperty-Mr. West, s621 ,0OO Mr.
Goodhue, s535,O00 to buy, to make Il
profit on. 100000, and Mr.. Payson, who
has reached substa ntially the average
between these two witnesses by his in
dependent judgment. And these valu-
atoms We're reached by methods indie
pendent of each other.
There is one final thing on the same,
and that is the question of the bonds,
The counsel says he has cut his values
down by his theories to Sill, 900 against
outstanding bonds in the hands of in
VeStorS of $2S5, 900 and floating debts of
1000 At what rates of premium We're
those bonds originally placed and what
are they worth now-originally placed,
an unprecedented fact, much of which
is due to the enterprise OF the founders
of this company. to their we'll known
business judgment and success to back
the enterprise-at premiums of 31a and
ga per cent. Five per cent water
bonds in 1856 and 1887. Are they wcrth
be redeemed for less? If they must be
bought in at 4 premium equal to or
even greater than that which they ORR
g1nally sold at. who is to pay that loss
is that not a direct element of financial
| loss to this corporation? The first
| mortgages Of these bonds have vet
| many years to run. Who shall garner
them in when the water is taken away!
| .Ia
rendered. and at what figure must they
| redeem those bonds: Here is an entire
| property, here is one single piece Of
| property, a unit, indivisible The law
comes in, anG the district seizes the
| property here they take it out from I'M
| der the bonds as well as the stock.
They take it out from the corporation
! itself. Who shall restore it? How
! shall those bonds be terminated before
they mature many years hence? At
| what price can It be done? And then
the Sill Of floating debt. All those
! things are serious business matters for
| the consideration of this court. Con =
| slider them all. Deal with them all
wisely; and may that same fair-minded
| impartiality which has thus far pre-
| vailed and presided over all this hear
/ ing, be maintained, as we know it will,
until the final result is reached and this
company be given the just. the full
rounded compensation which the con-
stitution and the courts declare it to be
| entitled to; and We submit this great
cause into this commissions hands.
Mr.. HEATH: Before the case is
! closed desire to have entered upon
the record certain matters of law And
| the first is, that l make this request,
that the entire stenographic record,
made under the direction of the court,
shall be made part of the report to
the court. That is for the commission
| ers to rule upon when they come to
| draw up their award. I simply ask
| that my request may be now entered
on the record and made part of it,
And. second, want to call the atten-
ton of the court to the fact that there
| is no interest to be allowed on this
award under the valuation as OF March
| first. that that is a matter of subse-
| quent accounting. that this company
receives six per cent. upon the valu-
| alton that is put upon the property as
of March first. that they have the adj
miristratiCn OF the company until the
district takes possession.
Now I wish to have recorded upon
the record, under the rule that WAS laid
down in Sherman VS.. Maine Central
| Railroad. my protest against every
statement of fact that has been made
by counsel that is not supported by evil
dence in this case This is not the pro-
per place nor the proper time for me to
make denials. 1 have no more right,
and acknowledge it, to make denials
than the counsel had to make the state
ment. L do enter my protest en-
phatically against all of them. l enter
a special protest against the unproven
and unlawful statement that the legal
positions taken here by the counsel for
| the district, and the applica ton of
those principles. have ever been con-
demned or criticised by any tribunal
whatever. l understand that it is my
| duty. if / am to have any rights in the
premises hereafter. for me to enter my
protest now and put it upon the record.
Proper respect for this court and for
this cause and the law. puts me where
l have neither the legal right nor is It
| nv duty to pO heyoDd tho law and