Page:Federal Reporter, 1st Series, Volume 4.djvu/937

Rh deduction which should be made, for the shrinkage of the value of any vessel of much size which has been ashore on the rocks. How much this should be in this case does not appear; not very large, however, as the repairs needed were not large, and the apparent damages small—say $300. This leaves the value of the vessel, when rescued and brought on shore, $2,805.71. Between this valuation and the estimate of Mr. Littlefield ($1,500) there is a difference of $1,305.71. One is nearly twice as large as the other, and they can hardly be reconciled. If the one is too large, it is equally certain the other is too small.

There is still another method of approximating the value of the hull when saved. The owners insured the vessel for $5,000, and that was the value they placed upon her for insurance when wrecked. Mr. Tredick says "she was in good condition." He was willing to pay the premium for that amount of insurance. But it is now said that valuation was too high. Admit that it was so, and deduct 10 per cent. for such over valuation, ($500,) that leaves her value, with rigging, at $4,500; deduct $1,500 for the rigging, which is its cost when new, as appears from the testimony of Mr. Tredick, and you have the hull $3,000 when the vessel sailed. She was injured on the rocks to the amount of $344.29, as shown by bill of repairs. This leaves her value at $2,655.71. Deduct, again, $300 for injury to her reputation and market value, and you have $2,355.71, the value of the hull as saved. This sum is not very far from midway of the others. If we add the three results, viz.:

Divide by three and we have an average of $2,220.44. This is probably not very far from correct, and I have concluded to call the value of the vessel when saved $2,200. The value of the other articles saved I find to be $550, making a total of $2,750.