There is no denying the fact that submerged timber has superior properties in many ways to conventionally air or kiln dried timber. Don has explained it well above.In Ireland, "bog oak" has been well known for centuries. Basically the same principle.
I would still be interested to have answers to the Stradivarius question, so I will start another thread, as Strad experts may not necessarily click on to a "Banjo Bridges" thread ....
Murray