The Washington times., 1903-04-19
Building Operations Fell Off
50 Per Cent Compared
With the Same Period
Twelve Months Ago.
Sale of Florence Court Apart
ment House Only Trans
action Of Special Import
anCe Last Week.

March was less active in real estate, /
and especially in building transactions. /
than the same month last year. A 1
careful comparison OF building stalls /
tics for the past month and for the same /
month a year ago shows a loss of sc
per cent in the amount of money eE-
pended for the construction of build
ings- In March. 1902. 354 buildings were
erected In Washington, involving total
expenditure Of Sos. 921. while during
March of this year only $40 buildings
were erected. at 3 cost Of 1852. 575-
This showing is particularly distress
ing because of the fact that statistics
for twenty-three Of the leadings cities
OF the United States for the same two
months give an increase OF 20 per cent
during March. 1903. Kansas City leads
the progress with an increase OF 100
per cent over the previous March In
all the tventy-three cities considered
$50 permits were issued for March,
1903. calling for the expenditure Of S37.-
1866. as against 1915 permits. invoIv-
ing $50, 698 SOS, for March. 1902 The
gain in the number of permits issued is
164. and the expenditure $6.27S, 82g.
One Important Deal.
The persistent rain during the past
week has temporarily retarded the i'm
petus usually apparent Al this time of
the year in the real estate and building
trade The even tenor of the market
has been disturbed by but a single trans
action of importance, the sale of the
Florence Court apartment house. on the
southwest corner OF Fifteenth and I
Streets northwest This one sale. how
ever, is of more significance than many
others which have been recorded since
the opening of the spring season. even
where greater sums have been involved.
because Of the fact that the Florence
Court property was sold before the
foundations had been completed. The
purchaser. James / NcCaIIum, formerly
consul general at St Gall. Switzerland,
has for many years been sanguine OF
the bright future in store fer Wash
ingtoH real estate values, and. with T
Franklin Schneider. is the owner Of the
Sherman apartment house, on another
corner of the same junction OF streets
Mr. AcCallum had been absent from
the city for two years, and had not kept
in touch with the local market. but OF
his return, was quick to see the adyan-
tage of the investment. and Immediately
contracted with Mr.. Schneider to ac-
quire title 10 the still fncompletet
property
The transfer in itself, was extraor
binary and the consideration. $500 600
was paid with the provision that tbs
original contracts with Mr. Schneider
remain in force until the building 2,
completed. This unusual confidence ~
the part OF d conservative investor
should certainly strengthen the Ioca
market, and infuse enough real iuteres
In the situation TO more than recoup tn,
loss IN the percentage Of building, a
recorded Tor the month Of March. 1903
Activity Along the River
Building operations are in progress
along the Potomac River on q bash
which is calculated 10 encourage thos.
interested in river traffic. Mere con
struction is under way than has been ap
parent for several years past, and Iargt
quantities of lumber. sash. and othe
building material Is shipped from Wash
ington and Alexandria 10 points ali alonl
the rNer. Captain Randall has been su
perVIsing considerable construction an
reconstruction at the River View resort
and new canning factories are going u
a. Curriomen Bay, Nomini Creek. an
other points.
Much discussion has been arouse
among certain local architects who hav
been IN the habit Of submitting plans f.
competition TOR Government work. be
cause of the decision Of the regents of III
National Museum not TO pay the fee G
per cent for the accepted drawings. an
supervision OF the work on the new Nj
scum building. This fee has been Ion
established, but was subjected TO niue
criticism during the recent session
Congress, the contention being made ths
per cent, which. although the maximum
rate. is the rate usually charged, is 10
great sum and altogether cut OF pre-
portion to the services performed
The architects assert the question {