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

land subtract on the other hand the de-
lpreciation, you reach the present va!u,
of the buildings. If the buildings were
all above ground, it would be a very
easy matter for anyone to estimate
their value, but large and expensive
lportions of them are underground or
under water where the actual sizes
lthicknesses, lengths, quality, etc, can
mot be accurately measured by anyone
however honest his parrose. Further
more, they Were built under peculi;. r
and most expensive conditions which
no enc can tell anything about by
merely seeing them. When you do work
under the conditions named in this
lease, you do it always at a tremeni-
lcusly increased cost, and the cost runs
up so much faster than ordinary work
that it will surprise any man who I'M
dertakes to estimate it afterwards. We
have deemed it worth while to have an
examination and analysis of the actual
cost carefully made, and Mr. West
has made it finally and swears that
that is q true statement of the actual
cost, from the vouchers of the COM
pany and the accounts presented here
by Mr.. Pride. We find that the actual
cost of the addition to the pumping
station alone was over 100000. Mr..
| Noyess estimate of the replacement
value of the buildings was $13,399.a7.
| and Mr.. West in his analysis of the
lcOmpany's books and vouchers shows
III detail that the actual cost was SIS
| $4,000. Against the estimates of the dis
trict's witnesses we place the fact of
the actual cost. If to this actual
cost of building there be added
| even ten per cent. of the adj
vance in labor and materials, which is
very low, since their construction, the
replacement cost today exclusive OF en-
|Sineering would be $17,4S6 and adding
" per cent. for engineering, which all
add to the building as well as the other
| items. the result would be $19594.35.
As to the depreciation. 1 have taken
the maximum allowed by any witness
IN the case, Mr.. Alien, which is
l$4,12o.00, SO that we have net SIS 4O1 90
for the buildings. and that 1 believe
represents their fair value today.
| pass next to the reservoir. There
is no difference here to the gross es-
innate, and the only difference is about
$962.OO of theoretic depreciation made
by the districts engineers, which we
submit does not exist in fact. The res
Iervoir is better today, as Mr.. Shedd
and Mr. Allen say, than it was the day
1t was built or the year Immediately
after it was built. II shows today per-
feet, gaining strength and solidity with
time instead of depreciation.
On the item of the pumping station,
for instance, estimates of the districts
engineers exceed ours in gross, but we
have adopted that of Mr.. Allen. The
district has allowed depreciation of
over $6,00000 on those items, based on
an absolute and admitted assumption
that the useful life of any given part
Will be such an arbitrary number of
years. The rest is pure mathematical
deduction from that. There has been a
liberal depreciation fixed by the COM
pany's engineers. of between $4,000 and
$1,000, and it leaves the total of pump
ing machinery and fixtures still at $780,
161 40.
AS to the Togus stand pipe there is
no difference worth speaking of at all.
| Now as to the real estate, exclusive
of rights of way. Those items of real
estate cost us s11, 1925. We claim to-
day $4.520.00 only for those items. The
valuations we have taken are the very
most candid and most competent valua-
tons that can be put on real estate by
any man in the city of Augusta. They
are the valuations of the eX-mayor, Mr.
TitComb, probably the largest owner of
real estate here, the best qualified to
judge of any single man in the city,
and absolutely disinterested. Having
his testimony we would not presume to
offer any other AS to the "a acre lot
and the Holman lot we take
the price that the engineers for
the district have assumed in their
figures on the filter plant, namely, 100
dollars an acre. We We're exceedingly
glad that the commission took the per-
haps unnecessary trouble to view the
premises, because that view we submit,
showed the moderation of Mr.. Tit
combs estimate for Il tract situated as
this is. We paid s9,5O0OO and now ask
| 10000 for the same. The Butman lot
Mr. Titcomb estimated at about 100000.
We paid $461.25. The "a acre lot was
testified to by our friends, the mayor
and assessors who had pleasant little
political party and found tt eselves very
unanimous in their judgment. The
Mayor as was his right. being at the
head of the party, thought he would
put $50 more on for dignity. He called
it $4,000 and the others thought it was
only $4,000. The Holman lot of six
acres Mr.. Titcomb called $690.00. There
is all there is of the real estate. We
call the schedule $4,520.00
AS to the rights of way I have not
understood there was any dispute until
III heard counsel. Counsel said in sub
stance if / remember correctly that
they would accept that if we would all
IN some form in making q new taking
if they wanted it. and l said we would
be glad to do that. / supposed that
closed the matter; if not we will give
Them assurance of the title in any form
they desire, and that will close the
matter.
Material on hand is an agreed item,
though counsel now disputes part of
that 400 odd dollars 1t seems that
even a reference and finding is not
conclusive.
Mr. Heath. We did not leave out
the uuaStion of title to them.