Perth Amboy evening news. [volume] (Perth Amboy, N.J.) 1903-1959, 1923-04-30
.PR0BERS
H < A r
ALPERN
AIpern Says He Appraised
Value of Land Seven and
0ne-HaIf Acres at S25, 900
CITY HALL HEARING
Allowed $4,000 Added Value
Because Donnell Lumber
Co. Was a Going Concern

Isaac Alpern, president of the
Perth Amboy Trust Company, was
the principal witness called this
morning by the joint legislative COM
nittee investigating the purchase
for s2SO,0Oo by the ousted highway
commission of property owned by
the w. J. Donnell Lumber Company
in this city for use as an approach
to the new state bridge across the
Raritan river.
Mr.. Alpern declared he appraised
the value of the seven and one-half
acres included in the Donnell tract
at $4,000 an acre, allowing $4,000
an acre in addition to the actual land
value because the Donnell Company
was a going concern Had he APP
praised the real estate value of the
property alone, the witness sar, it
would have been $4,000 less than
his figure as submitted to the Don
nell Company
Without taking into consideration
the going concern feature of the
!aonnell Company. Mr.. Alpern said,
h appraisement of the land would
have been $4,000 an acre. He ap-
p:g;ised the dock at SIS, 500, a shed
ON tbs property at $500 and the
riparian rights at $4,000 in his origi-
nal appraisement made on March g,
1921 he said. In a supplemental
appraisement made by him on April
10, 1921, he testified, he increased
the figure from s21S,000 for the en-
tire tract to $227,75S, this increase
being the result of his increasing the
riparian rights valuation.
The hearing opened shortly after
l o'clock with five of the in
yestigating committee on hand, con-
sisting of Senate President Joseph
s. Wallworth, of Camden; Speaker
William w. Evans, OF Passaic; AS
sembIyman Frank II Welsh, of Hun
terdon; William Fl. Bright, of Cape
May and Senator Emerson l.. Rich
ards, of Atlantic. Attorney General
Thomas Il. McCran conducted the
investigation. State Commissioner of
Municipal Accounts Walter Darby
was also present for the purpose of
looking over the banking accounts
of the Donnell company which We're
procured from the First National
Bank and the Perth Amboy Trust
Company.
None of the ousted highway com
IILSSlO1leES were GuUUOeldeQ DG
present at today's hearing: Neither
were any of the members of the
Donnell concern.
The first witness called was Eu-
gene O'Connell, chief clerk of the
First National bank. He furnished
the accounts of the Donnell COM
pany together with four First Ma
tionsl bank checks made Wayable to
New York bankers The witness said
he could not tell why these checks
were drawn, one having been ma de
out by the assistant cashier and the
others by the general bookkeepeS
These checks were for 30,433.41
$4,000, $15,919.29 and $16.22S.
Mr.. Alpern was the next witness
called. He furnished the account
sheets OF his bank with the Donnell
company. He testified that on july
81, 1922 the Donnel1 company de-
posited $2S0,000 with his bank the
money having been paid by the State
of New Jersey. On the following
I. day, he said, half of this amount
was transferred to the First Nation
al Bank.
The witness produced five checks
drawn by the Perth Amboy Trust
company to the same two New York
bankars as had the four checks ir
the National Bank These. Mr.. AL.
perm explained. had been issued by
his hank in exchange for checks Of
similar amount made out to the bank
by the Donnell company. The two
New York banking concerns IL
which the nine checks from the two
banks were made payable were
Charles E. Quincy & Company and
Henry Clews e. Company.
These checks We're for the follow.
ing amounts: $41,646.99; $4,000
$4,000: $3,65850; and $S,133. The
witness said he had made the apprai
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