Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-10
CAPITAL ON SOUND
ECONOMIC BASIS
Prominent ReaItor Classes
Washington Among Worlds
Most Substantial Cities.

Washington, being the capital Of the
wealthiest Nation In the world, Is on
the soundest. most substantial eco
nomic basis Of any city in the world,
John F. Maury. former president of
the Washington Real Estate Board, and
now member of its Appraisal Com
mittee, declared today in a statement
to The Star
washington is the last city in the
country to feel a depression or panic
II one should exist, because it Is the
seat of our Government, and whether
times are good or bad the Govern
ment salaries go on just the same
and serve as a StabiliZer of economic
equilibrium" he added.
neutrality-suspicious. should surely be
happy and content when they realize
that we have come through the storm
and weathered the depression that has
enveloped the world practically un-
scathed.
$4,000 on Government Pay Roll.
about 10000 persons are employed
by the Federal and Municipal Gov
ernments and the total annual pay roll
of this vast organization is about $175.-
co., 900, which means that. every two
weeks approximately $7,3o0b0O is put
into circulation among the various
merchants, banks, stores, ETC., of the
city In addition to this enormous
sum, millions of more dollars weekly
and monthly are paid to employees of
hundreds of Washington's businesses.
It is seldom realized that while the
Government activities are the back
bone of the city's financial status,
there are 10000 people gainfully en-
ployed in Washington not connected
with the Government and this proves
while they are correlated, Washington
is not solely dependent on the Govern
ment. 1t Is because of these facts that
a healthy financial condition prevails
here.
ut is really amazing that we Wash
ingtonians do not realize that the avail
able area of the District of Columbia is
being rapidly depleted. the Federal and
Municipal Governments now owning
over so per cent and with the acQuisi-
ton by the Federal and Municipal Gov
ernmentS of dozens of squares of prop
erty for the erection of monumental
buildings, is further adding to such de-
pletion, with the result as stated
above. the available area that can be
purchased is getting smaller and smaller
and it also should be borne in mind
in acquiring these vast areas that hun
dreds of tenants and owners are being
dislodged and forced to go elsewhere for
sites for th"ir businesses. OF course,
some of them will purchase ground and
build but the majority will pur-
chase in the downtown section, thereby
displacing people who are already there,
who in turn must find new quarters: in
other words, the movement is a sort of
an endless chain and it should not take
second sight for investors to realize that
now is the opportune time to buy Wash
ington real estate at low prices which,
in my opinion, will never prevail again.
Unwise Purchases Cited.
'Tt is true that some people here have
lost money in real estate, the same as
they have in other businesses, but the
ones that did failed to select wisely, in
the right section or bought property
where they did not pay any attention to
the ultimate realization of revenue as
compared to the return that the pur-
chase price demanded, or else their
property was badly financed and they
would have lost money ever in normal
times in view of these conditions. How
ever, on the other hand, there are thou
sands of investors who own washington
real estate, purchased wisely in grow
ing sections OF the city. who will reap
the benefit Of their foresight IN the very
near future, due to the enhancement
that is bound to occur on account of
the marvellous development that is tax
Ing place in this wonderful city,
Very few people realize or can visual
lie what a marvellous city Washington
Is destined to be and all of the adjec-
tives in the language can be employed
and still not do justice to the wonderful
plans that are being evolved for the de-
velopment Of this beautiful city. With
the interest of the Federal Government
renewed in the endeayor to make our
city most worthy capital of the Ma
ton and with the continued stability of
It's economic structure, real estate men,
bankers, investors, ETC., should be able
TO contribute even more than ever to the
developmnt Of this great city.
City Under Eyes Of World.
'The entire world has its eyes upon
Washington and never before in its his
tory has there been such an evidence on
the part Of local organizations to engage
IN worthwhile efforts for the advance
ment OF the city. President Hoover and
many outstanding men of our Govern
ment, also have centered their attention
on this great city to the end that its
steady progress will not be impeded nor
its economic existence upset.
The belief in the stability Of invest
nnents In this great city surely is evinced
by large national organizations and
churches purchasing locations for head
quarters here, as well as in the fact that
the outstanding chain stores Of the
United States should deem it wise 70
tease sites In Washington for their