Show COLLEGE GIFT PROVES COSTLY GOSTL Y Un University i Y C r sit y Pays Out Ont rore to Donor Than rhan It Received NEW YORK YORK March 4 Ry 4 ByThe The Associated Press Press-Hov Pres v l How itO an annuity provision pro attached to a gift to Columbia uni- uni university university uni university left tho university even enabled the tho donor to receive 1 1 and caused a II lIfo life insurance Insurance ance anco company to payout pay out 1040 more moro than It received was disclosed toda today TO ro Dl- Dl BK BE 96 1 Joseph Florimond nd the Due Duc Do Dc Loubat and former New ew Yon Tone clubman tho the donor died at 96 In Paris on Tuesday 29 yeas yea's I after acter his donation ot or an Improved and well rooted rented building In down down- downtown downtown downtown town Broadway to tho university for tor Its library Decline ot of o real estate values alues since the tho gift gUt was made mado and the dukes duke's unexpected long life lire were cre the tho governing factors In tho ho phil phil- philanthropic philanthropic gamble IVe INKS DECLINES The property today 1 is valued at the tho amount spent by b Columbia to insure the tho annuIty when receipts from the property threatened to fall tall below the tho amount needed for lor the tho annuity payments Due De Dc Loubat was waa 67 when he made mado the gift girt While he drew In 27 annuities he lived lI abroad and acted as patron to the arts and sciences In Europe distributing part rt cf c r his S annual check chele from Columbia to foreign Institutions EnthusIasm m prevailed at Colum Colum- Columbia Columbia bia bla at tho the time the gift was ac- ac accepted ac accepted Provisions of or the deed of gift were that after the annuity was paid the balance or of annually was to go So to the tho university and at the death de-ath ot of tho ho donor the entire Income was to be used for lor a library In honor of o the dukes duke's parents SECURED INSURANCE The duke duko returned abroad portrait was hung In the Colum Columbia bia bla library which Is was hoped would be the greatest In the tho country Life expectancy showed the probability of ot the tle duke dule living 12 years after acter he made the gIlt gift It soon became apparent th t the annuity taxes and other ex- ex expenses ex expenses s pense-s exceeded receipts For or four tour years ears Columbia made up the di a then It bought a annuity for tor the duke dule from IID an Insurance company an Said General William Barclay Parsons now chairman of the trustees I I am sure suro that the duke did not foresee the tho outcome It seemed a very generous oft offer r rat at the time lIAng GirTS If It Columbia breaks even on the property It will be bo ahead In its relations with the duke Ho Ito gave the university for tor book boole prIzes in 1892 and a added dd In 1903 tor for a chair of ot American archaeology go 00 |