The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-10-05

not arected by the fact that the gov
eminent wants to obtain this site for
the enlargement of the postoffice here,
but reiterated that it is especially
building.
Charles Millhiser, a capitalist, said
that he is very well acquainted with
the values of real estate in Richmond
and declared that he thought the
Eleventh Street site to be worth about
$500, 600. He testified that he thought
its valuation can be placed at that
inquire even though the government
does not acquire II.
Others Cut the Valuation.
F. I. Sutton, one of Richmonds
Oldest real estate men. who was called
to the stand by the government, stated
that in his opinion the property is
not worth over $4,000.
W. T.. Purcell, Jr, an assessor as
well as a real estate dealer, who was
also called to the witness stand for
The government, testified that the last
assessed valuation of the property was
sz4Z,ooo. lie staed, however. that at
the time this property was assessed
the real estate market in Richmond
was very dull. He declared that in
ms opinion the property is worth
about 1920, 900.
Mr.. Denoon Testiffes.
testimony Of II. l.. Denoon. real es-
tate agent, consumed the largest
amount Of time yesterday He was
the last to take the stand before court
ADJOURNED for lunch and was recalled
"hen 1t reconvened at 3 o'clock in the
afternoon. Mr.. Denoon stated that in
February. 1918. he purchased the Main
Street front for the sum Of 5000 600
and sold 1t in June, 1919, for $3.50, 900
to the Vtrginian Building Corpora
ton. Mr.. Denoon stated on the stand
that he had been told that the gov
eminent would not attempt TO enlarge
the present postofftce building and
that the Bank Street site was then
purchased in order to secure q very
desirable site for the office building.
lie submitted n statement showing
the cost OF the property and interest,
less the rentals, to be s571.oo7
When recalled to the stand in the
afternoon he reiterated that the por-
ton of the property on Eleventh
street acquired from J. n. Carneal had
been purchased after he had been as.
sured by the latter that the govern
ment would probably not mako an
effort to secure the property for the
enlargement OF the postorice
Mr.. Denoon read letter from Mr.
Carneal in which the latter stated
that he had been told by Postmaster
Thornton that he (Postmaster Thorn
tom had recently visited the depart
ment nj Washington and had learned
that the government would not at
tempt 10 enlarge the present building
Low Tide Was 100000.
II may be said that the government
had the better OF the morning pro-
ceedings, A valuation as low as $780,
coo was set on the property before the
court adjourned for lunch
James Caskie, an attorney, who was
the first witness to take the stand,
expressed the opinion that tho Flew
enth Street site was worth about $780,
oo0. He declared that he did not see
much difference In the valuation of
property on Ninth and Main and Elev-
enth and Main.
Frederick G. Valentine testified that
he believed that the property Is worth
about s3s0.00o. He declared that in
his opinion the property facing Main
would bring about $4,000 a foot. l.
W. Mcveigh. a real estate dealer. ex-
pressed the opinion that the property
IS worth $780,. 900, while II. selden Tay-
Tor. another real estate man. said that
it's market valuation is about $685.
GOO,
tried to keep up with the values Of
real estate in Richmond and believes
that the Eleventh Street site is worth
about $4,000 The witness admitted
that the site Is very desirable for an
office building.
Following Mr.. Gordon's testimony
evidence of the first witness for the
property owners was introduced by
Attorneys Harry Smith, Jr.. and Hill
Carter A Beirne Blair. president of
the Virginia Building Corporation.
who was the first 10 take the witness
stand. testified that he thought the
property to be worn between SSH, 900
and 100000 Attorney Harry Smith
endeavored to show that the property
had been originally purchased as
site for an office building, and that
the company did not and never did
want TO dispose OF II TO the govern
ment. However. all Of these efforts
were ruled out by the court.
while Mr.. Blair was on the stand.
Assistant District Attorney submitted
an option. dated Septembe 9, 1914.
given by the VirRtnian Building Cor
poration to w T. Reed, president Of
the Chamber OF Commerce at that
time. for ssooo 900 for the Main Street
front of the property. This option
was signed by MT Bialr as assistant
secretary of the company.
In reply to questions by Fl. NJ Smith
Jr, Mr. Blair stated that the corpor-
alton was in need Of funds to meet
payment OF mortgages on property
and on account OF the European war
He said that money was hard to Sc
cure at that time and the option was
given at a less price than the prop
erty was worth.