Mr. M. Z. White is President of the First National
Bank, President of the Coffey Land Company, President of
the State Senate of West Virginia, and was the personal
friend and advisor of the late W. J. Williamson, founder
of the City of Williamson. Mr. White's long residence and
close touch with the financial affairs of the city have
kept him exceptionally well-informed as to the conditions
and values in the city. Mr. White asked to have his an-
swers to the questions transcribed, then he carefully checked
them; although he owned property on 2nd Avenue, Mr. White
unhesitantly stated 3rd Avenue was better than 2nd Avenue
between the dates of this inquiry, but that 2nd has since
pulled ahead.
In discussing the sale by Alex Bishop to the Day and
Night Bank of a half interest in Lot 17, Block 5 for $40,-
000.00 in 1922, Mr. White stated that $80,000 was cheap
enough for the property at that time. He said Mr. Bishop
made a give or take price of $40,000.00 for the half interest,
lot he considered worth $30,000.00 to $40,000.00. He said
Bishop was at that time Cashier of the First National Bank.
When Pickle Shimer, as trustee, sold Ammar this property in
1926, for $67,000.00, Mr. White stated this was an awful cheap
price, as the result of a bank failure. He considered the
bottom land in the yard area 50% better than the platted area
on the hill for any purpose.
[A WV genealogy site has an entry for Mr. M. Z.
White -- but doesn't tell us what the "M. Z." stands for.]
Check him out --
Qualifications of T. R. Joseph.
Mr. T. R. Joseph, at present manager of or agent
for the following companies:--
Morningside Land Company
Big Four Land Company
Mingo Investment Company
Guyan Land Company
Valley Investment Company
Knox Creek Land Company
was also formerly connected with the Randolph Realty Cor-
poration, now out of business. He has his office on the
Second floor of the National Bank of Commerce building,
where he was interviewed. Mr. Joseph is well-informed re-
garding real estate values, particularly in East William-
son. Stated he came to Williamson district twenty years
ago, having lived there exclusively for ten or twelve year.
[Mr. T. R. Joseph was a public accountant who had opened
his practice in Williamson in 1925, according to the record of a
legal decision.]
Qualifications of H. G. Williams
Mr. H. G. Williams is a gentleman of about 50 years of age.
He has been in Williamson over twenty-five years, and is in the real
estate and insurance business. He is Secretary of and Agent for the
Williamson Mining and Manufacturing Company, and, in general, for
the interests of W. J. Williamson. He also owns considerable property
personally, and has bought and sold a good deal more.
Mr. Williams wrote the answers to the questions in the letter
presented to him, the carrier's representative offering no comment.
Mr. Williams stated the figures he put down in answer to question 4
represented his idea of the average value over the years 1920 to 19-
26. He Stated in answer to question 5 that it was true that the
Williamson Mining and Manufacturing Company owned much property in
and near Williamson, but had sold off much of the townsite some years
prior to 1920, and during this period held very little land down town,
and it certainly could not be considered as a monopoly, nor did it
hold land off the market in order to raise values. In question 7-A-
stated he considered $80,000.00 for the entire property a reasonable
consideration at that time;
B--He considered $67,000.00 too cheap for the property, although
he pointed out the building was not much good for other than banking
use without expensive alteration;--C--Considered high by about $10,-
000.00; D--Said a reasonable price--that he knew the building was very
old and not worth over $5,000.00, leaving $25,000.00 for the lot. He
also stated that things were not as lively as in 1926.
In answer to question 13, he stated the yard area from two to
three times as valuable as the platted land north of the railroad yard.
Mr. Williams was asked as to whether payment of all cash for prop-
erty would have affected the price of property during the period under
consideration--1920 to 1926--. He said the Williamson Mining and
Manufacturing Company wanted their money out at interest if the grantee
was good security, personally, and would have made little if any dif-
ference for cash. Now, however, was a different story, although no
land was for sale now, as the estate was in litigation.
Qualifications of C. B. Early
Mr. C. B. Early, now about 45 years of age, was interviewed
at his office in Charleston, West Virginia, where he is now Executive
Vice-President of the Capitol City National Bank. He stated he went
to Williamson July 1, 1916, as Cashier of the National Bank of Com-
merce of Williamson, and remained in that capacity until 1927, when he
was made Vice-President. He continued as Vice-President of the National
Bank of Commerce at Williamson until December 31, 1928, when he came
to Charleston to assume his present position. During his residence of
twelve and a half years in Williamson, he was active in handling Real
Estate, personally and in partnership with others. He was heavily
interested in the Wilhemina Collieries Company and when same got into
financial difficulties he was appointed receiver, continuing in that
capacity until the company was able, through sale of real estate, to
clear off their debts, allowing discharge of receivership. He retained
his interest in the company, which changed its name to Morningside
Land Company, and stated that up to and including 1926 the company was
successful in selling lots in their addition in East Williamson, but at
present and for several years, development had been slowed down through
the failure of the City Government to keep its promise to supply water.
Mr. Early stated that it was a fact that he was and always had been
considered very conservative in his appraisal of real estate, so much
so that local people did not like to see his name as an appraiser.
He stressed the fact that he thought of real estate values in terms of
loan values rather than sale values.
Mr. Early mentioned the fact that he was naturally prejudiced to-
ward 2nd Avenue, inasmuch as his bank was located on the corner of 2nd
Avenue and Logan Street, and he was a "Second Street man."
In speaking of the question as to whether cash had any material
influence on prices, Mr. Early said he thought in residential purchases,
more particularly of improved properties, a long time payment price--
mentioning $500.00 down, and balance by the month--would have affected
the price 10%. In the business property it would have little effect--
possibly 5%.
[A bit about Carl B. Early]
Thanks for reading this far! Third and final installment will be along shortly!
