Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-02-06
MOUNT PLEASANT VICINITY
LOSES LAST RURAL ASPECT
Apartment House to Cover Site of Country House
and Grounds With Windmill - Building
Facilitated by Easy Money.

Sale was announced last week of large
piece of property at the southeast corner
of 10th street and Park road. This WIS
of interest entirely outside the usuai CIR
cumstances surrounding 4 transaction d
this sort TIE old frame house standing
in the midst of a large lot, with Wlno-
mill in the rear, has been for some Tune
looked upon as a curious reminder OF re-
mote conditions.
When this house was built that sec
ton then known as Mount Pleasant was
country far from the closely bulit-up sec
tions of the city. There were no car INES
nearer than = street, then the northern
terminus OF the 14th street car line VI
course there was no thought OF sewer
or independent water supply. and other
conveniences of city life
Surroundings Were Rural.
Country life in practically all its as
poets the first residents of Mount fleas-
ant experienced some forty years. lhal
remained the condition down to a perloo
that can be recalled without much DIM
Guilty by persons who would not De VIII
ing to be classed as old.
Then houses were surrounded by ample
grounds Householders had their gardens
and their chicken runs and their stables.
Some even kept cows
The advance Of the city Sraduahy
wrought changes in the way OF living.
Soon the home places began to De cut
nm Rows of homes and apartment
houses changed the suburban character
at the locality. So rapidly has the trans
format ton gone on during the past nVe
or six years that but little is leIt 10 IN
dictate the character of the section as IL
was for so many years.
NV, C;tv Condition
This recently sold site is TO be occupied
by two apartment houses. All about VII
be rows Of houses, paved streets ana al
the familiar features of city HE
AS is well known change of this SOFT
is not confined 10 that one locality, pu'
il characteristic of the entire region fol-
some distance beyond the original bounds
of the city from the AnacoStia To the
Potomac so that the area of the city ma:
easily been more than doubled in the pas
decade or SO.
Abundance of Money.
building as we'll as ether forms of activ
ity are favored just now by the compare
tive ease in the money market. Flnancla
institutions as well as other sources o
loanable funds are we'll supplied In fact
il is generally thought there is more idi
money about than is entirely satisfactor
TO those who make a business OF Keeping
funds doing something and earning some
thing.
This condition is fairly brought out b
the rates for money at such center q
New York, where cola teral call and tim
loans can be had now at what are re
garded as low rates, that Is, in the neigh
borhood of . per cent. 1t is also pre-
suned that real estate interest rates a
that center have also fallen in keepin
with what has happened in the genera
money market.
Realty rates in New York city stan
ly themselves as might be expected in
city where real estate values are highe
than in any other city in the cOuntr
and perhaps i'll the world
Four Per Cent Rate Known.
Ii is of course beyond reason TO loo
for rates for loans On real property sin
liar TO prevailing rates at such centt
as New York city. 1t Is not at all likel
for example. that money will ever
as cheap for such uses In this city as
New York.
There have been instances OF loans S
cured on real estate in this city at p
cent. 1t is not al all unlikely that in Il
case OF what are looked upon as gilt-edg'
loans such rate will again be known
here. Just at present the prevailing ra
IS ) per cent. reduction OF ] per ce
upon the charge for the use of SUI
financial panic.
Il Is thought by some men, active
the market as borrowers. that the Gu
rent rate is out OF keeping wi
existing conditions. and that the abu
dance OF loanable funds and the CO..
parative lack Of suitable opportunities
their use point clearly to the conf
of a period OF lower interest rates.
the case of recent large transactit
IL Is said by the broker who made
that he had arranged TO get the mon
for the deferred payments secured
deed of trust at AZ per cent
Influence Of Competition.
.. course Il does not lie entirely wi,
in the power of those who have mon
to loan to regulate the rates. They m,
he governed in this matter. as well
In other lines Of business, by cure
conditions.
The loan market here is also availal
for those IN other cities who have fur
to place out. So IL happens that the g
ment OF competition comes IN. VIII
it is found that a loan cannot be plac
by means of local money outside fur
are sought.
AT one time large proportion of
money that was In use here carne IN