The income of Columbia is mainly derived from the rentals of extensive grants of real estate received from Trinity Church and the State. These holdings are situated both in the crowded districts of trade and the neighborhood of wealthy residence, and their values have largely increased with time. As guardian in chief of this vast estate and director of the progress of a modern university, the president of Columbia needs to be a man of rare qualifications. High scholarship he should have as the head of a learned institution, and rare business ability he must have as the manager of the various interests intrusted to his care. The college is fortunate indeed to have at its helm one who so eminently combines the qualifications of the scholar, the gentleman, and the practical man of affairs as does Dr. Seth Low. Unlike the majority of colleges, Columbia provides no living quarters for its undergraduates, who, separating each day to their widely distributed homes or lodgings, enjoy nothing of that unique existence known as “college life,” so dear to the recollection of the alumnus. This does not, however, banish an intense college spirit, fostered by Greek letter fraternities, literary societies, many subdivisions of athletic organization and scores of little cliques or clubs, like so many branching roots of a noble loyalty. The college, on its removal to its present site, consisted of a now venerable and imposing building, in style approaching the Colonial, and occupying the center of a full city square, admitting of extensive grounds and an ample campus. On this space there have from time to time been erected various additional buildings for the accommodation of the fast growing schools, until now the original structure is almost completely surrounded with these modern edifices, a compact mass of impressive appearance and great capacity. The buildings of the medical school combine the results of modern ingenuity in the attainment of the most perfect convenience with pleasing architectural effects. II.—THE UNIVERSITY OF THE CITY OF NEW YORK. A noteworthy Gothic structure of white freestone, situated on the once aristocratic Washington Square, is the principal seat of the University of the City of New York. To the many pleasing associations of the past that cluster around this locality, the University building contributes the lion’s share. Besides lending its academic dignity to the spot, its studios and apartments were long the abiding place of the leaders of the artistic and literary coteries of the city. It is memorable, too, as the scene of the world famed achievements of two of the University’s professors—Professors Samuel F. B. Morse and John W. Draper, the former of whom here invented the recording telegraph, and the latter first applied photography to the representation of the human countenance.