East Oregonian : E.O. (Pendleton, OR) 1888-current, 1906-12-06
BROOKLYN FLOCK
IMMENSELY RICH
TRINITY CHURCH
WORTH ABOUT $4,000, 900.
First Taxpayer In New York TO Send
In Check for Its Immense Tax
Corporation of the Church Never
Reports, But Pays Its Taxes, Col
Iects Its Rents and Maintains Strict
Secrecy as to Its Affairs.

The enormously wealthy Trinity
Church corporation, with its great
surplus, has not paid Its taxes for the
year 1905, says a New York letter.
This departure from its custom by
one of the greatest corporations of
the city is so unusual that It has ex-
cited comment among officials of the
offices of the receiver of taxes and
the comptroller.
The Trinity Corporation is general
ly the first to send in a check for it's
taxes, thereby taking advantage of the
discount of l per cent.
Officials of the tax office and the
comptroller's office think the tight
ness Of the money market during the
past month and a half may explain
the Trinity Corporations failure to
pay. The taxes of the corporation ag-
gregate almost 100000 annually and.
with a scarcity of money and the re-
sulting high rates Of interest 500, 600
may be made to earn a considerable
sum.
Corporation Makes No Reports.
The Trinity Corporations surplus is
something that has mystified finan-
cers for years. No information con-
corning it has ever been given OUT by
the rector, wardens and vestrymen Of
Trinity parish, constituting the Trim
ity Corporation. They go on the prin-
ciple that what is Trinity's Is Trinity's.
and concerns no one else. The cor
pCration, which antedates the state of
New York, makes absolutely no re-
ports and the vestrymen and wardens
are absolute in dealing with the
churchs millions
OF the 23 men constituting the
Trinity Corporation. four or five han
die the immense real estate interests.
The corporation does not pay taxes
on all of its real estate, much of which
is exempt from taxation In many
instances taxes are paid by the lessee
or tenant direct, this stipulation being
in the lease or agreement The rec
ords show that in 1905 the Trinity
Corporation paid taxes on property
which stood in the name of Edmund
n. Randolph, senior vestryman of the
church and a trustee and director in
the New York Life Insurance compa-
ny.
Has Immense Properties.
The value Of the Trinity Corpora
TONS property exclusive OF tnat
which is exempt is as much mys-
terry as what it does with its enorf
nous income. The corporation pays
taxes of SS1,4l2.0S on about $1,000
600 assessed value. This assessed val
uation is extremely low as compared
with that in other sections-practi-
cally One-third or even less than che
real market value. on this basis the
Trinity Corporations property on
which it pays taxes is valued at about
$2O.OOO,OOO.
But Trinity church does not pay
taxes on all its taxable real estate. 1t
has scores of leases, some running Tor
gumhers of years. I'm which it is pro-
vided that the lessees shall pay taxes
and IN these cases the taxes are as.
srsa'l and paid by the corporations
tenan; Tho same applies in rents.
etc.
Real estate men conversant with the
section in which the greater part of
the Trinity property is situated, say
that IT has marketable property exclu-
sive of that exempt from taxation of
a value of at least $75.0O0.0O0. Some
real estate experts place the figure
higher and say that it is worth $780,
100000. The exempt property, con-
sisting of the churches. cemeteries,
chapels, etc, is estimated by real
estate men to be worth from $50. .OOO,-
600 to $65,OOO,OOO.