New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-08-12
MORE TAX TESTIMONY TAKEN.
AN EXPERT CROSs-EXAMINED AS TO THE
JOHN d. ROCKEFELLER ESTATE
VALUATIONS

AN EXPERT CRoss-ExAMrNED AS TO THE
JOHN d. ROCKEFELLER ESTATE
VALUATIONS
The hearing Of testimony in the suit brought by
John d. Rockefeller for a reduction OF the assess
ments on his estate in Mount Pleasant near Tar
rytown. by the Town Board OF Assessors was con-
tinued yesterday before the referee Mr. Hoysradt
OF Poughkeepsie in the Manhattan Life Building.
Michael j. Martin. chairman Of the Board OF As
SCISSORS. was present with his lawyer. Frank
Milard and II. II. Morse. of Tarrytown.
present at the opening OF the hearing for Mr..
Rockefeller
Mr.. M,lard continued his cross-examnation Of
William II. Hoyt. the real-estatc expert who
testified at the last hearing asking him about the
prices paid by Mr.. Rockefeller for properties he
bought to make up his estate in Mount Pleasant
Mr. Hoyt gave the amounts paid for a large num-
Der Of properties. continuing his testimony Of last
Monday. and after great deal Of calculating test
fed that the amount paid by Mr.. Rockefeller for
his properties in Mount Pleasant. with the
ception Of two small lots. $500. 566 c. Mr.. Hoyt
estimated the value Of this in 1897 to be s3s4.007
decrease Of almost half. Some of the property. he
said. was bought at auction. there being other
bidders than Mr.. Rockefeller.
Asked his reason for estimating the property as
greatly decreased in value. Mr.. Hoyt answered
that the Lowry estate OF sixty-three acres was
held in 1855 at $4,000, and now for sale at $50
900 Mr.. Willard objected TO this answer. He raid
that did want figures showing what prop
erty was held at. A man might hod his properly
at 81 100000. Mr.. Hoyt then instanced the Ira
Miller property. for which he said he vainly offered
5000 In 1895. and which sold in 1897 for less
than 5000
ESTATES SELLING BADLY.
Mr. Willard objected to these figures. He wanted
actual sales he said. Mr.. Hoyt said that real
estate up the neighborhood in question was
drug the market. and there were few actual
sales to give. He could only give the figures at
which property had been held and the figures for
which owners were now willing to sell.
In answer to more questions Mr.. Hoyt said that
he made a considerable reduction In his estimate
Of the value OF the property probably about % per
cent for the large in 1896 and 1897 Mr.
Willard asked how he could estimate the effects or
the OF 1897 the market value Of prop
erty In July. 1897. when the assessment books were
not filed until a month later. Mr.. Hoyt replied
that 1t generally known what the assessEaents
going TO be. The two lawyers argued over
this for long time. The referee finally
asked them to confine themselves to asking the
witness questions.
Mr. Willard at last got Mr. Hoyt to say that Mr.
Rockefeller had bought $565 600 worth of property
before 1897. and basis of a 40 per cent valua-
ton for assessment the assessment would be VIZ
600. Mr.. Martin asked him If he thought that the
difference between this $4,000 and the S21W0 actu-
ally assessed would paralyze the market. Mr.. Hoyt
replied that it would under certain circumstances
Coupled with the fact began Mr.. Morse In
side explanation.
You keep STILL" interrupted Mr.. Willard. "rll
put you the stand later
LACK OF SOCIETY VALUED
Mr. Willard wanted to know how much Mr.. Hoyt
deducted in his estimate for lack Of society," Mr..
Hoyt having on Monday given that as one OF the
causes Of a decrease in property values Mr.. Hoyt
said he could not estimate such things IN dollars
and cents exactly.
But you took that into consideration. didn't you?
How much did you deduct?" asked Mr.. Willard.
Mr. Hoyt made a long explanation. prompted by
occasional questions from Mr. Milard Of the effect
Of the movements Of prominSshnt people on property
these people. he said. had in some cases caused
many others to move away and he had seen cases
sold under the hammer at 1925
MId uestiSSnsd Mr. Mo e his tes she
difficulty of getting people together ana at TO agree on
ses on MARKET Mr.
to know If Mr. Rockefelers property was not
as he was anxious to be to the railroad Mr.. Hoyt
thought both were true AS to SPECULATIVE ten d
not been such tendency in the neighborhood Of
Sleepy Hollow shown by the cutting ling up OF f Root
Teller bought the large hc M R R rP hd
s sna5 nd Speculation Mr. Mard wanted to know
II a certain real estate man had not been selling
lots IN aS Gut beep times when not single lot had
been sold in year by the man.
IMPROVEMENTS AND MARKET PRICES.
Mr. Hoyt said that the improvements Mr.. Rookie
Teller had been making his property. for the
most mart in road building, had increased It's value
for his purpose but would not tend to increase It's
va,ue ~ he were about to sell. The improvements
made continuously had not served to keep the mar
ket value of the property up 10 what IL was IN 1870
The house Mr. Rockefeller lived In MT. Hoyt val
ned NJ 5000 He described 1t as being about forty
two by thirty-three feet. with an aodtlon' lhere
were four rooms and a large hall on the first hoor'
eight rooms and a bathroom on the second with
large room and bathroom in the addition the mousse
being heated with steam. 1t was very pam
house Mr. Hoyt said. Mr. Rockefeller had spent
acme money in fXing II but not enough 10 prihs
lie aahle value above 5000. ,o.o
THE hearing was adjourned to September a lV:So
oc,nck This telegram from Mr.. Rockefeller was
shown 10 the referee by Mr.. Hoyt at the close OF
the hearing: - al,
Forest Hill. Cleveland, Ohio
William II. Hoyt: Ala 80. ,,,, yo,,
any commission In the purchase OF my rocan1ico
Hills property. ~ NJ rr N ',
Mr. Hoyt remarked that he wanted TO apologize
10 the referee for calling Magistrate Wentworth
liar at the last hearing but he felt called upon
10 make an answer to the statement SAID 10 nave
hx Nv