Page:Federal Reporter, 1st Series, Volume 10.djvu/578

 566 FEDERAL REPORTER. �In regard to the first question, it may be safely stated that the wrecking offieers who conducted this enterprise were men of extra- ordinary skill and experience in the business of wrecking; and that they were furnished on this occasion liberally and promptly with every appliance that was requisite for this work. The libellant is a wrecker by profession and of a life-time's experience. He had at command at the time of the salvage under consideration, as the crea- tion of a heavy outlay of capital, estimated by some of the witnesses in this cause at as muoh as $100,000, a complete outfit of wrecking vessels, implenients, and material. �Per contra, it is shown by an inventory of the priees at which these various articles were valued to the Baker Wrecking Company, on a recent occasion, that the aggregate proceeds of sale of the larger part of them was only $25,575. The libellant contends, however, that the lowness of these priees was owing to the absence of competition for euch property, in consequence of the general discontinuance of the wrecking business that bas taken place on the Atlantic seaboard, from wLich cause the priees were but nominal, and far below the original cost of the articles inventoried. He contends, also, that this sort of property is peculiarly liable to waste, detoriation, and loss; and always sells, at second hand, at great sacrifice. Be this as it may, the fact remains that the libellant's assortment and outfit of wrecking vessels, apparatus, implements, applianoes, and supplies of all kinds was very large. �Capt. Baker had been long at the head of the principal wrecking Company of the Atlantic sea-board; is reputed one of the most ex- perieneed and successful wreckers of his day; and his establishment was, at the time of this service, the only one south of New York that had survived the evil fortunes that have for a long period beset the wrecking business on this coast. The earnings of his firm in a period of 10 years had amounted to the aggregage sum of $811,425; and his outlays during this period were $700,000; to which must be added the loss and depreciation of stock in the wrecking business. Capt. Stoddard had been a partner, but was not so in November, 1880, and engaged in this special enterprise on a special agreement. His compensation was only $10 a day; but the libellant was in debt to him, and he hoped to make his debt good. �By reputation Capt. Stoddard is probably the best wrecker on the Southern Atlantic coast. He bas followed the sea the greater part of his life, and has been engaged in the business of wrecking, as a pro- ��� �