Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-04-23

: fed copy of the city treasurers records
! showing tax rate, taxes, valuation,
polls. etc of Augusta by years since
1874; another showing valuation, taxes
etc. of Edwards Company by years;
another a certificate from Selectmen OF
! Chelsea stating that the company has
never paid any taxes on it's property
there; another a table of figures show
! ing flow OF river here at various times.
Mr.. Leland. being recalled by Mr.
| Heath. testified that he found the total
| weight of the cast iron pipes in the
system to be 1852 tons.
Mr.. Heath then offered in evidence
figures from the census of 1890 showing
the number of survivors of the Civil
War and their classification by ages.
This is to show the probable per-
marency of the Togus home from
which the company gets an income of
$500 annually.
Mr.. Gray, recalled by Mr.. Heath
testified that as Il result of the lower
ing of the grades on certain streets. he
would reduce by Sl,2S7 his earlier esti-
mate of the replacement value of the
plant.
Josiah A. Norton Of Augusta was
called and testified: own property
adjoining the Johnson and Homan lots.
Have owned it since 1892. Am familiar
with those lots. They are rough land
with gulies. Six or eight acres are fit
for paSturage. There is one place
where coarse gravel is obtained. 1t is
only fit for filling and grading. If
Capitol street is extended 4 cut OF
AZ or so feet would be necessary at first
and deeper as it was extended
At 11.15 Mr.. Heath rested the case for
the Water District subject to the ad-
mission of a few papers and documents
later.
Herbert Payson of Portland was the
first witness called in rebuttal by Mr.
Baker: Am member of Fl. NJ. Payson
& Co.. Portland, dealer in stocks and
bonds. Firm has dealt in water works
securities and plants since 1870. Has
handled water works bonds to total of
over $9J,0C0.000. Am personally an
owner in such property. The firm has
been interested in fully 100 water COM
panies. chiefly in buying and selling of
their bonds Have mad experience in
valuation of water plants. Testified at
Dover and at Gardiner. Have eX-
examined this plant. Have no financial
interest in this company. AS a result
of physical examination, / think the
plant is well planned and well equipped.
Considering the property as Il whole, in
its present condition, with present
rates, source of supply. earnings. ex-
penses. its franchise, contracts. etc. l
think its fair and equitable value to its
present owners is $4,000. If / could
buy it at that figure | could float $780,
600 bonds and issue stock of $l150O0.
This could not be done in any state but
Maine. We consider water company
bonds the best kind of securities.
Have not lost i of per cent. of al:
bonds we have ever sold. The use Of
water is necessity and constantly
increases. Maine water bonds are best
in the country, Purer water means
greater use
Before Mr.. Payson answered the
question as to the total value of the
plant, Mr.. Heath examined him as to
his qualification as an expert. Mr.
Payson said II think physical valuation
of plant is from 100000 to $2SO,OO0.
Came here yesterday. Had no know
ledge before that of this plant. Came
here to qualify myself to testify. Was
shown tables; of earnings. Did not see
Mr.. Pride's tables. Spent yesterday
and last evening IN looking over plant
and at office. Did not see Edwards
lease. Assume buildings there used by
Water company belong to Edwards
Company
Mr.. Heath then objected to Mr.. Pay
son being allowed to answer. first on
the ground that he was not qualified as
an expert. and second on same grounds
as argued earlier in the case against
the admission of expert testimony.