Perth Amboy evening news., 1923-05-01

Isaac Alpern, president Of the
Perth Amboy Trust Company. who
had made two appraisals on the
value of the W. ]. Donnell Lumber
Company's seven and one-half acres
bought by the ousted Commission
for use as a bridge approach, was
recalled TO the stand at the opening
of yesterday afternoons session. In
his testimony yesterday morning he
explained his appraisals Of $21S, 600
and $227,75S as having been made
because he considered the property
worth that TO a going concern After
several questions had been put TO
him by members of the Investigate
ing committee along similar lines
to the mornings examination he was
requested TO submit the list OF OIL
heials and directors of his band.
which was done by him, and turned
over to the stenographer 10 be en-
tered IN the records
Mr.. Fraser in his fessirsrry -
Z he allowed $4,000 in addition
I his 100000 appraisal of the Ia
this smaller figure being added b &
cause the Donnell company was
going concern. The witness said nd
valued the land at s23.000 an acre.
this making a total of s175,000 as
the actual value of the land in the
tract of slightly more than sever
and one-half acres. Fraser said he
added $4,000 TO this appraisal for
the dock and $4,000 for Improve
ments. making a total of $205.000.
To this he added the $40 600 item
for a going concern, he said. making
the total appraisal $245,000.
The witness said he made the ap
praisal al the request of A. B. Me.
DoweI. of the Donnell company, who
the witness thought, told him he
wanted an appraisal made because
the state bridge was going through
the Donnell property. Fraser said
he visited the property and went
over it carefully. He said he knew
that land further up the river was
in the market for $4,000 an acre
this being owned by the Nationa
Fireproofing Company, but he did
not consider this land as valuable,
as the Donnell property.
Mr.. Fraser testified that he did moi
ask Mcdowell how much the Dom
nell interests had paid for the water
front property when they acquired it.
The witness stated further that ne
made no inquiry as 70 what other
lands in that vicinity were worth
After talking over the subject with
the other members Of his firm, con-
sisting of two brothers and John f.
Sofeld. the witness said, the sum OF
S245,000 was arrived al and this ap-
praisal was turned over TO MacDoNF-
ell on March 7, 1921.
why did you appraiss the real
70 % A tr..sa saxg
1 General Thomas F. McCran asked.
the Donneu Lumber Companz
asked me to allow for a going con-
cern when 1 made the appraisal"
tbs witness replied. Mr.. Fraser furs
Their stated that the Donnell company
had purchased the waterfront prop
erty with the intention of occupyinx
It and offered their present site IN
J Emerson street for sale. The witnesx
admitted that he would not include a
! going concern value in an appraisal
unless asked to do so. Fraser told.
of allowing $40, 900 for the going
concern feature of the appraisal.
That leaves $205,0 as the actual
value Of the property" the attorney
[ general said How did you arrive
at this figure?"
Il put value Of $4,000 per acre
on the land" Fraser replied: "$15.-
] 600 on the dock and $4,000 for inn~
/ provement"
Did you know that the National
/ Fireproofing Company property
about 600 feet away was in the mar
lIet for $4,000 an acre2"
Il knew that was the price, but
l believe that tract was more
than 500 feet away. possibly a quar-
ter of a mile. Furthermore. the frc-
prooting land needed grading and
then ii would not be as valuable as
| the Donnell property
CONTINUED on Page l21