Newark evening star and Newark advertiser., 1912-11-19
Expert at Pru Tax Hearing
Says $lS,z65 Assessment
Is Excessive.
INSURANCE C0MPANY'S
NAME ACTS AS MAGNET
"Of Similar Buildings That
Owned by Prudential Would
Be More Valuable"

against the 1917 assessments LEVIED
by the Newark Board of Assessment
and Revision on land owned by the
company on the west side of Broad
street, between Market and Academy
streets, was resumed today.
The first witness called was Rob-
ert A. Osborne, OF 75s Broad street,
who qualified as an expert in real
estate and insurance. He said he
had thirty-hve years experience in
handling property in Newarks down
town district.
His examination was marked by
many clashes between Edward ID.
Dufi1eld and Major Carl Lentz. repre-
senting the Prudential, and City At7
torney Herbert Boggs, who is ap-
pearing for the city, aud II kept
Jerome T. Congieton. president of the
tax board. busy keeping rne hearing
In progress.
Wide Latitude Is Allowed.
After Mr.. Boggs had made many
objections, an especially strenuous
one when Mr.. Dufieid asked Wit
ness Osborne If he agreed with the
figures given by Harrison Van Duyne,
who testified for the Prudential yes
terday, Mr.. Congleton saiu the board
had decided to allow a WIDE latitude
In the examination of Witnesses.
.'Then." said Mr.. Boggs. 1T is a
case of please as far as
evidence Is concerned"
"Yes, If you look at it that way
was Mr.. Congleton's reply. "We want
to get all the information We can in
this case"
Mr.. Osborne then stated that he
considered the assessments made by
the city board and which range from
81, 200 per foot frontage for lots In
the centre OF the blocks named to
sl7.4S0 for the Holzhauer corner. at
Market and Broad streets. and sis,-
265 for the plot at the southwest cor
ner of Broad and Bank streets. where
the original Prudential puildins
stands, to be excessive.
Comedies with Previous Witness.
In this he followed out the state
ments given by Mr.. Van Duyne in
his testimony yesterday. He stated
that he considered $1,000 foot 'front.'
age a fair average assessment for
the property Of the Prudential.
Mr.. Osborne also testified that he
considered property on the west side
of Broad street, near the Four Cor
ners, worth about 20 per cent. more
than property on the east side OF the
street.
Six years ago. said the witness. the
difference In property values on the
two sides of the street was about 80
per cent. in favor Of the west side OF
Broad street, and that. in his opinion,
the opening of the new short line to
New York had much to do with pull
ing up the property values on the
east side Of the street.
short Line Route Raises Values.
"The opening of the line brought a
heavier traffic to that side OF the
street." said Mr.. Osborne.
Mr.. Duffield then called attention to
the difference in land assessment of
three lots, 7s7. 7s5 and 7s3 Broad
street, at the corner of Market, 70.5x
s7.4 feet In size, and the plot occupied
by the Firemen's building, on the OPP
posite corner, which is 72-3x67 feet in
size. The Prudential property is as
sessed at S954,s0O and the Firemen's
at s7O1, 600, or s25S,so0 less.
Mr.. Duff1eld then asked: II a build
ing Identical with the Firemen's
building were erected by the Pru-
Dental on its Broad and Market
corner would the Prudential get a
greater revenue than the Fireman's
building property"
The answer was somewhat OF sur
prise to Mr.. Dufiield, as Mr. Osborne
replied: IT think Prudential build
ing would bring a higher rental than
any other building"
''why?" asked Mr.. Duff1eld in sur
prise.
"Pru Has Name to Conyure With"
Because" responded Mr.. Osborne,
"a building called Prudential build
ing is better known than any other
building and naturally would COM
mand a higher rental"
But" persisted Mr.. Duffield, sup
pose the property was sold to the
Firemen's Insurance Company and
they put up a building identical with
the one they now own across the
street, would the rental be higher on
the west side of Broad street than on
the east side?"
There would be very little differ
ence in rental" replied MT. Osborne.
Continuing, Mr.. Osborne said that
he believed the only utilization that
could be made of the Holzhauer cor
ner that would be successful finan-
cially was in the erection of an office
building.
On cross-examination by Mr. Boggs
Mr.. Osborne said he considered that
the Prudential had paid excessive
prices for property on Broad street
that they deemed necessary to pro-
tect their holdings.
This was in reference to 100000
paid to the Newark Fire Insurance
Company for piece of property at
743 Broad street, that price being over
500, 900 in excess of the assessed value
Of the land.
'"rhe Prudential needed the prop
erty and had TO pay fancy price for
It," said Mr.. osborne~
Mr.. Osborne stated that in his
opinion property on Broad street be-
tween Market and Bank streets was
worth a tTifie more than property be-
tween Bank and Academy streets.
"The value gets little greater as
YOU get near the Four Corners" said
the witness.
Different Values of Corners.
He said further that he considered
the northwest corner OF Broad and
Market streets was rs per cent. more
valuable than the same corner at
Broad and Bank streets and so per