Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-01-09

handed us. If I:were on the bench none
Of It would go IN" 49,
The commit retired to settle the
matter OF relevancy.
Southern Buildings Intrinsic Value.
Charles F.. Carusi. general counsel for
the Commercial Fire Insurance COM
pany, I'm cross-examining John r story
jr. yesterday afternoon. brought out the
fact that the Southern buildings intr1n-
sic value Is not affected by the various
slumps in the stock based on the build,
ing as a property, and which has changed
hands nearly half dozen times since
the project was started. Mr.. Story also
told OF his negotiations In gathering up
the stock of the Southern Building Cor
poratioD and turning ii over to the Com
merciaI Fire Insurance Company. A. +.
l.. Leckie, member of the syndlcate
formed in the deal to buy ST. Matthew's
Church property al 18th and II Streets
was also witness yesterday afternoon
.'The property was brought to my at
tention by R. II. McNeill and Alexander
Mcneil. and 1t was considered to De
worth $4,000 said Mr.. Leckle. as ne
began his testimony. I'VE got together
with several gentlemen. among them
Charles A Douglas, and put up tnou-
sand dollars for a thirty-day option.
James Baker was in the syndicate also
Then we began to look for purchaser
"There was talk of using the site for An
opera house. and a big hotel company
was interested for a short time. Charles
r. Davis of the Southern Commercial
Congress was genuinely interested. ana
later the congress agreed to buy the site
COO"
There were financial difficulties after
this, and when the Southern CONNER
cial Congress was in the midst of trou-
bles the Southern Building Corporation
was formed and 100000 in preferred
stock OF the corporation was gwen 10
the syndicate in the spring or l91o all
OF which has been testified 10 IN detall
by many Witnesses. .
II sold my stock gained in this way,
said Mr.. Leckie, for $3.50, getting OUT
little better than any one else. Inc
apiece for theirs. 1 had to put up 81. 100
Mr.. Leckie said that none of the syndi-
cate received any of the commissions
Seeking to Obtain Control.
John p Story, jr, of 1902 Connecticut
avenue a real estate dealer. related how
he had purchased the stock of the South
ern Building Corporation from its scat
tered owners for Robert n. Harper and
Charles F. Carusi. He was commits
stoned to get at least 81 per, cent Of the
stock so that the Commercial Fire IN
surance Company would have a controi
of the Southern Building Corporation. 1t
was testified that Mr. Carusi paid him
$40 a share for all hut ten shares, that is
2 800 With each share of the preferred
thus purchased went a little more than
half share of common stock, said MT
story. He got 1887 shares from the
Richmond Realty Company at l2ls, $50
shares at ~. and leo shares at par. The
shares at 81 were what was called the
Parker stock" and James Mann and
CHARLES RI Davis of the Southern Com
ue.c!ai Congress came here to examine
iull th, matter. and stood out for $50
share
Nr -.cr, said nat he had held the
eo-tIern bsildHe TOR sale for eighteen
months ana "a 4 was not peddled
around tne city at any Price as rumors
had ill., but that in all the time he held
the property for purchaser he had only
two bona fide offers. and that they were
below the worth of the building. He also
testified that the Richmond Realty Com
pany had thought the building worth
81 100000, and that none of the stock
transactions would lower the worth of
the property.