FIRST  BOSTON  OBJECT  LESSON

61

location  of  A.  Stowell  &  Co.  (Fig.  VI)  would  afford
to  business  four  times  as  much  floor  space  as
now  at  one-quarter  the  present  average  rental  per
square  foot.
The  ground  rent  of  5  per  cent  on  $130,  the  assessed
valuation,  would  l}e  $6.50  per  square  foot.  The
rent  of  a  building  eight  stories  in  height,  costing  $50
per  square  foot,  would  be  fa.50  per  square  foot,  making ­
  ground  rent  and  rent  of  building  together  $9  per
square  foot.  Subtracting  from  this  $9  three-quarters
(16,75)  for  ground  floor  and  basement,  there  is  left
for  the  remaining  seven  floors  $2.52  per  square  foot,
°r  32  cents  per  square  foot  for  each  floor.  Upon  the
area  of  4,630  square  feet  at  $6.75  per  square  foot,
this  means  a  total  rental  for  ground  floor  and
basement  of  $31,253,  and  for  the  other  seven  floors
110,417,  or  an  average  of  $1,488  each.  This
figure  is  probably  much  under  what  such  floors
Would  actually  command.
This  estate  occupied  by  A.  Stowell  &  Co.  costs
the  city  of  Boston  just  as  much  in  the  way  of
Public  service  as  it  would  with  the  finest  possible
building.  It  is  this  constant  expenditure  for  public
service  that  maintains  the  value  of  the  land,  while
adding  nothing  to  the  value  of  the  buildings.
Further,  maintenance  is  not  all.  The  present  value
°f  the  land  has  been  paid  for,  dollar  for  dollar,  by
the  people  of  Boston.  Why  should  not  this  estate
P a y  taxes  in  proportion  to  the  taxes  that  are  spent
Upon  it?
Query.  Is  it  reasonable  that  the  business  of  A.
Stowell  &  Co.  should  be  required  to  pay  $30,000
ground  rent  (5  per  cent  on  $600,000  worth  of