The Hawaiian gazette., 1912-03-01
.BRECKONS GR|LLS
REALTY EXPERT
Keeps Reidford on Toast During
Day Long Session of Ma
huka Site Trial.
(From Wednesdays Advertiser }

From Wednesdays Advertlser.)
Cross Examiner Robert Breckons, Uni |
ted States district attorney, had his in
nings in the Mahuka site case yester-
day, and very much perturbed and
mentally bedraggled real estate expert
emerged from the ordeal when court ad-
journed at four o clock. The grilling
process will continue further today, be-
ginning sharp at ten o'clock and last
ing until the district attorney feels
that he has convinced the jury of the
real worth of r. r. Reidford s evidence.
Reidford took the stand when the
federal court opened yesterday morn
ing, and at once plunged into his testi-
mony in behalf of Cushman Carter,
trustee of the Cummins estate, owner
of the property where is situated the
office of Castle & Cooke. The prelim-
mary questioning brought out the fact
| that Mr.. Reidford is some expert. He
was for number of years employed
by a real estate concern in Washington
State as an appraiser of values of
property on which his firm wished to
make loans. Ten years ago Monday he
arrived in this city and has been with
the Bishop Trust Company, Limited,
ever since. He is now the manager.
In order to explain why he had set
value of $171 900 for fee and build
ing on the property now occupied by
the big steamship agents, the expert
took the jury over the properties along
Cfr IN ha xyiainitxr nf fhnt
under discussion.
Light on Values.
Reidford started in with the premises
occupied by the Jordan dry goods store,
belonging to the Waterhouse Invest
ment Company. He said that he esti-
mates the value of that property at
500, $50. In explaining how he reached
that figure he declared that the total
annual rental paid by the concern is
$46s5. This he said gave net return
on the investment of five per cent.
Next the expert took up the Nc
Intyre building, occupied by the First
National Bank, a shoe store and the
county offices. The area of that prop
, erty, he said, is 1890 square feet, the
net rental $4,000. The land he de-
| CldIeu is WOIth PSu a Leu, q
total of $2OS,600, or $l5S 900 for the
land and $4,000 for the building, This
. said the expert, gives an investment
value of five and eight-tenths per cent
4 The inside financial history of a Fort
street drug store followed. This, the
expert asserted, had been sold recently
$4,000 for the land and $4,000 fol
/ the building, a total of $4,000. Their,
are 113s square feet in this property
/ which according to the first figures
make 1t worth $35 square foot Th,
r rental, said Reidford, is $4,000 a yea
0 net, which gives an investment valu,
b of seven and one.ffth per cent. Th'
{ c. NJ. Cooke building is valued at $35,
l. s45, according to the testimony, /
has an area of 3460 square feet, ant
3. Reidford holds the land to be wort
e $3.50 square foot. The building, h
Is says, is worth $4,000. The rental pai
d on this bit of property is $4,000 year
It or at the rate of six and sixty-nine
II one-hundredths per cent.
Al Barber Shop Rent.
! Than Reidford took up the Pachec
~ Barber shop. His figures for that proI
erty were, area 766 square feet, Ian
value $l3, ,405, building $4,000, or $l7.5
a square foot. The net rental is $50!
IN or an investment valuation of FIVE an
re seventy.three one-hundredths per cen
l: The Fitzpatrick cigar store he set g
as S26,S00 for the land, $4,000 for th
g. building. The area l160 square fee
at $3.50 per square foot. The annu;
: rental is $l929, the investment valu'
tion four and ninety-six-one-hu -hundredtt
per cent.
The building occupied by the Trer
: Trust Company and McInerny, with a
area of 1888 square feet, he set dow
y for total valuation of $142,0S0, thi
5 ty.five thousand dollars of which go'
for the building. The net rental