The rent asked for the apartments in the Morning Blocks has been adjusted upon the basis of paying taxes, insurance, repairs, and three per cent per annum upon the capital invested in the enterprise. Mr. Morning has conveyed the one hundred blocks to the governor of New York, the mayor of New York City, and the president of the New York Chamber of Commerce, who, with their official successors, are made perpetual trustees of this munificent gift. In the trust deed it is provided that the three per cent interest on cost, received from tenants, shall be invested in an endowment fund, payable, with its accumulations, to the tenant whenever he leaves the building, or to his widow or legal representative in the event of his death while a tenant. The tenant in a Morning Block will be supplied with hot and cold air, hot and cold water, steam, gas, electric light, food, and service at actual cost. His rooms will be provided him at the cost of taxes, insurance, and repairs, and he and his family will be made the beneficiaries of a fund, which he will be required to create for the contingency of his death or departure from the building. To guard against overcrowding, no one suite of apartments will be rented to any family of more than five adults, and no subletting or hiring of apartments will be permitted. The cost of the land is estimated at $16,000,000, and of clearing it and erecting the new buildings at $30,000,000. The taxes, with insurance, repairs, employes, and such other expenses as are in their nature incapable of apportionment among the tenants, will amount to $810,000 per annum. This sum divided by fifteen thousand, the number of suites of apartments in the one hundred Morning Blocks, will give $54 as the annual sum to be paid by each tenant for his apartments, and he will pay $108 additional annually toward a fund for his own benefit. In all he will pay about $14 a month for accommodations that it would be difficult to obtain elsewhere for five times the amount. The manager of each block will receive a salary of $3,000 per annum, and will, in the first instance, be selected by the Board of Trustees, but on the first Monday of January, 1897, and each year thereafter, the occupants of each block, by a majority vote, can elect a manager, who will, however, in the discharge of his duties, and in the employment of assistants, be subject to the direction and supervision of the trustees.