The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1931-02-05
FRIDGE CO.
ASKS S750,OOO
FROM STATE
owners Explain Costs; High
vay Dept. Makes Estimates
over: Price Good to June |
of This Year
Bv o. H. OLSON

IN the Roads anu DliuSSS ooiiiiiii
+ee Monday afternoon-it IS a very
fair. and | feel, conservative esti-
rate am quite fully convinced
.fter reading the report and talk
mo further with Director Humes
that the delay has been occasioned
nv the Bridge company's refusal
70 comply with numerous requests
for information. AS a further
measure of good faith the high
way department has volunteered TO
submit an estimate on the cost OF
building a new bridge in place OF
hnvinp this one for consideration
in connection with any bills intro
duced on the subject. As whole
the report is very satisfactory and
/ think that any further delay will
be due to the attitude of the bridge
owners.
Below are given the significan.
parts of the report accompanying
the appraisement:
sour negotiations with the
Northwest Toll Bridge company
for the purchase of the Pasco-
Kennewick toll bridge, which have
been in process during the past six
months, were brought to conclu-
sion on Friday afternoon, Janu-
airy 80, by an offer of $500, 100000,
based on the appropriation as now
standing, which was fatty re-
fused.
"As a result of the study we
were able to make, though investi-
CATION of the records and financial
statements made available to US
by the Bridge company, we arriv-
ed at a figure which would seem
to be the net value of this bridge.
This figure is s527, 1922, and con-
templates the net investment of
the stockholders as of December
81, 1880, plus reasonable interest,
and less very conservative
amount for depreciation. It would
allow the stockholders return of
practically 100 cents on the dollar
for their money invested, plus in
terest on their net investment at
8 percent. The sum was suggested
to the President of the Bridge Co.,
in conference, and we were by him
informed that such an offer would
be rejected by the stockholders.
The president of the bridge
company stated that he was auth
orlzed to speak for the stockhold-
ers, and upon being asked to sug-
gest the lowest price that would
De accepted, named a figure of
S75O,0O0.O0. This price was for de-
livery to the state on June /, 1881.
The figure of s75O,O00.00 is under
stood to include losses sustained
Dy the Northwest Toll Bridge Co.
through their financing the Wanna
Toll Bridge, otherwise known az
the Bridge of the Gods
In the figures which we have
arrived at, it has been attempted
TO separate the financial affairs of
the two bridges being operated by
the Northwest Toll Bridge COM
pany, so that as presented these
1lgures include only the legiti-
mate considerations as concerning
the Pasco-Kennewick Bridge it.
self"
10 summarize a little from the
explanatory report as to how the
ngure of $527,S32.12 was arrived
a. may De in order. The depart
ment has given the bridge COM ],
pany full credit for the total cost
Including improvements and re
placements with interest on those
from the time expend-
% TO December 81, 1880. Charged
oiI against this has been some ma
'erlal that was replaced by new
work and depreciation and diyi-
aends-this last item totals $685. |
'.o.oo. In the item of cost to the
two departments
las allowed all the promotion ex-
pelse and engineering expense,
'osn on the original bridge, and
IN tne additions, a total of $685.
'os.ol, to be included. "
Inc earnings in reserve fund Sc.
Up are not touched in any wav or
,iought into the report, it being
me intention to let the bridge own
rs keep that money. So altogeth-