Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-11
NEWS AND GOSSIP
IN REAL ESTATE

, then comfort. and last Of all. style. There
| Is. doubt, a class of people who place
| the last consideration first, and they have
builders to cater to their special needs.
The growth OF the business of house
building is one of the striking features OF
the modern real estate market in this city.
1t is evident from the experience OF
brokers that it is growing business. The
demand itself is an evidence of the growth
Of the population. For in addition to- the
number of people who are resident here
| and who have the home buying habit there
is that large and growing class whose ex-
| istence has not been suspected until re-
Gently and the makeup of which Is only
vaguely grasped by large number OF peo-
pie.
An Important Glass.
In one particular. at any rate they be-
long to the class of wealthy people whose
coming to this city Is widely known. as in
fact is the case with all their movements.
But the large proportion of the people, who
are to greater or less extent financially
independent and who are able to make
their home where they please are not SO
rich that they afford material for the news
papers. Hence 1t is that their coming here
has not been heraided abroad. All the same
they have come and still coming. and
what is more. they are buying homes and
establishing themselves here and constf-
tutng solid element in the community.
place to live, because the schools are ex-
celleut. There are various other reasons,
but the two mentioned are in themselves
a fine equipment for any ordinary city.
Investment fer Small Sums. "'a
A system of providing loans for small
sums of money has been in operation in
Chicago for two years past and is said to
be meeting with success. By this method
the small capitalist gets not only the same
security as the large capitalist, but, what
Is equally important. and entirely new, he
gets the same rate Of interest.
The business of his company is loanng
money upon improved Chicago real estate,
chiefly upon rented residential property,
where the value of the property is double
the amount loaned upon it, and where the
improvements are insured against loss by
fire for the full face of the loan. The key
to the company's success lies in the fact
that instead of taking only one mortgage
note the note is divided into gold bonds of
500 or 500, each bearing & per cent cou-
pons, payable semi-annually, and secured
by and described in the trust deed.
BY dividing the loan up into small bonds,
the small depositor gets all of the per
cent instead of half of it.
Under this system the company pays ex-
actly the same rate it charges, looking for
Its profits, not to a difference in rate. but
to a commission paid by the borrower on
the face of the loan and to such interest as
might accrue while the evidence lay In its
hands unsold.
On the Virginia Side.
The Fort Myer Heights Land Company.
owner of subdivision by that name stu
ated within half a mile of Rosslyn. Va,
and adjoining Fort Myer, has just sold to
Mr.. Frank Lyon of Belair, Alexandria
county, Va. the remainder of that sub
division. comprising 80 lots and covering
about fifty acres.
This subdivision has been on the market
for about decade. and some twenty-five
houses have been erected there. The change
in ownership marks, it is sta ted a new line
of policy Just one year ago the new pur-
chaser. Mr.. Frank Lyon, bought tract of
land designated Lyons Addition to Clar-
endon." and subdivided it into about 1870
about 120 of the lots and erected twenty
three houses thereon. There are now
twenty-three families residing on that sub
division.
Mr.. Lyon proposes to pursue the same
course with regard to Fort Myer Heights
as he has in regard to Lyons addition. The
property adjoins Fort Myer. is bisected by
the Falls Church electric road, and the
Ballston county road binds 1t on the mort h.
and the Military road to Fort Myer on the
east. 1t is within ten minutes walk of
Georgetown. Etg
1t is understood that the deal involved
about 500, eco. The real estate firm of r.
w. Walker & Son will represent the sub
division in Washington.
Adding to a Bank Building.
The addition of two stories to the height
of the Commercial Bank building, at the
northwest corner of 14th and G streets, is
about completed. The scaffolding has been
removed and the full effect of the five