Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-08-27
REAL ESTATE GOSSIP
Confidence Shown by Local
Investors.
ARE NOT DISTURBED
WAGGAMAN INCIDENT FAILS TO
DEMoRALIZE BUSINESS
Fall Renting Season Opens-Excellent
Reports Are Heard Apartment
Houses Still in Demand.

as e. Waggaman has been the chief topic
of conversation in local real estate circles
during the past week, and it must be said
that the majority of opinions expressed by
large dealers is favorable to Mr.. Wagga-
man. day following the announcement that
certain unsecured creditors were seeking to
establish the insolvency of Mr.. Waggaman,
coupled with the apparent significance OF
the immense deed of trust filed to protect
the Catholic University of America the
real estate and financial fraternity OF
Washington exhibited considerable nervous
ness. There was apprehension in many
quarters that there would be a run on Sc
curities which might result in more en-
barrassng disclosures. But this was not the
case, except, possibly, in a few instances,
although many small investors began
careful investigation of the securities for
their loans
A thorough canvass among prominent OPP
orators resulted today in an almost unanl-
nous expression of confidence in Mr.. Wag-
gaman's ability to pay his creditors in full,
provided his extensive and admittedly
valuable properties are not dumped on the
market. 1t is with securities and specula-
tive properties as it is with stocks or even
commodities matter of supply and de-
mand. AS there is immediate demand
for the ground held by Mr.. Waggaman, 1t
stands to reason that ii it is sold under the
hammer
the other hand, it is asserted that some OF
Mr.. Waggaman's holdings, notably Wood
ley Park, are bound to increase In value
within the next few years, and Will then
bring more than enough to liquidate all Mr.
Waggamans liabilities, so far as they are
known.
Another Contingency.
If it is shown, however, that Mr.. Wag-
gaman has loaned too heavily-that is,
loaned on a valuation which cannot be ac-
tually realized for several years-it Is be-
lieved his difficulties will not be so easily
overcome. A member of one of the largest
real estate firms in the city called special
attention today to the Woodley Park prop
erty He said that Mr.. Waggaman pur-
chased that tract and SubdiVided 1t when
the values were low. 1t Is located in the
vicinity of Rock creek, just beyond the end
of the new Connecticut avenue bridge, now
in course of construction. 1t was pointed
out that this property is bound to increase
in value when this Improvement is complet-
ed, and that if Mr.. Waggaman's unsecured
creditors will be content to nurse" these
holdings, they will not only receive payment
in full, but will permit Mr.. Waggaman to
realize largely for himself.
The point was made by one dealer that
property beyond Woodley Park is being
held for SO cents, 80 cents and even 81 per
foot, today, and that Mr.. Waggamans
holdings are worth easily as much if not
more. This same dealer expressed 1t his
opinion that five years will see this valua-
ton raised at least 40 per cent, which, he
said, would enable Mr.. Waggaman to pay
all creditors who have presented them
selves, by the sale of this single property,
leaving him several other tracts upon which
to secure other transactions Even with the
additional suits which were filed against Mr.
Waggaman yesterday by two local banks,
and the application for receiver on certain
other properties, the confidence in Mr. Wag-
gaman was not materially shaken. The in
1a
discussion and caused some nervousness
has had a far less demoraliZing effect upon
the local market than was at first antici-
pated-much less than would have been
caused by the failure of a bank involving
tie same amount of money. Mr.. Wagga-
man Is without doubt the largest indvid-
ual real estate operator in the District and
that conditions have withstood the shock
seems remarkable.
Opening of Fall Season.
The LIST of September, which really marks
the opening of the fall renting season, the
best of the year, will be here next Thursday
and the consequent activity of rental agents
has been apparent for several weeks. From
no sources are the reports discouraeing
On the contrary. the dealers smile and de-
clare the business the best they have ever
had. During the past twelve months more
than dozen first-class apartment houses
have been thrown open to the homeseekinp
pubic, and, strange it may SEEM space
IN them is al premium. Two wears ago
1t was predicted that Washington could
not stand for any more apartment houses,
and conservative dealers nd investors de-
clared that If the craze continued flats in
the best buildings could be obtained at a
monthly rental of Sc or 81 per room in
stead OF $40 per room, then prevailing.
The two years have passed and in the
good houses 1t seems to be no more diff
cult in obtaining the same old $40 per room
per month. and some of the owners insist
on even more than that. The spectators
nave invested their money, and, as far as
can be seen are realizing Handsomely
Al the same time the rows upon rows of
smaller houses which are being put up in
an parts OF the city find ready tenants and
often ready buyers. To the average citizen
the problem presents itself-What becomes
OF the houses vacated? The puzzle grows
more intricate when canvass of the resi-
dence sections of the District shows No
more vacant houses than there were two or
-FOUR year ago. The questions are eIten asked
m ..,is the population increasing?" and
,rss, mere 90 aii the people come from?"
True, many of the spacious old ashioned
houses are remodeled and made into flats
and are Immediately rented where without
the improvements. they never would have
been occupied But many of these homsas
are not remodeled, and still there 10 No
great surplus of For Rent" signs starina
PEDESTRIANS IN the race as they plod up
ana down the better residence streets
The housing of a citys thousands ALWAYS
has been and always will be a nrohien
The problem Is solved by each succeeding
generation, but how it is solved remains
a question unanswered "'i
Store and Flat Building.
julius Wenig, architect, has prepared
piahs ior three-story and cellar store and
fiat building, 25x72. to be erected at 1910
L street northwest. for Mr. Lawrence Man
gan The entire first floor will be used for
a store and the second and third stories
Nv
apartment. The front will be faced with
red brick brownstone trimmings and a
tWo-story orlel bay. Hot water heat and
all modern improvements will be Installed
Mr.. Wenig has also prepared plans for
remodeling and extension to the New York
oyster house, 1920 NJ street northwest for
Mr.. NJ. kinslow and son.
Mr.. ]. E. Braitmayer has had plans pre-
pared by NJ. Wenig for a residence to be
erected at 3019 Irving place. The plans call
for two-story and cellar building, 1Sx56
containing seven rooms and BATH press
brick front with brownstone trimmings
furnace heat. cabinet manteIs, tile bath