FIRST  BOSTON  OBJECT  LESSON  57

$275  per  square  foot,  in  1907.  This  assessed  valuation
of  $275  per  square  foot  for  land  is  the  highest  in  Boston,
in  1893  the  estate  had  been  sold  for  1350,000.  The
present  building  was  erected  in  1881,  but  it  is  no
distinct  improvement,  in  height  or  otherwise,  over
its  predecessor.  Isvit  reasonable  that  the  owner
of  this  land  should  in  fourteen  years  realise  an
increase  on  his  investment  of  59  per  cent  (8207,000
°n  $350,000),  and  business  reap  little  apparent
advantage  in  accommodation  during  twice  or  thrice
that  time?
in  1907  the  estate  was  paying  the  owner  an  income
of  about  $25,000.  The  Transit  Commission  took  this
estate  by  eminent  domain,  and  settled  for  it  in  1908  for
1630,000  or  $320  per  square  foot  for  the  land  and  buildtngs.
  After  appropriating  subway  station  accommodations, ­
  it  leased  the  balance  of  the  estate  for  the
s um  of  $28,000  a  year  and  taxes,  or  $36,000  as  long
as  no  taxes  are  assessed.  This  is  a  return  of  about
per  cent  net  on  the  purchase  price  of  $630,000,
° n  which  sum  the  city  is  paying—as  the  money  was
borrowed—about  4  per  cent.
^hat  Better  Buildings  Mean
Query.  Is  it  not  a  fact  that  with  up-to-date
buildings,  having  ample  rear  courts  for  the  receipt
a nd  shipment  of  goods,  business  might  be  far  better
a ccommodated,  and  Winter  Street  be  made  20  feet
yider  in  the  bargain?  Would  not  up-to-date  buildln
 gs  on  Winter  Street  at  least  double  the  business
Accommodations,  and  hence  be  equivalent  to  doubling ­
  the  area  of  the  land?
The  limited  land  space  of  Winter  Street  commands