Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-18
REAL ESTATE GOSSIP
Removal of 400 Houses From
Union Depot Site.
THE TERMINAL PLANS
INVESTMENT OF MONEY IN LOCAL
INSTITUTIONS.
A Noticeable Increase in the Demand
for Houses From Prospective
Home Owners.

The recent purchase in the interests Of
Georgetown University of lot on Pros
pect avenue between 35th and seth streets
is of interest, as it forms a connecting link
between the holdings of the university IN
that square. 1t will be recalled that the
hospital of the university is located there,
and the acquisition of this additional prop
| erty gives to the college authorities hold
ings which amount to nearly one-half OF
the entire square. The plan which has
| been in contemplation for some time. and
which will no doubt be carried out some
time in the future, is to locate the medical
college building on this property, so that it
will be convenient to the hospital The
grouping of the interests of the university
In one locality, it is believed, will promote
the efficiency of the schools.
Additional Club Room.
1t is the purpose to utilize, as far as prac-
ticable, the property at No. % Lafayette
Square, which was recently purchased by
the Cosmos Club as an addition to the club
house, which it adjoins on the south. Plans
have been decided upon as to how the
necessary changes will be made, but 1t is
thought that the additional room of which
this growing organization stands In so much
need will be available in short time.
The two other leading organza tons of
this sort in this city also feel the pressure
which comes from growing roll of mem
bers. The Metropolitan Club has added to
its building from time to time until 1t is
almost double the original size, and still
there is prospect that the work of adding
to the space will go on. The Army and
Navy Club also needs more room, especially
for club chambers for the use of largo
number Of out-of-town members, who are
carried on its rolls. An effort has been
made to buy some portion of the ground
adjoining to the south, but thus far there
has been no result. 1t Is also said that the
club would sell or buy, and it Is possible
that something may be done in the near
future along these lines.
Increase Of Home Owners.
The situation in regard to the market
Just now is the large number Of buyers in
evidence, especially those who want homes.
Sales of houses of moderate size and price
are quite frequent in the real estate offices,
which show that that class of home own
ers is increasing. AS to the building market
there Is much activity, not in the way of
new work, but in the progress of large
amount of building provided and which
1t is estimated will keep every one busy
for the rest Of the season. This explains
why in the face of abundance of building
there are comparatively small quantities
of new work coming out.
Increase in Capital.
Some indication of the growth Of the
money resources Of the city Is given by the
ease with which the recaptitalization
of two of the large financial in
situations was recently effected. AL
together it is estimated that the en-
largement of the capital and the surplus
of the Riggs National Bank and of the
American Security and Trust Company
will involve the raising of over three mil
lions and a half of money. Those whose
memory goes back but q few years will
recall that it was thought to be an under
taking of grave moment and of doubtful
Issue to attempt to organize a company in
this city with capital as large one mil
lion dollars.
Until the Washington Loan and Trust
Company was formed some twelve years
ago a local financial institution with a
capital of a million of dollars was I'M
known. 1t Is also recalled that the organ
iZer of that company, Mr.. B. II. Warner
was obliged to offer the stock in shares
of ten dollars each in order to facilitate
the subscription, and 1t was thought at
that time to be remarkable achievement
to place such a large amount of stock
with local investors.
Large Amounts Raised.
The recent expansion is the result of
union, in one instance, at least of local
capital combined with important New York
interests. OF the half a million added to
the amount of the capital stock of Riggs
Bank and a similar amount to its surplus
fund, one-half of the new stock was taken
by the stockholders par, and the other
half sold to those interested in the City
Bank of New York city In addition to
paying par for One-half Of the new ISSUE
the New York city capitalists also pay
premium of 5000 on each share. and this
premium, amounting to 100000 on the
$500 shares, has been added to the surplus
making that fund 81, OOOO 900
In the case of the American Security and
Trust Company, a much larger sum of
money is to be raised, as the increase in
the capital and In the surplus amounts to
81, $4,000 OF this sum the stockholders
furnish $25OOOO by subscribing to $500
shares at par. A committee composed of
men largely interested in Riggs Bank and
in the City Bank of New York city agrees
to subscribe for 5000 shares at par. Also
to pay premium Of $50 on each Of the
$4,000 shares, to be added to the surplus
Those who get the new issue Of these
stocks at par, as we'll as those who pay a
premium for them. receive what is the
equivalent of a dividend, for the market
price Of the old Riggs stock was $3.50 per
share. and that Of the American Security
and Trust Company $215 per share. The
notable feature in these transactions will
business conditions, leading to confidence
on the part of investors in the present and
future of the city.
Suburban Rows of Houses.
What might be regarded as the outpost of
the urban style of construction of houses
in rows will be the dwellings which F. A.
Blundon Is now erecting. They are located
on Connecticut avenue extended opposite
the east entrance of Cleveland Park and
north of the Geological Park A row of
six houses is to be built at present, and
these are to be followed by others of the
same type to front on Connecticut avenue
and on Milwaukee street. There are no
houses of that kind as far west as these
proposed structures. and they will therefore
be the pioneers of the advance of the city
beyond Rock creek. In point Of distance
from the center of the city the proposed
buildings may not be any farther than
row Of brick houses which were built some
time ago in the subdivision known as
Brightwood Park which adjoins Petworth
on the north and is on the 7th street road.
Some New Homes.
Seven dwellings are being erected for w.
A Henderson on 9Th street between e and
streets southeast. from plans prepared
by William ]. Palmer. architect. The same
architect is preparing plans for four dwell
ings for w. F. Rodrick on Kentucky ave-
nue. near Lincoln Park. Plans for resi-
dences for James Caspar on Brightwood
avenue and for Mrs. j. Bettner at 18th and
OLE 1<atx