New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-16

OF the first purchase OF scrip hunting and locating the
Dus and the payment of taxes have been reimbursed
These two making sixty cents per acre. are more
IMAM the market value Of the land scrip at the date OF the
sale to Mr. Cornell and to constitute the capital OF
the college Land Scrip Fund IN the Controllers
accounts. Whatever additional profits that may arise
from the sale OF these lands the scrip 70 be PAD over
to the Controller for the OF the University and
constitutes the capital of the Cornell Endowment Fund
Having secured the control of all the College Land
St 1 9y TINS MT Cornell tnrHed ms attention
In s his knowledge OF business and great aGacty were
he could the best lands then belonging TO the Gov
eminent there would be no doubt as to their great vaue
eminent it equally certain that they would be
worth holding and paying taxes To select lands by
afternoon, comfortably seated in land office. the
Commissioner of another State did was mode that was
meet Mr.. Cornes views He was entitled TO the best
lands the Government held and he determined hunt
them up and locate the best and none Others To effect
this he employed VIM. A. Woodward esq, who had had
great experience in selecting aud locating Government
lands, and who fully appreciated the difference in value
between good and poor lands, and who heartily sym;
pathizcd with the object Mr.. Cornell had In viev OF
securing an ample endowment for great University.
Mr.. woodward went to Eau Claire, in Wisconsin, and
land hunters he could find paying them such ample com
pensaton as would secure faithful and efficient service
Several such men were employed for more than two
years in hunting these lands and many townships OF
lands were thus explored and the quality ascertaned
brought into market by the Government subject
entry Thus when the lands were offered for sale they
were prepared TO select and make entries and generally
did make their entries at the Land once In advance
OF all Others thereby securing the hrst choice OF the
The mode of selecting pine lands in the great forests
The land hunter, after getting such information of
tract OF land lie can from the edboOks OF the Gov
eminent Surveyors which he finds in the Land Office and
from other available sources this service Mr. Woodward
attended in person. he sets out for the locality hunts
up OF the quarter section for starting point
then follows the line around the four sides OF the quarter
section looking in upon the tract and making notes OF
from corner TO corner, both through the
center of the quarter section making notes of the timber
spection the agents at the Land Office determine which
parcels Of land have the greatest value and thus make
the entries The proximity of the land Of
adequate size to float the logs to market Is another I'M
pOriant element in determining location
Thus has the four hundred thousand acres Of Pine
Timber Lands been selected which Mr. Cornell has en-
tered for the University. For this service under
acre as the full price Of the located land, IN
to the State for the scrip TO added the
taxes cost of sales and interest the expenditures to
received for the lands when sold above the cost
thus determined will be profit to be paid in to the Con-
Fund and invested for the University.
In addition TO the above Mr. Cornell has selected with
equal but less cost hundred thousand acres OF
farming lands and they are tho choicest lands to-day
Now. a word as TO the present value of the timber on
those lands, and the reader can judge for himself
whether not Mr.. COruels action in the premises has
been characterized by business judgment aud sagacy
The quantity OF timber is estimated TO produce at least
ten thousand feet OF boards as an average OF the
whole tract and this believed to be low estimate.
The market value OF the logs during the last three years
exceeded all cost OF them 10
amount of Sc per thousand This fixes value Tor the
timber standing the land at $50 per acre. which null
tplled by the four hundred thousand makes the
enormous of T1ey four Millions Of Dollars, and still
hundred thousand Of farm lands worth five dol
lars per acre. in addition to dispose or.
IL for such service and TO produce such results That
Mr. Cornell has employed the best men he could procure,
and paid prices for their labor that would procure faith
ful work. and prevent them from selling the Information
they obtained in his service % SPECTATORS whose name
legion about the Land once at the time THESE dnns
were located
In addition TO the location this half million OF
land Mr. Cornell controlled the land scrip market 10 such
extent, advance the price Of scrip from NIFTY
some three hundred thousand Of
hundred thousand still hand TO be located or
sold
t the profit thus by the sale OF land scrip from
which the capital OF the Cornell Endowment tund was
obtained OF $97 400 as reported by the Controller.
When Mr. Cornell undertook this enterprise he ex-
planned 1t fully the Trustees OF the University and
sured them that he could make profit OF two millions OF
dollars for the Unversityand there IL little DOUBT Dut
his expectation will be more than realized
Above our readers have brief but fair statement OF
transactions connected with the College Land scrip
OF NewYOrk and may venture 10 Challenge the MS
tory of for another Instance where private
gentleman has undertaken business OF such magnitude
to be carried forward under his planning and super
vision and at his expense for purely benevolent pur
poses: for 1t will be borne IN mind that Mr. Cornes
agreement with the State does not allow hun 10 charge
the amount OF dime for any personal service ne may
render In carrying the business 10 successful Issue
This operation, of which have known so little,
far exceeds In importance and beraty the Founders
Gift Of half million dollars upon which the first corner
OF the University rested and Is likely 10 place
half million OF dollars under each corner OF the edlnce
Who OF readers fully comprehend the vast pro-
portions and bOun1less good that an Institution thus
supported will grow TO in the not distant futuret
Ithaca IN. ~ Journal.