The San Francisco call., 1909-10-23
NOTABLE SALE OF
LAND TO RAILWAY
Southern Pacific Agrees to Pay
Sl,275,OOO to COgswelI Col
lege for Two Blocks


The biggest realty transaction in San
Francisco since the fire, and one OF the
biggest for cash in the history OF the
city. was consummated yesterday. two
city blocks belonging to- the CogswelI
polytechnical college being condemned
in favor of the Southern Pacific rail-
road for $1.275, 900. The land involved
is known as South Beach block % and
South Beach block 2S. the first bounded
by Townsend, King. Sixth and Seventh
streets, and the other by King, Berry.
Sixth and Seventh streets
A fraction over So per square foot is
the value OF this land. as agreed upon
by the buyer and seller The two lots
contain 424.S75 square feet. The valua-
tion is Indicative OF the hrmness OF
San Francisco real estate.
Shortly before the fire a block owned
by Henry Newhall. better situated than
the two now acquired by the Southern
Pacific. because further east and nearer
Third street. was sold for $3 per square
foot Blocks 27 and 2s now realize a
shade more. although relatively less
valua ble
SALE FOR GOLD COIN
1t is cash transaction. The South
ern Pacific viii pay over the s1,275.000
in gold coin OF the United States within
a few days. Real estate men recall
but few cash dealings OF such mag
nitude.
Judgment condemning the land was
signed by Judge Murasky after a trial
that lasted only few minutes. The
value of the realty had been agreed
upon before the parties came into
court. The action has been pending
since March. 1906. and the property
was condemned as OF that date. Sew
eral times in the last three and a half
trial. hut for various causes II was
postponed. Actual agreement between
the Southern Pacific and the trustees
of the COgswell polytechnical college
was arrived at only Thursday.
Testimony as to the value OF the land
was given yesterday by four prominent
real estate men-G H Umbsen, Spen-
Ger Buckbee. Isaac Grant and Benjamin
NJ. Gunn- In reply to questions by
Charles S. Wheeler and L NJ Hoeher.
attorneys for the Cogswen college.
they stated that reasonable valna-
tion of the land was from S2-75 to $3-35
per square foot. and they agreed that
SO a foot was a fair price. Attorney
Frank Shay. representing the Southern
Pacific had no questions to ask the
witnesses.
The Southern Pacific has been occu-
pyIng the land for Is years under a
lease contract OF $4,000 a year. which
$50. 900 has been the sole source OF In
come OF the CogswelI polytechntcaI
college. the two blocks being part OF
the original endowment OF the insti-
tuition. The attorneys for the college
figure that the income from the invest
ment of the s1.275. 900 Will be at least
| $50. 900 a year. Increasing the annual
income by $4,000. For the four years
the lease has yet to run this represents
a clear gain to the college OF at least
100000.
COLLEGE PLANS IMPROVEMENT
The Cogsweu polytechnical college
proposes to greatly extend its activ-
tiles. installing thousands of dollars
worth of new apparatus and mechanf-
cal contrivances- The STATS 300 Is to
/ be reinvested at once In income bearing
securities The trustees or the institu-
ton are Robert Ewing. David Kerr.
j. W. Kerr Charles C.. Wadsworth. J. H
Sammi, George W. Reed and r. v. Lucy.
Although the trustees OF the insti-
tuition are we'll pleased with the
amount realized for the land. the
Southern Pacific of11cials also consider
they have made profitable deal They
believe real estate in the vicinity OF
the land will greatly enhance in value.
| in the next three or four years. The
| land acquired is necessary for the con-
struction Of permanent buildings for
the reception and handling OF passen-
ger traffic and freight. the corporation
stated in its complaint. tho great In
crease in its business having rendered
the present facilities inadequate.