The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-12-16
VALUATION ON
BUILDINGS Of
WATER CO. HIT
City's Appraisal by Realty
Men SIaSheS Figures
of Utility.
CLOSE SURVEY MADE
Findings Will Be Basis of
Rate Decision From
Commission.
Commission.

Old buildings of the Indianapolis
Water Company, valued by the con-
Germs hired experts at nearly 100
| per cent, today were revalued at IS
per cent less than the company
figures by city witnesses before the
public service commission.
This testimony was presented by
the city after realtors testified that
land valuations of the company
were more than double the apprais-
ais made this week by the Indian
apolis Real Estate Board.
Used and useful property valua-
tons will form the base for per-
manent rates to be written into a
public service commission order at
close of the hearing.
Valuations Held Too High
John A. Deery, local architect and
engineer, presented testimony re-
garding building values. In addi-
ton to discounting by Is per cent
the present condition of the build
ings as found for the company, he
introduced price lists showing that
those used by the company for
building replacement estimates
were far in excess of the present
market.
Deery testified he had inspected
all buildings listed by him, in COM
pany with Louis G. Brandt, Indian
apolis contractor; william F.. Hurd,
city building commissioner, and H.
B. Steeg, chief engineer for the
city plan commission
Photographs were offered to show
how time had dealt harshly with
some of the old buildings.
The approximately 100 per cent
valuation placed on them by the
company had been attested by Mall
colin PRIME, New York engineer, i'm
ported for that purpose
Prices Are Double
PRIME also presented the unit
prices for replacement which were,
in some instances, more than double
those presented by the city today.
Deery and the city inspection
committee listed the Washington
street turbine building at so per
cent, giving 40 per cent deprecia-
ton to that property. Buildings at
the suction well were rated at 80
per cent.
At the Riverside plant, the Davis
building was rated "a per cent,
Snow building 81 per cent and the
turbine building at 80 per cent.
No rating was given the old grist
mill at the Fall Creek properties of
the company and the pumping plant
there was rated SO per cent.
Brought Out Vividly
Difference in dollars and cents
valuations between the city and
company figures was brought out
graphically.
The Davis building was listed by
city appraisers at $193, 687 and by
the company $280,639, difference
of 81 per cent. The Riverside
boiler plant was cut from the COM
pany figure of, $56,665 to $45,324, a
20 per cent reduction.
Twenty-Five per cent was struck
from the company valuation of the
Market street garage. 1t was valued
by the company at $31,753 and by
the city at $24,34
Albert e. Uhl, former president
of the Indianapolis real estate board,
gave land appraisement for the
company's office on the Circle of
$189,189. This had been valued by
company experts at $349, 625.
Unit Prices Differ
Unit prices for building replace
ment, presented by the committee
for whom Deery testified, differed
from company figures as follows:
Concrete construction: Company
prices, 1926 to $2O.O7 cubic yard;
city committee prices, 1925 to $11.
Reinforced steel: Company, 43
cents a pourc; city, 3.5 cents.
Lumber: company, S88 a thou
sand feet; city, $65.
Stone: Company, $42O a cubic
foot; city, $2.25.
Steel and IRON Company, cents
"a pound; city, 38 cents.
Brick: Company, $45 thou
sand common, $50 face; city, $28
common, $50 face.
J A. H. Moore, city engineer, also
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