Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-08
PURCHASE Of S|IbO
|. ST|RS SPECULATION
Riggs Bank, Trustee, Refuses
to DivuIge Type of Builds
ing Planned.

A building of major size will be erects
| ed on the northeast corner of Pennsyl-
vania avenue and Thirteenth street
running through to E street, 1t was
indicated today when 1t was revealed
that an unknown party or organization.
whose identity is shielded behind veil
of secrecy, has purchased the site for
cash consideration of approximately
81 500 ,000 "a
The property was purchased in the
name of the Riggs National Bank as
| trustee for the undiScloSed principal,
| the transaction being closed yesterday.
Reports that a large commercial or
ganization was taking steps to assemble
site for a large enterprise on the
Avenue between Twelfth and Thir-
tenth streets. have been rife for some
weeks in business circles, though de-
| tails of the plan have been closely
guarded.
Bank Confirms Purchase.
| Hilleary G. Hoskinson, vice president
of the Riggs Bank, today confirmed re-
| ports that the Thirteenth street por-
| ton of the block had been purchased,
| but announced that since the bank was
, acting in a trustee capacity, it was I'M
| der bond of confidence not to reveal the
| identity of the purchaser or the type
of development planned.
Mystery prevails as to what type of
development will be erected there, on
one of the most commanding sites OPP
| poSite the monumental Government
| operations in the great Mall triangle to
the south. Agents representing former
| owners of the parcels assembled de-
clare they do not know who has pur-
chased the site or the nature of the
projected development, since the trans
action was handled through the bank.
Unofficial rumors and reports today,
however, pointed rather strongly to the
| construction of a combination bus ter
minal and large hotel as the most like
| ly project.
Several persons close to those who
have been acting in, the assembling of
the site say they understand" the plan
is for the development of large hotel
and bus terminal. Agents for princi-
pals in the case, however, report that
so far as they have ascertained plans
for the development have not yet been
completed.
Indications that the development
might prove to be a combination of
bus terminal and a hotel were the
recurring reports that the Peoples
| Rapid Transit Co., in which the Penn
sylvania Railroad is interested, has
been contemplating construction OF
large bus terminal here for the P-R-T
buses which operate between WASH
ington, Philadelphia and New York.
Payment Made In Cash.
During the past year there have been
reports that the p. r. T. company
at various times has considered buy
ing as a site for such development
| nf fho old First CnnQTe-
| gational Church, which is for sale, and
a site on New York avenue.
Evidence that some concern with large
| financial backing is the purchaser Is
seen by some observers in the fact that
the price, reported to approximate
1900 900, was paid in cash.
A definite statement that the Ford
Motor Co. is not the purchaser OF the
site at Thirteenth street and Pennsyl-
vania avenue was made at noon today
! by r. B. English, local Ford repre-
sentative. A site in that square was
! one of lot proposed to the Ford con-
Germ as a new location for its local
plant. but it was not accepted, he said.
The Ford Building, at John Marshall
place and Pennsylvania avenue, must
be vacated to make way for the Mu-
nicipal Center project, but new Ford
site has not yet been selected, Mr.. Eng
| lish said.
Contains 1876 Square Feet.
Rumors at one, time were to the
effect that Henry Ford in person had
| come to Washington and looked over
| the site. doing bit of measuring along
Pennsylvania avenue. Confirmation Of
this, however, was entirely lacking.
The property Just purchased through
| the Riggs Bank has a frontage of 80
! feet on Pennsylvania avenue, 1441a
| feet on Thirteenth street and 1913 feet
on E street. The site contains 1876
square feet.
Included in the transaction, 1t is re-
| ported, is lease to the United Stores
| for nine years, which was purchased
! for $50, 1000, and one parcel, leased to
| the Far East Restaurant, purchased for
| $85, 900.
Property was acquired also from
Charles jacobsen, DR.. Thomas E.
| Ogram, Miss Pauline Baum and q lot
owned by the estate of Isidore Grosner.
The Sterling Hotel, on the southeast
corner of Thirteenth and e streets, was
included in the purchase. Former own
ers were represented by Weaver Bros,
Inc. the Christian Heurich Realty Co.,
Attorney Lawrence j. Heller, Tobriner
& Graham, attorneys, and Barnum L.
Cotton, trust officer Of the District Ma
tional Bank.