Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1890-11-01
SINGLE TAX DEPARTMENT.
COLUMBIA COLLEGE LANDS.
tNcw York standard.)

New York Standard)
Money for tho establishment Of col
lego in New York City having been pre-
viously raised by lottery, George II
gave q charter 20 Kings college in 1854,
and on May 10, 1755, the ''rector and in
habitants In New York in communion
with the church Of England" conveyed
TO the governors Of the college OF the
province of New York, for q considers
ton of ten shillings, lot OF ground now
bounded on tho south by Barclay street,,
on the north by Murray street, on the
east by Church street, and on the wess
by the North river. Park place now
runs through the centerof the property.
On portion OF this land the old college
buildings were erected and they con-
tinued to be used for college purposes
until the institution was moved to its
present site in 1857. At tho time Of the
grant by Trinity this land was valued at
about $4,000, and it appears not TO have
been regarded by the early managers OF
the institution rs an important source
Of revenue.
The first leases were for merely NOM
inal sums For instance, n number OF
lots between Greenwich and Washing
ton streets were conveyed to Frederick
Rhinelander forever, partly by the re-
gents Of the university, in 1856 and 1857,
and partly by the trustees OF the col
lege in 1902, in consideration Of per-
petual yearly rent OF SS7l-59, to be paid
to the college. How foolish bargain
this was on the part Of the college Is
now too manifest for comment In 1919
lot 40x125 feet, near the cornerof MUIR
ray and Greenwich streets, was leased
for fifty-nine years for six peppercorns
q year. Hence it brought to the college
no revenue whatever until 1871. 1t was
not until 1925 that leases began to be
made that promised substantial in
come to the institution; but even then
the consideration was such that IL
would now be regarded merely nomi-
nal. A lot 25x75 feet, on Murray street
near College place, was leased at $50 q
year. Two lots on the east side Of
Chapel street (now College place. were
each leased for five years at 500 year.
In 1880 two lots 2sx114 feet, on the
north side Of Barclay street were each
leased for twenty-one years ut $500 q
year. A 25x75 lot on the west side Of
College place was in the same year
leased for $20o q year. It was these
twenty-one year leases at low prices
that made the colleges short Of funds at
the time OF the Legislative investiga-
ton in 1855, when this property, includ-
ing that then occupied by the college
buildings, was estimated as worth about
81, Oo0, 900.
by that time there had come consid-
crable increase in the rental value OF
land, and we find that in 1855 piece Of
ground fronting SO feet on College place
and having depth Of As feet, was leased
for sixteen years at 81, 100 year, and an
adjoining lot Of % feet front and but A
feet deep was leased for twenty-one
years at $40 year. Considering the
depth, these appear to have been good
prices at that time. In 1854 two lots,
each 29x75 feet on Murray street, east OF
College place, were leased for twenty
one years at 81. 600 year each. Next
year lot Of 10Ox45 feet, at the corner of
College and Park places, was leased for
IS. 200 year.
In 1914 the Legislature gave to the
college DR.. Hosack's botanic garden, &C
quired by the State in 1910. This prop
erty extends along Fifth avenue from
Torty-seventh to Fifty-frst streets and
westward to . line parallel with and
about 100 feet from Sixth avenue. For
many years the college derived no bene-
1T from this property, but at the time
Of the Legislative investigation, already
referred to, it valued it at from $3.50, 900
to 100000. In 1887 eight lots at the
corner OF Forty-eighth street and Fifth
avenue were sold to the Collegiate
Dutch church. the consideration named
in the deed being one dollar and mort
gage for $4,000. The tract sold was
200 feet square, and hence included
the whole avenue front from Forty
eighth to FOrty-ninth streets and
the Forty-eighth street front for
200 feet back toward Sixth avenue.
Tho church occupies but eight OF
these lots, and most Of the remainder
have since passed into the hands Of pri-
vate parties and they have increased
enormously in value. A single lot from
which the house has been removed. on
Fifth avenue, just above the church, Is
now offered for sale, the price being
$40 600 To appreciate this 1t must be re-
membered that the whole tract contain
ing 24s full lots, was vainly offered for
sale at SIS, 900 in 1926, and in 1854 1t was
estimated IS worth $3.50, 900 TO $500, 900,
while, at the average price for all lots,
indicated by the price Of that on Fifth
avenue, the selling price Of the whole
tract would be between S. 900 and
SO, 600. 900. The college still owns three
fourtha NJ fhe avenue front and ALI the