Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-11-02
EDWARDS CASE.
Valuation Of City Real
Estate Continues.
Three Witnesses Give Their
Estimates Thursday.
II Now Seems Probable that De-
4. fence WiIIiBegin Next Week.

way WIS the first witness TO De called,
he linking uD the valuations at VIM
rhrop street. Mr.. HOlway valued prop
erty on Winthrop, State, Chapel, Sew
ell and Green streets. His figures av-
eraCc somewhat lower than those Of
Charles :. Downing on up town prop
erty The second witness, Henry 4.
Heath, valued a little more property
| and his figures We're slightly lower than
either Of tn" preceding witnesses.
-iime Casavant was called and tcsti-
fed in regard to property values on
Cushnoc heights or Sand hill He
made his estimates in conjunction with
George w. Vickcry.
In the croSS-eXamination 81 MI. Hol-
way ii developed that, aside from Wat
or street. he had valued some 200 pieces
If property. OF these but % agreed
with the asSessnrs. He was asked if,
in valuiEg residences worth $1,000 or
$4,000. fairminGei men might not differ
TO the extent Of $1,000. The Witness
agreed that they might. When asked
to place il on Il percentage basis, he
thought that that would BE- rather diff
cult If they should differ ten per cent
on Il single piece of property, the wit
ness should not consider il remarkable,
but if SO marked a difference continued
| through tn" figures on ten or Il dozen
parcels, he should think that it was I'M
| usual
The witness had at ono time apprais-
ed III" George r.. Potter property. up
on which he now puts a value of $lO,-
| 900. at $4,000. The fact that 4 general
raise of the values along Water street
| was made about four years ago was
noted. This completed the examination
Of Mr.. Holway.
| Mr.. Heath's direct examination con-
sisted Of only a few preliminary qu-s-
lions in regard 10 his term Of residence
in the city and his ability to Judge
property intelligentIy. He then read
his valuations.
ON cross examination the witness
stated that he was engaged to make
the valuations about ten days ago and
that he had spent about half his time
since then in the work. Charles An
drews gave him the lists which con-
sisted of the names Of the owners and
the assessed valuations. Was told to
make his valuations rs of 1903 with
| changes for 1906, when there We're any.
| The witness did not do any preliminary
work, il was not-nrceSSary, hat instead
| began his valuations at once. HI.
| thought hat he had passed judgement
on about $40 pieces. He visited 20 or
- places. He did not 60 into any.
| Many Of the places the witness said he
| had never been i'm and had no knOwl-
edg" of the interior. In placing the
values he took into consideration the
location and condition of the building
and the amount of land. He didn't
| make any especial investigation as u
the age of the properties. Many of them
| he knew. A brick block that is kept
| in good repair would not depreciate
much in - years
| y comparison between the Haskell
store and the restaurant adjoining, on
| Water street, was made. on the store
n valuation of $4,000 was put and on
the restaurant a valuation Of $4,000
Mr.. Heath explained that he took into
consideration the relative condition of
tn" tw" buildings and also the ..labor-
ate interior of the restaurant
He was asked if there We're any
pieces Of property that h. had valued
lower than the assessors He cited the
|
| heirs of Jan" Judd He said that h"
| thought that his values between Win
| throp and Bridge streets on Water
street. would run higher than the as
| SCISSORS. but At the two ends of the
street there wouldn't be 50 much differ
encc. TIL" earning capacity. condition
of the building and tn" location were
| considered in valuing tho property on
Water street. On the y. A. Soulc store
the witness placed a value If $500
| Asked if h. knew what tn" income on
that property was annually on Il long
term lease, h" replied that he thought
| about 5000. Asked if he had that in
mind when he mad" his estimate. h"
| replied in the negative The Tabcr.
'3reF and Reid and the Whitman
Adams stores were also cited
| The Maine Farmer building Re con-
Sidercd worth $4,000 because it was
constructed for the occupants The in
come of the Eickery block. he thought
warranted the value of 5000 which
| ne had put upon it.
on the kenncbcc Savings Bank build
| ing, IN" witness placed I value of SOS.
ooo. Taking that as Il basis he esti-
| h'dt'u tildt tuc income from II ought to
be $4,000. To be charged against that
was NV" per cent. for taxes one per
cent. for insurance. and four and one
| half per cent for interest. The repairs
the witness could not fix On real
estate mortgages FIVE per cent is being
| received
| Atter rcconSidering the Purinton
| hiock ut some length. the witness said
mat If it was to be- bought simply rs
an investment. man could hardly af-
| i"rd to give the $4,000 at winch he
had valued it,
Anne CaSavant was the next witness
On direct examination conducted bv
attorney Heath. the witness stated
mat he had been 4 resident of Augusta
lor ~ years ana had been a merlber Of
the Building and Loan Association for
l" years. IL was his business 10 lool,
up property i'll his neighborhood and
determine its market value. His list az !
valuations was made up entirely with
OUT me aid of any assessors list. and
Wien ne made the valuations he dj,In,t !