Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-29
CLAIMS GAS REALTY.
WORTH S3,111,52O.
Testimony at Utilities Hear
ing Supports Estimates
Made on Valuations.

Testimony in support Of claim to a
value of $3,111,52o for its tangible real
estate holdings, the original cost Of
which is reported to amount to $69S,858,
was introduced by the gas company
when hearings we're resumed today be-
fore the Public Utilities Commission on
the gas valuation case.
Most of the property owned by the
gas company was acquired years ago
when prices we're low in the sections
where its plants are located, and has
since increased In value as result of
developments in contiguous sections. To
the $3,111,520 claim. however, the COM
pany will later add intangible values
on overhead which is expected to raise
this figure materially.
- William j. Flather, IT, member of the
appraisal committee Of the Washington
Real Estate Board, who, with Arthur
Carr and Robert e. Doyle, made the
studies on which the company based
Its claim to a $3,ll,520 value on tam
gible real estate, was the first witness
He outlined in detail the procedure fol-
lowed in making the appraisals, and
gave what, in his opinion, constituted
the fair market value of all of the gas
company's real estate holdings.
Mode of Computation.
The total value of the land owned bv
the washington Gas Light Co. was put
IN the record at $2,895, 03O45, and that
III the possession OF the Georgetown
company at $2l6,490 making a grand
TOTAL OF $3,111, 52045. The Commits
sions appraisal is approximately S40I1 :
900 under this figure. The original
cost, as computed by B. NICK. Bach
man, chief accountant of the commits
SION, who made an historical investiga-
Glon OF the gas company, amounted to
$698,858.58. ~
Various items, making I'D the total
value, were testified to in detail bv
Flather. The west station property.
the majority of which is in the vicinity
OF New Hampshire and Virginia avenue.
r g and H streets, Father appraised
az $500 a square foot, while that at
the < street holder station, which is
bounded by K, L, First and Canal
streets southwest, he said, is worth
Sl.2o square foot. The accessibility
10 water transportation and the loca-
ton, he pointed out, were the main
factors considered in determining these
values. Actual sales in surrounding
sections, he said, also were an element.
The company's property on Tenth
between D and E streets, which is
used primarily for office purposes
Flather appraised at SIG a square foot
ana that around the corner on e street
between Ninth and Tenth streets at $40
square foot. These appraisals he de-
clared are conservative in comparison
with recent sale prices of property in
the immediate vicinity
Father Explains Appraisals.
Flather then testified as to his ap-
praisals on the property at the East
station of the gas company. Land be-
tween NJ and N streets and Twelfth
and Thirteenth street southeast, Thir-
tenth street and Virginia avenue
southeast and Twelfth and M streets
southeast he valued at $3.50 a square
foot
The Analostan Island, which the COM
pany acquired some years ago for the
development of gaS-making plant, Is
included in the appraisal at 1854, 600.
1t contains 88 acres.
After the real estate appraisals are
concluded, the company will return r.
o. Luqueer, its engineer, to the wit
ness stand to resume his testimony on
costs. Luqueer finished his testimony
as to direct costs last week, and will
begin with indirect costs.