Harvard Purchases Property.

In accordance with the present policy of the college of getting rid of railroad stocks, etc. and investing rather in real estate, the valuable property of the Union Institution of Savings on the corner of Washington Street and Hayward Place has recently been purchased at a net price, to the bank of $425.000.

The price received by the bank seems a good one, measured by the assessed value, which is $342,500. It is said that the property will not return more than 3 1-2 per cent. net on purchase price - that is after the taxes, insurance and other expenses in its management are deducted from the rentals.

The building is assessed for $79,800. If it be called $80,000, it would leave the price paid for the land in the recent transaction $345,000. There are 5275 feet in the lot, which would make it cost $60 a foot.

The building was built by the old Emigrant Savings Bank, and when it went under the property came into the possession of the Union Institution for Savings. The bank recently bought the Hotel Lagrange on Tremont Street, and it is supposed that eventually its rooms will be removed thither, although for the present they will remain where they are, this having been provided for in the sale to Harvard.