Daily Kennebec journal., 1906-04-19

!
Mass, and in Rhode Island may be
taken as good authority but what does
Mr.. Sheldon know about the mills here
| in Waterville?"
After few moments of consultation
on the part of the commissioners, Mr..
! Bassatt replied that the board was
willing TO admit the evidence in order
to obtain all the light which they We're
able to throw on the subject.
| Mr.. Johnson resumed by saying that
| he was simply trying to show how Mr..
| Sheldon had got at his idea of the val
uations which he had listed in his
! schc1 dulles. Continuing, therefore, Mr..
| Sheldon entered somewhat into details
! of the general equipments of the mill.
| The card machinery. he said, when
| new cost $4,000. Today he said il was
practically useless as such machinery
was not being made at the present
| time and that it could be sold only as
scrap iron.
! Mr.. Bassett-"Does this kind of ma
chinory turn out as good a quality Of
goods would the modern kind
NO. The labor employed to operate it
costs 100000 per year more than would be
the expense Of an equal manufacture of
the goods with modern machinery"
Referring to the spinning department.
Mr.. Sheldon said that the mills contained
5000 spindles. but GS,GO0 of which could
be used at the present time, leaving Il
difference Of 1900 which were rtt, rly use
less. He said that these SpindlcS which
had Eeen discarded were not good even
for the manufacture of coarSer material.
and that COCO of the mule SpindeS were
idle that time according To his iDNTS-
tigation few hours previous to the hear
ing. He said that the cost Of removing
them for sale as scrap iron would hardly
pay for what they would bring sold
such and that they were good for nothing
better; that other mills in Maine, such
as those ir Lewiston, Bddeiord and
Brunswick to his knowledge were like
wise hampered by this useless sort Of ma
chnery
Mr.. johnson then entered with the wit
ness into a detailed discussion of the
schedule. The witness said that the
value Of the mills had deprecated in two
respects, i. e., as to the form Of the
buildings ard the age of the machinery
contained therein. AS the accompanying
schedule was perused 1t appeared that
almost without exception the depreciation
In value of the different machines was due
to age and obsoleteness. Referring to the
form" of the buildings, divers compari-
sons were made with others of his con-
struCtion showing how completely hand-
capped in his estimation was the Lock-
wood Company on this account. He said
that $4,000 square feet Of floor area would
under proper advantages contain profit
ably as much as the $1,000 square feet
now required for its machinery. In conf
parisOn with another MILL he cited the
Mohawk mills which contained 5000 spin
dies used for the same quality Of work
as the 5000 of the Lockwood Company
ard which We're contained i'll a mill of an
area Of $1,000 square feet, all Of which
We're located economically in one build
ing, under one roof, and which Inanufac-
turod as much goods per annum as did
the Watervilc mill. He said that the
walls Of Il modern building of the sam"
capacity Of the Lockwood mill could be
erected with 20 per cent less brick and
that the building would be better lighted,
more convenient in every way and moro
durable. referring again to the water
power appliances. he said that whereas
they should be valued at s1C000o, 4 steam
plant could be erected with the same ca
pacity at Il cost of 10000.
4 Mr.. Brown then asked him if he could
give any idea Of the profits which the
company ought to be realizing as he I'M
derstoOd the value Of the cotton produc
tion as compared with its cost.
Mr.. Johnson interposcd with the same
objection as that of Mr. Brown previous
~ offered, that the evidence was mad
mis- Scil ,f,t, L.
in the matter by saying that il" proposed
to show that during the last 10 years the
Lockwood co. had been paving dividends
Of at least per cent. while the mill
carried a stock to tie value Of $l.$O00ln
and said that what the m.ll is earning
and has earned during these years IS
proper evidence to him in estimating it.
value He said he know that Mr.. Ahhot'
was I good manager and the profits which
he realized went to show II" sane Il
want to EnO" what tins mill .; worth. II
Mr.. Sheldon has no knowlndac. rs H.,
say., why Of courS, hc can't g,v. H.
think hat he ought to be asked t. cx-
press himself on this point"
\ lively debate cnsucd between ~
Baker ard Mr.. Rrown tn" former tryin..
- rcfutc the Iattrrs argument. ana mal,-
lIt1 HtN'i al llltstt IT .blS, MT. brown con-
Guiding by saying "If am permitted
to got at the books Of this company ! am
going to show up some Of the profits
Which the company is actually making"
Mr.. Halicr-"It Will he perfectly proper
Of course, to permit Mr.. Brown to exam
inc these books. and l presume that there
will not be the slightest objection to his
doing 50. What property is adapted t.
do is one thing; but what it does do de-
n"nds entirely upon something outside Of
the property or its value
With this lively debate the noon hour
struck and the body adjourned until >
o'clock in the afternoon.
The afternoon session commenced at 9
o'clock with Nlr. Sheldon still in the box,
S. S. Brown being the interlocutor Mr.
Browns questions were quite general in
character ana the replies unimportant to
the evidence as a whole. He asked him
if his testimony of the morning had to
any extent whatever been influenced hv
recourse to the books of the company in
his discussion of the schedule or even in