Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-01-20
PRU FIGHTS FOR
REDUCTION OF TAX
Testimony Placed Before State
Board at Hearing
Here.
QUESTION ASSESSMENT
OF CITY AND COUNTY
Want Revision of Figures of
Newark Board on Nine
Pieces of Property.

The State Board for the Equaliza-
ton of Taxes is today hearing the
Prudential Life Insurance Company's
application for a reduction In the as
sessment figures made by the City
Board of Tax Assessment on eight
pieces of property in Broad street,
between Market and Bank, and one
around the corner in Market, and
the subsequent revision Of the figures
by the County Tax Board.
The assessment levied by the city
board for the year 1912 on all the
company's property in Newark is
1880, 900. This includes about TWEEN
ty-five parcels On the nine parcels
in contest A reduction of $1,24S,00O is
asked.
The State commissioners present
are Frank B. Jess, president of the
board, and B.-H. Minch.
The hearing opened shortly before
II o'clock with Joseph M Byrne.
president of the Federal Trust
Company in the witness chair. He
testified to purchasing two lots, 776
and IA Broad street, for $4,000, He
declared that the purchase was made
with view to the possible erection
of a large office building there
Would you have considered it a
good investment If it were not so
near your property, Mr.. Byrne?n'
asked Edward D. Duffield, solieitor
for the Prudential
II would not have considered it
at ALL was the reply.
City Attorney Herbert Boggs took
an active interest In the question,
so much so that his several objec-
lions to Mr.. Dufield's questions
aroused the latter's ire.
81 don't think it Is very nice for
you to inconvenience Mr.. Byrre this
way, Mr. Boggs" he exclaimed. You
may exue,t this to be rep all in the
examination If your witne sses."
Gustav Gene. a realty eXpe"T, tes-
titled % relative property vslucs on
the east and west sides Of Broad
street. His opinion was tina. prof.
erty on the east side Is worth three
quarters that on the west side.
This is a peculiar phrase 20 use,
hut 1t is fact that thschar acterof
people using the two sides Of street
viii make difference In the values.
Traffic and trade are also important
factors"
"There are ,aore women On .he
west side, suggested the city attor-
ney. In response to the laugh he
explained that the women pat-onized
the stores more than the men.
Mr.. Gene SAID he had ncarl Broad
street n1otohs nts complain that there
are too many people on Broad street;
only those on the inside could see
the shop windows.
In reply to request from the
chairman of the State Board. Mr..
Gene, who oversees the PrudentiaPs
real estate interests in Newark, said
that $4,000 year was received
for the Broad street frontage of the
Firemen's building, occupied by the
D., l.. and W. ticket office. Asked if
the rate wasn't high, he replied that
the lessee was very anxious TO get
the room and the lessor had no
hesitancy in making 1t high
Mr.. Byrne resumed the stand.
He sad that the Byrne building was
owing to a large increase in assess
ment
Mr.. Byrne was followed by Mr.
Woodruff, assistant secretary of the
Prudential Company. and manager of
their real estate in Newark.
He said that the Prudential rents
1877 Broad street for $22500 a year.
The building at 1856 would be $4,000,
of the building were fully tenanted.
At 1888 Broad the yearly rental would
be $40. $50. AT ISL, the old Fidelity
building, the rentals would be $11,750
yearly; at III and 779, the Heath
buildings, $1S,474 at 775 Broad street,
$14,72O; at III and 773, $13,9S0.
Robert A. Osborne, another real es-
tate expert, followed Mr.. Woodruff.
Mr.. Osborne is a former owner of the
southeast corner property at Broad
and Clinton streets. He testified that
he had bought the property in 1908
for s225,000 and sold it last year for
100000.
Mr.. Dufield endeavored to show
that the large increase in yalue was
due to development on Clinton street
rather than that on Broad street
Repairs and the installation OF mod
ern features in the building We're also
responsible in a large measure, ne IN
ferred. Mr.. Osborne said he received
about $4,000 a year for the improved
property.
Wilbur Johnson, third vice-presi-
dent and comptroller of the Pruden-
tial Company, was next called. he
was questioned with regard to the
PrudentiaPs purchase of the Holt
property at Academy and Broad
streets from the Federal Trust Com
pany. He said the company PAID
$50, 900 for it.
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