Evening star., 1909-07-08
Income at Prices Demanded.


Turning from the sale. Attorney Birney
next considered the income from the sew
eral parcels If the owner had paid what
he wants from the government, declared
Mr. Birney not one would get net re-
turn on the investment of over / per cent,
and not a single owner could be induced
by the income to refuse to sell the prop
erty at the price he wants the govern
ment to pay for it
Mr.. Birney next presented a set of cal
culations showing the income from each
parcel, what it yields at the price which
the owner wants the government to pay
for Ii and what Ii is really worth to yield
its present income on a q per cent gross
bass. On Chase's Theater, parcel /, he
found that the present income would
yield - per cent gross on the price the
owner wants, and that the true value of
the land. without Improvements, to
yield per cent income is S3.25 per
square foot. The income of the Regent
Hotel, parcel - would yield 2.4S per cent
on the owners valuation, and its present
income indicates the bare land to be
worth S9.3l per square foot. For parcel
3. owned by S. G. Cornwell. Mr.. Birney
said, the present income would yield 81
per cent on the owners figures, but its
present income indicates the value of the
bare land TO be sS.33 per square foot
For parcel i at 1410 Pennsylvania ave-
nue., he said, the income would yield 3.25
per cent on the owners valuation and
indicated the value of the land to be $3.50
per square foot For parcel at 14OS
Pennsylvania avenue, he contended, It's
present income would yield 2.57 per cent
on the owners valuation and indicated
the true value of the land to be S641 per
square foot For parcel & at 14o4-O6
Pennsylvania avenue. he added, its pres
ent income indicated the value of the
land to be S123S per square foot. For
parcel at 14o2 Pennsylvania avenue its
present income would yield 81 per cent
on the owners valuation and indicated
the present value of the land to be $l2 Al
per square foot. For parcel s at 14th
street and Pennsylvania avenue, he said,
its present income would yield 3.45 per
cent on the owners valuation and indi-
Gated the real value of the land to be
S19.49 per square foot.
For parcel at 5O6-S l4th street, he
contended its present income would yield
81 per cent on the owners valuation and
indicated the real value of the land to be
500 per square foot. For parcel 10 at
5O4 l4th street. Mr. Birney said, its pres
ent income indicated that the real value
Of the land is S7.62 per square foot. For
parcel IL at 14th and E streets. he said,
its present income would yield 80 per
cent at. the owners valuation and indi-
Gated the real value of the land to be
81. IS per square foot. Mr.. Birney pointed
out that the figures showed the gross in
come and that, If the taxes, repairs and
losses from vacancies are conSlQered, the
income would yield less than 1 per cent
at the owners valuations of their proper
ties.
In his address Attorney Beach for the
government argued that the property
owners had failed to show the reasons for
the imitation of prices over the last sale
in the square in question: that the gov
ernment is TO be treated just the same as
any private owner as a purchaser and
that the history of the property is to be
considered when the commission IA
the best uses TO which a property can be
put.