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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
newspapers.16
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
collection.
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
(continued...)
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