The Washington times., 1902-10-19
Local Dealers Interested in
Consolidation ofBig Realty
Concerns With $6o,ooo,-
600 Capital.
Plan Is to Economic in
Building Materials, Archi-
tects' Fees, and in Other
Ways.

There hsve been few deals in real es-
tate put through in the past week, al
though there are many good things on,
and brokers wear an air of confidence.
or three trades OF more OF less impor-
tance under way, but these are at such
a stage they decline to make them pub
lie. Within the next week or two there
will be some large deals, involving the
transfer of both business and residential
properties.
Much attention has been given by local
brokers and finauciers to the combina-
tion recently formed in New York to be
known as the United States Realty and
Construction Company, which is to oper-
ate in all the leading cities in the coun-
try. Five of the strongest real estate
corporations in Gotham are members of
the concern, which is capitalized at $685.
O00, 900, and the merger commands the
backing of J. P. Morgan & Co., the Unit
-ed States Steel Corporation, and other
large concerns.
Giants in Realty.
The George A. Fuller Company, with
4. Its $24, 4,O00, 900 capital, is the strongest
member OF the corporation, while other
4 companies directly concerned are the
F. Central Realty, Bond and Trust Com
/, pany; the Lawyers Title Insurance
Company, the New York Realty Cor
poration, and the Alliance Realty Com
, pany. So far the plans Of the corpora
tion have not been made public. but it is
/ known that Washington, Baltimore and
! other cities in this section will be
! among those toward which operations
i will be directed.
It is appreciated by everyone that the
modern methods of transferring real
estate are still very cumbersome. and
there are many formalities to be COM
piled with. Litigation has also served
to prevent the development Of valuable
properties. Only in recent years have
real estate men realized that it is more
satisfactory to deal as a corporation
than by partnership agreement, and
many firms in this city have already
filed articles and changed their plans of
operating.
1t is the intention of the big combina-
shares Of stock, and the same rules OF
economy and careful management will
be applied as is the case with manu-
featuring plants or like concerns. With
the purchase of piece Of property the
question of title will be forever settled,
and an investor buying a share of stock
in that land will not need to inquire into
the title.
Standpoint of Economy.
There will be economy in the purchase
OF property. likewise saving in archi-
tects' charges, contractors commits
sions. and in the purchase Of STEEL
brick, stone and other building mate
rials. In the conduct Of the large build
ings erected there will also be economy
under the plans OF the corporation.
At present one or two of the large
construction companies make business
of erecting houses or building establish
ments for the owners Of property, pro-
tecting themselves by taking mort
: cages. There will be a number OF sub
sidiary corporations controlled by the
new company. which will manage its
properties through these agencies
The board of governors of the Wash
ington Real Estate Exchange held
meeting Tuesday afternoon to consider
the question of increased assessments,
and it was decided 20 defer considera-
tion until later meeting. 1t was re-
ported that big reductions are being
made In the assessments by the Boaru
OF Assessors, and it was thought advis-
able to have q further report on the
matter before bringing it to the atten-
tion of the members OF the exchange.
Semi-Annual Taxes.
Opposition to the increased assess
ments has arisen among the property
holders, and not only the Real Estate
Exchange, but the Business Mems Asso-
citation has taken cognizance of the mat
of Assessors is making review of its
work and intends making material re-
ductions In the great majority of cases.
On account OF the delay in arranging the
new assessments the semi annual taxes
which were to have been paid next
month will not be collected until No
vember.
Renting still continues brisk, and the
settlement Of the coal strike is bound
to give impetus TO the leasing of large
houses. There was a general demand for
apartments when the seriousness of the
coal strike became apparent. but now
that the differences between the oper-
ators and the miners have practically
been settled, tenants will be satisfied to
rent houses and purchase their own
fuel. The demand for large houses viii
be greater this fall than ever before
Clarence Moore has sold his residence
at Chevy Chase. through the b. H.
Warner Company, for $4,000. The house
is one of the prettiest in the section,
and has been occupied by Mr.. Moore at
various times.
Grading Columbia Road.
Workmen are busily engaged in grad
ing Columbia Road from Eighteenth
Street TO Sixteenth Street, and thence
out the latter thoroughfare. 1t is the
intention to continue the leveling ana
grading all the way out the latter