The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-13
COBURN.
GEN. COBURN DIssENTs.


General Coburns opinion. dissenting from
the valuation fixed by his colleagues, is as
follows:
indianapolis. Ind, Dec. 9. 1902.
L dissent from the opinion OF my col
leagues in their estimate or the value or
the buildings and grounds of the Indianap-
oils arsenal In my opinion their estimate
is below the fair value.
After somewhat careful examination or
all the important facts bearing on the
| question OF value the majority of this
board or appraisers have fixed their esti-
/ mate at the sum OF $154,0O0
/ This conclusion announced after
| examination of a number of witnesses as
] 10 the condition and situation OF this prop
a sale. They are In the main well-known
| gentlemen who had a general acquaint-
ance with the values Of real estate and of
! the business Of the city of Indianapolis.
| The examination Of witnesses has ranged
| also over the condition of the buildings
| and their possible uses. Some of them had
been erected at very great expense, and the
| possibility of their adaptation to future
uses was serious question. And whether
| they could be applied TO manufactures or
an educational institution IL purchased for
| either purpose was an object of inquiry.
The land is about n mile and third from
| the central point of the city, which is the
south ends each is a line of electric cars;
one-quarter of mile west are the lines of
railroads traversng this country in all di-
as the Big Four, is located a quarter of
mile west of this land This company
owns strip of land reaching from their
present lines to the west boundary OF the
arsenal tract, and 1t may be an easy mat
ter to lay a track to the arsenal along st.
Clair street. The city authorities and
have been very liberal in granting permits
| TO railroad companies for the right to lay
| tracks for convenience in their business,
| so much So that Indianapolis is famous as
Sy % gTeat Be roaf % this is
| point mile and half or more. / submit
map of this city showing the locations
titled List of V consignees % p1lRa,e' uslRng Side sa
| Tracks In and Adjacent to Indianapolis"
This pamphlet shows among other things
| the connections of the Big Four system,
| whose tracks lie very near the arsenal, only
quarter of a mile off. In addition the
great Belt road is to be seen on the map
| which | submit. / submit in addition a
| facturers of Indianapolis.'' These indicate
/ the situation and business of this city bet
ter than any statement / can make. 1t
| would seem that the arsenal grounds would
| be very valuable for manufacturing pur-
| poses.
NO MEAN CITY.
Indianapolis is no mean city with popu-
lation increasing rapidly above 10000 souls,
| centrally situated and IN very 2. oductive
region. The questions as to values of land
/ and buildings arise first out of the fact that
| this is a large tract in the interior of
large city. and the first one is should it
| be subdivided; the next one arises out of
| the fact that there are some large buildings
/ on it which were erected for the purposes
| of an arsenal. Should the land be SUBJ
divided into large blocks and small lots for
/ sale as an addition to the city? Can the
buildings be utilized and preserved? If
| sold as one tract the problem is easily
| solved. The range of purchasers would be
| exceedingly small There could be little or
| no competition among purchasers. The
| price could only be paid by wealthy men
| who can handle real estate or by COM
| panies with sufficient capital. Not many
such men or companies exist here.
| The witnesses who state that the arsenal
| ground and buildings should be sold in a
single tract for cash put their opinions on
First-That the general government does
| not subdivide such real estate and sells
\ only for cash.
| agencies and commissions to subdivide and
| sell 1t.
Third-That it would take long time 20
| do this business.
| Fourth-That the land must not only be
| subdivided. but expensive streets. alleys
| and sewers must be constructed before IL
can be sold. and that even then il cannot
| all be sold in a reasonable time.
Fifth-That the buildings are of very lit
tie value. That the residences are of old
| style and need repairs. That the great
| storehouse Is unfit for use, and that other
| buildings unfit for of little value
for any purpose TO which they can be ap-
| piled.
! On the other hand, to the first objection
the history of the sales of military reser-
| vations contradicts the assertion that gov
| ernment never subdivides real estate for
| sale. To the second Ii may be said that Ii
| is not q necessity that the subdivision and
sale Of real estate should be very expensive.
Nor is IL true that 1t would take a long
time to complete the sales Nor is it true
| that expensive improvements need be made
before 1t is offered for sale.
| AS to the assertion that the present build
ings are of very little value. that they are
in old style or out of repair or unfit for use,
IL is proven beyond a question that facts
upon these assertions rests the basis for
the undervaluation of the arsenal property,
consisting of land and improvements of a
| very substantial character.
| VALUE OF BUILDINGS.
| In addition several witnesses say that
the buildings are mainly in good repair
and can be utilized. some for residences
and others for school purposes or factories
or both; that they are worth as they stand
very considerable sum of money; that
here are sites for valuable factories to
which railroad communication can be made
in a very short distance, and in addition
| 70 such others as do not need direct con-
| tact with railroad lines and who deliver
| their products in less than carloads. The
| great majority of side tracks of the most
| important of the factories, mills, ware
| houses and other places of business are not
on the Belt road or on the Union Railway
line but on other lines of railway and
| their switches. Reference is made to the
printed statement filed herewith, all OF
| which demonstrate that the arsenal
| grounds could be profitably utilized foi
such purposes.
The buildings there now. except two very
| fine brick residences. can be utilized fol-
manufacturing purposes. The walls and
roofs are in very good repair. without de.
| cav or cracks leaks. There is ample
room for many additional factory sites
there The land is high and dry and car
| be easily drained to Pogue's and the
. | city sewers. There is no such a tract il
| the city for a collection of factories. so cen.
| trally located, well fitted for the deliy
, | cry of goods in less than carloads and 81
convenient of access by the system of rail-
, | roads a quarter OF a mile distant. from
. | which switches can be run through every
part of this tract of land and bring in Goa
! | and materials and take out theil
: products.
The great storehouse. with four floors
! would be an ideal place for factory of
, very large size. This building is i'm excel
, lent condition and is worth from 10000 e
i $4,000 for such purposes. The residence,
? are excellent and are worth from $1,000
to $1,000 each. The other buildings are IN
| n good state OF preservation and worth 4
properly utilized. the sum OF $4,000 Th.
, witnesses who put the entire value Jowr
, TO $4,000 agree as TO the little value o.
the buildings Some state that they ar,
Il of an insignificant xrb<