Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-09-27
THINGS HEARD


set I'D nv opinion in controversy with the
others of the American bar, but have OPP
posed the Panama canal because think 1t
urwise because the French company has
doubtful title" 1t is signed United States
in Heaven" The communications from this
correspondent are promptly transferred TO
the waste basket. and from there are cart
ed out by the charwomen who clean up the
Treasury Department. No answer Is sent
to this alleged ''heavenly'' correspondent.
In some Of the departments the heads are
so exceedingly courteous in their treatment
of correspondents that they might be dis
posed to insist upon an answer to ceHnmuni-
cations of this kind. but this is not so In
the Treasury Department AT the White
House, unless it Is seen absolutely that
person Is crazy. his or her communication
is always responded to in the most cour-
teous manner.
%-sk--x X
Mr.. S. B. Hege general agent Of the Bal
timore and Ohio railroad, Is exhibiting to
his friends a handsomely mounted watch
charm made from an alleged nugget of real
anthracite. One of the best known jewelers.
Of the city, who inspected 1t carefully with
a microscope yesterday says that. while In
some respects the nugget. at stance re-
sembles a small chunk of hard coal, YET tne
under side is Of so dull color as to arouse
the suspicion that it might possibly De
fragment of polished coke.
X x X
s.Sneculation In vacant land often denes
the calcul alton Of the wisest heads, saio an
F street real estate broker today. i nave
often thought how much money might nave
been lost in such speculation had wise
man with money stood on the banks OF the
Potomac 200 years ago and have invested
in vacant land with a premonition that
great city would rise in the wilderness on
the north bank of the beautiful river.
When we count the profit of speculation
in vacant land, we should always compare
it to an investment of the amount OF money
involved in the transaction placed at COM
pound interest. The Spectator can really
be said to make money only when MS en-
terprise yields him more than the current
rate of interest Otherwise there would be
no incentive on his part to allow his money
to be unproductive for years with an I'M
certainty as to the ultimate result Let us
take an actual case to illustrate now the
Spectator of 200 years ago might nave
made a poor investment even II Wltcn
had brought him to the shores of the Poto-
mac and have told him that here some day
would rise a great city. the capital of the
greatest nation on earth. l am sure many
of my fellow real estate men would regard
such a tip as sure thing.
VERY early in the eighteenth century
just about 200 years ago, John GUSTS dio
buy 1900 acres on the south side OF the
Potomac and called the estate Arlington
for this property f11,0O0 or $4,000. That
was one of the choicest estates In all North
America at that time.
The price Gusts paid was at the rate OF
| s45 an acre, or one-tenth of a cent square
foot / will not involve myself in con-
troversy with any Of my friends who may
be interested in property in that section by
| saying what it Is worth today, except thai
the Gusts family some years after the wal
accepted $50 900 from the government In
| full for all their interest there. That was
slightly more than LOCO an acre. I car
imagine my friends declaring that that
wasn't a very bad investment on the part
of old John CuStis.
But, suppose John GUSTS, 2co years ago
had put his Eli 900 at per cent interest
and his descendants could have kept II
compromising until today. that estate would
be worth today-hgure it out your
self if you don't believe me-SS40, 900. 600
To have equaled that result the land must
have increased from one cent square foot
200 years ago. to SIS foot today. This es-
innate is based on the calculation that the
money would double in amount every fif-
| teen years. OF course the owners of the
| land had the use of it. but l am speaking
| only of its speculative value. When Gusts
| paid $40 an acre for Arlington, he looked
| across the river with contempt at what is
| now Pennsylvania avenue and F street. II
was swampy over there and gave no evil
| dence of ever being worth anything