Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-01-11

questions be confined to the property In
the District of Columbia.
Col. Judson finally showed that he
thinks the Southern building would have
little value in New York. Col. Judson
then transferred his hypothetical trans
action in real estate to Alexandria, Va.
This is unthinkable," said Mr.. Colds
borough.
Col Judson asked if many large plots
are sold here at $50 a foot.
THE size of the Southern building site
does not initiate against it," replied Mr..
Goldsborough, who said in response to
queries that he knew of no other large
plots which have sold for $50 d foot nor
at $40 a foot.
Col Judson referred to the Montrose
Hotel property sale. He asked if Mr..
Goldsborough knew there was trust on
the property and that instead Of being
fifty -one-dollar-a transaction it was
practically margin transaction.
L object, said Mr.. Douglas, because
it is a scurrilous and irrelevan question.
and 1 challenge Col. Judsons question:
Mr.. Douglas asked Col Judson if he
who bought the property. This precipi-
tated war of words. Mr.. Douglas de-
Tended the use of the word scurrilous by
saying:
1T is attempted to be shown that these
people. instead of being the buyers,
| really put up money for an option
IF the Montrose building site is mort
SdBeu IOr you a 1OOt IL would ln1uenCe
me considerably" said Representative
Johnson. II would like to know it.
There is nothing more timid than CAPT.
tai. and If financiers are willing to lend
money to that extent on the property it
would indicate a great deal"
Would Omit Irrelevant Questions.
Representative Johnson also said:
Let us try to keep out OF every ques-
hot mi in <bo -
Col. Judson brought out the fact that
real estate men are both bulls and bears
are optimists and pessimists in accord
asce with their wish to buy or sell. He
also claimed that Mr.. Goldsborough was
testffylng as to the value of the South
ern building because he is John r. Nc
Leans attorney, and that Mr.. Mclean is
owner Of property near the Southern
building.
Il am not representing Mr. Mclean
here in any capacity" said Mr.. Colds
borough.
Representative Johnson grew humorous:
Are you guilty of associating with
real estate men like Mr.. Glover, Mr. Bell
and others?'
Every one laughed and strained situa-
ton was relieved.
James II. Tayloe was called lust before
| recess.
Testimony of Eldridge E. Jordan.
Eldridge E. Jordan, president of the
United States Trust Company, took the
| stand in defense Of the fire insurance
companies valuation Of the Southern
building property yesterday afternoon
! His figures as to real estate values all
upheld the valuation Of $4,000, 900 which
| has been placed by the fire insurance
companies on the Southern building.
and which has been called too high BY
| the critics Of the companies
In the beginning Mr.. Jordan said the
| Nairn property at 10Th and New York
! avenue is worth 500 a foot This prop
| erty has been mentioned by nearly
every real estate expert and business
| man who has appeared so far, and is a
| sort of real estate barometer, indi-
eating whether the expert is bull or
| a bear.
Speaking Of the corner OF 18th and
! II streets. Mr.. Douglas asked the
banker If that is good business
| corner:
more business is done at the north
east corner than anywhere else in
| town." he replied.
"You would consider that more of a
sanctuary airy then; o., than Is the corner
the American Security and Trust Com
pany corner.
Il do not consider any locality a
sanctuary" replied Mr.. Jordan. and 1
do not believe it should be. 1t is not
/ a good condition Of affairs"
| Further questioning developed ilthe
fact that Mr.. Jordan had been a direc-
| tor in the Commercial Fire Insurance
Company, and had resigned because he
could find no time to attend to it's at
| fairs. =
Inquiry Regarding improvements.
Representative Redfield questioned
Mr.. Jordan with great care concern
ing the details of an expenditure of
$4,000 which the bank had made for
| improvements In the space occupied in
the Southern building. This was i'm
portant to the committee because It
has been testified that the bank 3
| presence there makes the building
more valuable, and that fthe bank has
spent $4,000 in improvements which
are in the nature Of permanent fix
lures for the building; thereby addine 2
to it's intrinsic worth. Mr.. Jordan said
he would present to the committee a
detailed statement OF every penny
spent for the purposes.
Mr. Redfield also asked whether Mr.
Jordan'S bank had loaned any money
to the Richmond Realty Company or
the insurance companies. Mr.. Jordan
said, If so, he could not recall it, Mr.
Jordan believes the Southern buildine
; property worth $50 a foot.
e. H. Daniel. real estate dealer. was
on the stand In the afternoon also. He
, placed $45 a foot valuation on the
} Southern building site. ---