The evening times., 1898-12-03
Many Transfers Recorded Dur
inc the Past Two Months.
THE RIGGS BANK PURCHASE
Some Contemplated Projects Not
Yet Made PHblic.
Tie stocks and Bonds of Local Cor
POratiOEs Have Been Ad-
ycnccd.


uation the record of the last few months
in actual sales of the first Importance
should be a convincing argument. For
many years there have not been 50 many
transfers of property that were memora-
bic
Mr. c. g. Glover, for the Riggs Bank,
has purchased a new site for the bank
on the lot adjoining the present building
lie paid Sl48Coj Mrs. Scott Townsend has
nearly completed the purchase Of her mag
niicent lot of ground at the corner of
Massachusetts and Florida Avenues. one
of-tAe largest purchases OF fine suburban
property ever made in this city. The Kali
property, between Kalorama and Connec-
uout Avenue Heights, embracing 10 acres
has been sold this week for sl65,cJ3 The
exact figure was learned yesterday after
noon Mr. Bell and others have pur-
chased the Wormley Hotel property. John
r.. Mclean and A. /. Barber have both
made large purchases OF realty on the
Tenleytown Road. supposedly for mag
nificent summer houses, and IL Is under
stood that still other transactions are on
foot in The same vicinity
OF different character Of Improvement
the plans have been made for several
fine operations in building. During the
last TWO months there have been
mentioned several projects for very large
and costly apartment houses that will
soon be under way, besides not few
handsome residence blocks.
And vel these projects that have been
made public are not ali by any means
that are contemplated. Several transfers
of real estate of an Importance equal 10
any OF these and a number of large build
tng operations are now on foot and VIII
be announced in a few weeks.
The meaning of this is that times are
already good, but that the very rich peo-
pie seem TO be the only ones who see IL
as yet. Such operations in suburban real
estate half a dozen of them aggregatinS
n million dollars or more do not happen
by accident. They show that il is a
shrewd and paying investment To buy
land at this time. Mr.. Glover and Mr..
Bell and Mr. Barber and MIR. Mclean
have not put out their money without
having a very shrewd idea that il woGld
come back to them with good interest and
more.
Money is very cheap. 1t cannot be lent
on first-class security for much more, If
any. than four per cent. There has not
been so plentiful supply of money Tor
MANY years II has never been so cheap
before in this city.
The stocks and bonds Of local corpora
lions have been pushed away up i'm price.
Many Of them are not selling for more
than at any time in their history before.
There is not room in the money market
and the security market combined To give
employment TO nearly all the idle money
in the banks and trust companies, 10 say
nothing Of the smaller amounts in the
stockings.
The wealthy men of the city are draw
ing the conclusion that the purchase of
real estate for investment will be much
more profitable than lending money on
mortgages at 1 per cent
Real estate is cheaper now than ii was
a few years ago There are great many
bargains Tnquestionably as times i'm
prove the level of prices win soon be
reached or at least approNimated again.
1t is "A great time for the moderately
wealthy man to buy real estate.
Mr.. W. r. DeebIe. the real estate man
who engineered the sale Of the Kali tract
during the week said TO reporter for
The Times yesterday:
THE property is TO be subdivided imme-
diately and put on the market. 1T is a
very pretty property and the owners have
every confidence that there will be pur-
chasers for the lots. There is TO be a re-
vival Of business and il was with the
thorough belief in this that this large
purchase was made.
Herman Gasch, the real estate broker
said on the same subject OF returning
prosperity:
There is already some Improvement.
and the outlook is excellent.
Melville Hensey said: There is a large
inquiry for good property, in addition TO
a great rental demand. We believe that
prosperity in the real estate market is
returning"
BEDFORD W Walker said: There have
been many important transactions in
the last three months. The lesser peo-
pie win begin TO buy when there has been
a stiffening of prices. They always do
But soon they Will buy. There is a large
inquiry already, and especially for sub
urban property in the line of prospec-
tive street railroad extensions. Mt. Pleas
ant property is being sold. There have
been several sales OF Importance this
summer. One of them viii involve the
erection of a good row of houses next
spring. This and Ike Improvement TO the
southwest Of this section may be ascribed
TO the expectation of the early extension
OF the Metropolitan line In Brookland
and in lexington there is also an i'm
proVement owing to the beginning of
construction on the Suburban Railway
AhS Two most important real estate
transactions announced this week were
those Of the Kali tract opposite Mr.. Wi
mers Connecticut Avenue Heights. and
of the residence property AZ the corner of
Massachusetts and Florida Avenues Tie
first tract is nearly ten acres in extent
and although IL is not quite so faVorablv
situated Connecticut Avenue Heights,
there are TO be large improvements on it
and II is believed that il viii make a most
attractive suburban subdivision. Work is
TO be pushed the work of getting IL
ready for the market and il is believed
that II viii be for sale I'm lots next spring
The tract Is almost the only large one on
the northern boundary of the city which
has not been turned into building lots
The announcement of the proposed pur-
chase Of the property at the corner Of
Massachusetts and Florida Avenues for
Mrs. Scott Townsend WAS made prema-
turely- There is stated 10 be some possi-
bility that the transfer will be defeated
by the publication of the PLAN Nothing
more can be learned of the transaction
Mr. George w. Silsby recently sold to
Assistant District Attorney Pugh the lot
on the corner Of Howard Avenue and Six
teenth Street, Mount Pleasant. with the
Improvements for $500 The house is
that formerly occupied by Mr.. Sisby
Pascai DAvie purchased from John Rid
out this week four lots in Fairyiew
Heights. on the Tenleytown Road, near
the purchases of A. /. Barber The
agents who negotiated the purchase were
r. X Goldsborouph and Elierson a KQeu-