Newark evening star and Newark advertiser., 1915-10-21
TAX APPEAL BARES
VIOLATION Of BANKING
LAWS BY B. 81. ASSN
Director of Standard Declares
Money Was Loaned to
Value of Property.

Max Steiner, of 113 Magnolia street,
told the Essex County Board of Taxa
tion today that the Standard Build
ing and Loan Association, of which
he has been a director for eighteen
years, loaned him more than the 20
per cent. figure permitted by the
banking law, and as a result listened
to denunciation by former Judge
Jerome It. Congleton, president of
the board.
Steiner appeared to appeal from
the valuations put on properties he
owns. He asked a reduction to $40, 400
of the s12, 900 valuation put on his
flats at 220-222 Eighteenth avenue.
When asked what mortgages there
were, he stated the building and loan
association had loaned him $4,000.
Asked what valuation other apprais-
ers put on 1t, he said he could have
gotten $11, 900 mortgages from banks.
DO you mean to say that you re-
gard the value of this property as
only $40. 400 and yet borib~ed 10000
on 1t from your building and loan?'
asked Judge Congleton. Don't you
know that the law forbids building
and loan associations to loan more
than 80 per cent. of the value OF
properties-and so per cent. of $11, 900
is only. sS,S0o-yet your loan was
$40, ,000?"
Steiner wasn't embarrassed, as he
stated that his association didn't hesi-
tate to make such loans to the right
kind of men. ITS the man we look
at" he said. ''If anything happens
to this property, I have other prop
critics they can collect on"
Steiner also asked a reduction of
from SO, 400 to 5000 on his six-family
house at 223 Waverly avenue.
Stating that $1,000 a foot frontage
valuation on Halsey street properties
between Branford place and Hill street
is high, and that values there have
decreased since the automobile men
began moving out, owners of property
in that section of the street appeared
before the Tax Board and asked
sweeping reductions from the 1915 val
uations of the Newark assessors. An
other reason advanced for the reduc-
tion was the narrowness of the street.
Linden s. Wheaton. of ~ Tichenor
street, asked that the $1,000 assess
ment on 222-226 Halsey street, the
same as last year, be cut to 800, 900,
an $11 900 slice to be made off the
land valuation of $1,000 and one of
$4,000 of the building valuation of
$35, 900.
A s25,20o reduction from the $50, 200
valuation, the same as that of last
year, was asked by Sarah B. Clayton,
Of so Ingraham place, on her prop
erty at 213-219 Halsey street. The en-
tire reduction is asked In the land
valuation, which the appellant wants
cut from $4,000 to $4,000.
| Cornelius II. Post, jr., of 227 Hal
sey street, administrator of the es-
| tate of Cornelius III. Post, asked re-
| duction put on the property at 221-226
| Halsey street. The land reduction
asked was from $66, 400 to $4,000, and
the building from $4,000 to $1,000.
Last years total valuation was also
$76. 400.
The International Oxygen Company
| asked reduction from $4,000 to $21,-
900 In the valuation on 796-S0S Free
| linghuysen avenue.
Herman Turner, of 142 Peshine ave.
nue.. appeared with an unusual re-
quest, stating he wanted the 1900
| value of his land at 70-72 Peshine
avenue raised to $1,000. But he
wanted the building cut from $500 to
| $500.
assessment on two brick dwellings at
77-79 William street was asked by
Jacob L. Schloss, of 667 High street,
executor of the estate of Dora Schloss,
who said he would sell the properties
for s14,500 He asked that the land
assessment be cut from $1,000 to
$3.50 and the buildings from $500
each to $4,000 each.
Claiming that an eight-foot alley
way, which cannot be built upon be-
cause OF restriction controlled by
the st. Mary's Catholic School Assoc
citation, cut the value Of his land, in
which it is included, from $4,000 to
SIC, 5000, Henry F. Krumwiede, of 70
Springfield avenue. asked that the
total assessment on his property at
that address, which includes a four
story frame store and dwelling, be
reduced from $25,700 to $22,500.
| Although admitting there is $4,000
| first mortgage on his four-story brick
building at 81 Sixteenth avenue, Louis
lZapeikov, of that address. asked that
the assessment upon II be cut from
$29, 400 to $4,000. The $500 assess
ment on the land was satisfactory.
No decision was given In any of the
above cases.