Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-07-11

THE DEVELOPMENT OF THE SUBURBS AS INDICATED
BY THE TRAFFIC. OF THE ELECTRIC RoAps-THE
NEW BASIS OF TAXATION AssEssMEST-oTHHR
MATTERS OF INTEREST.
DERHAPS THE MOST NOTABLE FEA-
Il ture in the real estate market during the
past week was the offer at public sale Of tract
OF land on the Tenleytown road. The property
advertised for sale part of the old LYLE
tract at the corner of the Pierce Mill road and
the Tenleytown road. Considering the portion
on the latter road as the frontage of the prop
erty, the forty-two acres included within the
limit of the tract might be said to have con-
siderable back ground. The stretch along
the Pierce road, however. gives the
property fine frontage on pub
lie road. The ground lies level and is in
the vicinity of some of the highest priced bland
in that locality. These advantages naturally
attracted the attention OF investors to the pro-
posed sale and on the day advertised there was
good crowd In attendance. The bidding
started at 81 900 per acre and under the per-
suasive influence of the auctIoneer. Mr.. Dun
canson, the bids kept rolling up until 81 600
per acre was reached. AS there seemed to be
disposition on the part of the crowd
to consider this the very highest point
that they could go the auctioneer after
consultation with the trustees announced that
the price offered was not sufficient and that
the property would be withdrawn. 1t was
thought by the trustees that the property
ought to bring at least 200 per acre. While
in one sense the sale was a failure vet at the
same time 1t affords a substantial evidence of
the value OF property in that locality. 1t has
only been few years since few
hundred dollars per acre would have
been regarded as big price for such a
piece of property. In fact it was only
five years ago that ex-President Cleveland
bought place since known as Oak View, con-
tanning only twenty-nine acres, for about 800
per acre. little over three years ago ex-Sec-
rotary Whitney sold the portion of his Farm
fronting on the Tenleytown road for 81 500
per acre and it thought that he had OBJ
tanned pretty stiff price. Since that time
there has been
MARKED ACTIVITY
in real estate in this locality. An electric rail-
road has been built from Georgetown along
the Tenleytown road to the District line and
some improvements have been made in the
way OF opening up streets in suburban subdi-
visions and the erection Of houses. Under the
stimulus OF this activity property values have
naturally enhanced. SO that it is perhaps not
surprising that auction sale at this time
demonstrates that the standard of values has
been maintained. 1t is of course not in
tended to be implied that $1,000 per
in the Tenleytown region. Much higher prices
have been paid. For example, a little over q
year ago Mr.. Cleveland sold his place for about
$4,000 per acre, while last fall DIR. Busey got
$4,000 per acre for his property, which is oppo-
site Oak View. Two and three thousand dol
lars per acre has been paid for other choice
properties.
THE ELECTRIC RAILROADS
While in certain phases the movement that
has been going on in suburban property is
speculative, vet there are indications of sub
stantlai growth. The statistics furnished bv
the electric railroad companies are interesting
Oh this point. The lexington railroad for ex-
ample, winch runs four miles out into the
country, has been in operation now about two
years and half. The passenger traffic. ac-
cording to President Truesdell, shows an in
crease OF about 100 per cent as compared with
the first year. Then the main travel was on
Sundays and holidays, now that traffic is not
more than one-fourth of the total. These fig
ures seem to show that there is permanent
population along the line of the road, which
has come there since the road was built. The
travel on the Ienleytown road has also increased
as President Goldsborough states, and the daily
number OF passengers carried is now over ZOO.
The rate OF speed ON an electric road is not
more than ten miles per hour in the city. In
the country there is no legal limit, but the
average Is about fifteen miles per hour. The
Rock Greek railroad, which is now being built,
Will also carry passengers to point in Mont
gomery county seven miles from the city.
BASIS OF ASSESSMENT.
There has been SO much uncertainty as 70
the basis of valuation Of property for assess
ment purposes that the rule adopted by the
new board of assessors gives great satisfaction.
There need now be no further dispute as to
| whether assessors in performing their duty
should consider the true value Of property
to be the market value, or the value which
the property would bring at q forced sale. The
new rule provides that the ''true value is that
amount in lawful money which such property
would probably bring at forced sale under adj
verse circumstances" The latter part of the
| clause is important. A sale at auction has fire.
quently been known to bring q higher price
for property than could have been obtained at
| private sale. An auction sale il not invari-
] ably test OF the true value Of property.