Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-27
Predicts Drop in Values.


of his testimony that real estate values
here are going to depreciate soon
The inaugural craftsmanship was brought
into the discussion at the end of the
hearing today, and Representative Red
field, with mass of figures on the papers
before him, introduced documents from
the New York state end Of the contro-
versy.
The hearing today again brought out
the charge that the real estate ring Is
endeavoring to depress values and escape
taxes. Mr.. Douglas also charged that
the Commissioners had transgressed their
authority when they had given permis-
sion to the New York state department
of insurance to come here and examine
the books of the insurance companies.
Col. Judson Cross-Examined.
Charles A. Douglas, attorney for the
insurance companies. began a cross-eX-
animation Of Commissioner Judson at the
opening of tOday's hearing. He asked
for details as to the papers f. y. Stell-
wagen had given Col. Judson-reports on
the companies, etc. MIR. Douglas asked
if Mr.. SteIlwaSen had not been espe-
c.ally solicitous about the appraisement
on the Union Trust building.
Never, as far as | can recall: he has
never spoken to me about any such ma t.
ter
Didn't he ever complain that the eff
feet of the apprasement on the South
eIn building would put up the assessmen,
on the Union Trust Company building?"
Il don't believe he did
Col. Judson said il was on his own
! initiative that he asked for Il new ap-
| pra .sement on the Southern building. and
| that Commissioner Rudolph acquiesced
| He said he thought the Southern build.
ing had been figured too high that il
was not worth so much as shown.
| report on the property had alread,
been made by the assessors. Mr.. Dougla:
asked Commissioner Judson if he hadn't
| told the assessors to make a lower ap.
praisal.
II told them to go over the matter anc
| correct the appraisal.
| Mr.. Douglas said he wanted to show the
| attitude OF commissioner JudSon, the in
| ference being that the Commissioner wa:
| prejudiced in favor of a lower figure.
Matter of Assessments.
Your business is to see that propert,
! Is assessed as high as possible or as low
| as pOssible?' asked Mr.. Douglas
| In this instance, where the property j.
! the asset of a fire insurance company /
| is my business to see that il is assessed
| as fairly as possible.
The attorney and the E.ngineer Commi
Sloner dropped INTO u cOlloGuy on the sub
| ject of the cost of operating office build
| ings. Col. JudSon said he believed tha
| $4,000 year would be the approximate
| cost for running the Southern build ing
| Mr.. Douglas began "a series of questions
! relating to methods of accounting. de
| probation. etc. Col. Judson introduce,
| the term accumulated obsolescence' int,
| the hearing as an element used in figur
| ing out the worth of property The Ian,
| on which the Southern building stands i
worth $50 foot, the hearings developed
a doubling of value in four years Com
| missioner JudSon here took a shot a
Representative George, who was sittin.
near at hand.
''Of course. he said. with the structure
that have been passed on the assessors
they may have a tendency to assess to,
high OF too low
Speaking further. Commissioner Jud
son said:
THAT thirty dollar property ma,
appreciate or it may depreciate, but
believe 1t will drop. l wouldn't be sur
prised to see that property at S25
foot. 1 think real estate is going t
drop before 1t goes up. That may no
be testimony for the real estate ring,
but l believe it TO be true
Mr.. Douglas Dissents.
Mr.. Douglas Immediately took issue.