OCR Text |
Show 187 The production of gravel from individual pits is not kept by the state or county highway departments and estimates of production were not feasible, There is record of only occasional sales of sand or gravel pits. In the absence of production records and sales of individual pits a direct approach to the value of a deposit cannot be made. The value of a given deposit would fluctuate, depending on nearby highway construction, but the records show that as a whole the gravel deposits can be relied on to yield a reg-- ular income, The sand and gravel deposits on subject lands and private land are the same in quality, and anticipated demands could be obtained from either. Under these circumstances it is reasonable to assume that the gravel was obtained indiscriminately and will continue to be so obtained from pits on private land or on subject lands that happen to be located favorably. It is logical therefore that the income be divided in proportion to the number of pits on subject lands to the total number of pits in the area. The value as of June 28, 1938, of the sand and gravel deposits that occur on the subject lands is, there-fore, determined by the writers to be $17,828,09. |