Jerrold E. and Helen C. Arbini - Page 16

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          periods were more valuable based on such ongoing events as World            
          War I and World War II, the notoriety of gangster activities, and           
          the significant sports stars.                                               
               Mr. Hughes valued issues containing significant events on a            
          retail basis, as if they were sold individually.  Mr. Hughes also           
          placed an additional value on the newspapers for the Sunday                 
          comics.  Mr. Hughes determined that the issues containing                   
          significant events and the Sunday comic sections were worth                 
          approximately 25 percent of their retail value when sold as part            
          of a large collection, and he discounted his valuation to reflect           
          this determination.15                                                       
               In valuing the Los Angeles and Chicago newspapers, Mr.                 
          Hughes divided the newspapers into the following three groups:              
          (1) the Los Angeles Herald, Los Angeles Herald-Express; (2) Los             
          Angeles Examiner; and (3) Chicago Tribune.  Mr. Hughes did not              
          place a value on the daily comic strip sections for any of the              

               15For example, Mr. Hughes determined that the issues of the            
          Los Angeles Examiner from 1903 to 1906 contained three issues               
          with significant events which would retail for $50, $85, and                
          $255, if sold individually.  To account for the issues being part           
          of a large collection, Mr. Hughes multiplied the combined value             
          of $390 by 25 percent.  Thus, Mr. Hughes determined a value of              
          $98 for the significant issues when sold as part of a large                 
               16Mr. Hughes testified that cutting a daily comic strip out            
          of an issue ruins that issue.  As we noted earlier, Mr. Verb also           
          testified that an individual newspaper would generally not have             

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