The Washington times., 1902-06-22
The Brokers Given Much
Needed Rest by Warm
Weather.
BUSY CLOSING UP DEALS
Negotiations on for Purchase of Bel
mont" Residence of A L. Barber, the
Capitalist - Senator w. A. Clark
Named as Intended Purchaser.

Since the advent of warm weather the
brokers' have been given a breathing
SPELL and most of their work now is de-
voted to closing up the deals which
have been under way for some time.
There are still a number of good things
in course of negotiation, and one prom
inent firm reports having deals on ag-
gregating 100000, which it is expected
will be put through before many weeks.
There have been any number of rumors
of large deals on, but so far as can be
ascertained, there is but little founda-
tion for them The Daily Court Record
contains daily a long list of realty trans
fers, but as rule they are only for
small or medium priced properties.
Senator Clark in Deal
During the week it was reported that
Senator W. A. Clark of Montana had
purchased Belmont" the residence of
A. l.. Barber, the capitalist, at Four
teenth and Clifton Streets northwest,
and intended making his future nome
there While it is known that there has
been negotiations on for the purchase of
this property. it is not believed that
they have progressed far enough to bring
on anything tangible. The ground ex-
tends along the entire length of Clifton
Street. from Thirteenth to Fourteenth
Street, and south along the latter thor
oughfare nearly to Florida Avenue. Mr..
Barber is out of town at present, and
Mr.. Joseph Paul. who has represented
him in a number of deals, had not heard
of the reported deal. The residence is
occupied only during the winter months
by the Barber family. but it is one of
the finest residences in the city.
Transfer of Builders Exchange.
Papers were placed on record Friday
by which the property known as the
Builders Exchange, at 719 and 72I Thir-
teenth Street northwest was transferred
by the International Investment Com
pany to S. d. Rinehart. the consideration
named being $4,000. The building is a
seven-story structure, which has a good
frontage on Thirteenth Street, with al
leys on the side and in the rear, and
it covers about 10000 feet of ground.
The property was purchased only about
year ago by the Investment Company,
and 1t is understood the transfer at this
time is only part of the general plans
which the promoters have on hand.
S. H. Rinehart, who is named as the
purchaser, is president of the Interna-
tional Telephone Company of America.
and this company will ultimately secure
control of the property. Recently they
purchased the property in Georgetown
at the end OF the p Street bridge, which
was formerly occupied by the Metro
politan car stables, where it is intended
to manufacture telephones. The offices
of the company are located on the first
two stories of the building on Thirteenth
Street, and it is understood they have
rented the upper stories to the Treas
ury Department. Two additional stories
are TO be added TO the rear portion of
the building, s5 by Sc feet, in order to
fully accommodate the uses to which it
will be put by the Government
Fire Insurance.
As practically all of the local real
estate brokers do a general fire insur-
ance business, they are looking forward
with interest to the meeting of the mid
die department, which is to be held IN
New York. July "a. Some time ago .he
mercantile rates were increased nearly
100 per cent. and it was stipulated at
that time that firms must insure up to
so per cent OF the full value of their
stock otherwise they would be consid-
cred as co-insurer with the company
Following this there was a 25 per cent
increase made in all cities covered by
the eastern department, in which Wash
ington is included. Objection was raised
by the agents here, but without avail.
although they were promised that the
matter would be considered at the meet
ing next month. The risks here are
not as hazardous as in other cities in
the country, and 1t is a fact that there
has been only about one large fire here
annually. For the past two years no
large coniagration has occurred here.
and the companies have therefore not
suffered any heavy losses here. 1t is
thought that the rates will be reduced
here. as this is demanded on all sides
At recent meeting OF the board of
directors Of the National Metropolitan
Bank, special committee was appoint
ed TO determine upon plans for new
building to be occupied as a home by
the institution. This committee will
probably report early in the coming fall
when definite plans for the proposed new
home of the bank will be thoroughly
considered. Meanwhile tentative steps
looking toward the perfection Of neces-
sary arrangements for constructing
modern building will be taken.
Site of Building.
The site of the new building will be
that now occupied by the bank, on Fif-
teenth near G Street. The ground has
a frontage Of seventy feet, and extends
back one hundred feet TO an alley. 1t is
proposed to erect on this site bank
building modern in every respect The
cost Of the new structure is TO be de-
termined, by the committee having the
matter in charge, although the sum of
$4,000 IN round numbers has been
named as probably sufficient for the un-
dertaking
The present building used by the bank