The Washington times., 1913-08-08
KALBFUS SPARS
At REALTY QUIZ
Assessments on Property of
Corcoran Estate Dragged
Into House Probe.
Continued from First Page

Continued from First Page.l
sessments on the real estate. land. and
buildings owned by the banks Of Wash
ington?"
Value of His Estate.
After having heard Mr.. KsIbfus for
four days on his real estate transac-
ton proper, little attention was paid
today to this feature, and Chairman
Johnson and Congressman George, tax
ing the active part in the eXaminatio
devoted most Of their time TO the Cor
coran estate holdings.
Congressman, Prouty asked Mr.. KaIo-
fus as he prepared TO leave the stand:
What do you consider your estate
'Td be glad to take $4,000 for il"
said the witness.
Congressman George asked II he hao
had any other source of income except
since he became connected WIKI the
District government.
"I have not" said Mr.. Kalbfus, who
reviewed his twenty-seven years serv-
ice with the District, beginning with an
appointment as a $1,000 clerk.
The Corcoran estate was brought into
the hearing by another reference to the
Louise Home, endowed by that estate,
according TO a previous statement be-
fore the committee. Mr.. Kalbfus was
testifying regarding small purchase
on Massachusetts avenue extended.
did your friends IN the Louise Home
lend you the money to make that deal?'
inquired Mr.. George.
No Friends There.
Home. My loans were from the trus-
tees of the home, and were made not
by me. but through a broker"
'Tt looks to me like you are getting
TOO much money; that you are getting
real estate at too low a price; as II
William Corcoran Hill has sold you
real estate for too little" said Mr..
George
For what purpose?" snapped Mr..
You will have to tell US that" was
the sprightly reply of Mr.. George.
You will have to draw your own
concl-' sions IL you want the facts" re-
I'VE have the facts" said Mr..
George.
Then I cannot draw your conclu-
sions for YOU" spared the witness.
who are the -CorcoransT'
Didn't Know History.
Mr.. Kalbfus said he didn't have the
family tree Of the various families in
the United States and he didn't know
about the Corcoran family.
'Is William Corcoran Eustis a Cor
coran7' ~
ct think he is"
Mr.. George then switched to the Ar
lington Hotel property issue, coming
back later to the probable worth OF
avenue.
Value of Hotel Site.
Chairman johnson wanted to know the
assessment on the land purchased for
the new Arlington Hotel, and menticn-
ed, In passing, that Charles c. Glover
had estimated the land as being worth
$3.50 a foot
Part of lot No. ! is assessed at SO
D. foot" said Mr.. Kalbfus, "and the
remainder is at S6 foot. Little lots
on I street, nearby. are put at f2.76.
This assessment was made about three
years ago. Unless there Is an expla-
nation made the assessments appear
TO be ridiculous. In the first place, too
high g price was paid for the hotel
property, but ] understand they were
counting on the future and what
would be made. As soon as the hotel
was thought to have fallen through
the bottom dropped out. No such
prices can prevail If the hotel project
Iails."
, When did this assessment (for I91l-l2)
closer asked Mr.. johnson.
, "As have explained before" said
Mr. Kalbfus, ''the assessors begin with
square / and work out That assess
ment closed January / 1911. and must
have been made at least a year prior
10 that"
1T was stated in the papers then that
the hotel was to go upT'
Il think 1t was generally talked"
Has anyone Interested In the Cor
coran estate ever appealed from an as
sessment made by your board?"
Il don't remember"
Appeal From Building.
"was there ever an appeal from the
Corcoran building. at Fifteenth and FL"
II beIieve there was such an appeal
once"
Bring the appeal with you when you
come up again." directed Chairman
johnson.
What IS, the corcoran building worth,
in your opinion?''
The land is worth $50 foot and the
enue?"
Yes. but land worth $50 a foot must
have a modern building on It"
1T was once testified here" said Mr.
johnson, that the Shoreham Hotel
building wasn't worth anything. Did
YOU accept that view?"
What is the Corcoran building as
Bessed at?"
Mr.. Kalbfus examined the books
and said he figured that II stood at
S414, 600, with the building included
at 10000. After more figuring, in
reply to questions, Mr. Kalbfus said
that at his estimate of $50 a foot the
property would be worth S1O66 900
At SIS on the basis of s22 a foot"
IF the land is worth $50 a foot. why is
IL assessed at only SI5?''
Judgment Different Now.
Ny judgment is different now than
two years ago." said Mr.. KaIbfus.
There has been a wonderful increase
in the value Of property in that neigh
korhood."
AT what do you value the Corcoran
EtreetT"
Mr.. Kalbfus figured again and repIied
at the price paid for the Arlington
Hotel land and other property in the
vicinity, ! should say the land was
worth sl5 with the building on"
AT what Is the ground assessed?'
AT SIS"
Chairman johnson reverted to the Ar
lngton Hotel sale, and asked the Wit
ness to differentiate between the prtcss
which should have prevailed on the en-
tire lot. Mr.. Ralbfus said he regarded
one-fourth of the lot as worth S5 a
foot. One-eiR6fh aa uyorfb A. =