The central Presbyterian. [volume] (Richmond, Va.) 1856-1908, 1868-03-11
From the New York Evangelist.
Life Insurance in the United States.
NEW AND MAGNIFICENT BUILDING TO BE
ERECTED FOR THE EQUITABLE LIFE
INSURANCE. COMPANY.

are beginning to understand more and
more its Importance, both for the rich
and the poor-to the former as an IN
vestment of capital, and to the latter as
security against want in case of the
sudden death of the head of family.
A few days since, friend Of ours, who
is man of fortune, about to leave for
Europe, put an insurance of hundred
thousand dollars on his life, feeling that
in case of his sudden death and settling
up of his estate, other property might
be difficult of sale or hard to realize upon,
and thatsfor the Immediate support of his
family, this was the safest possible in
vestment he could make. If this is good
for the rich, how much more necessary
is it for the poor. In fact it takes away
the stingOf poverty, as it removes the pros
pect of family being brought to abso-
lutte want. ANY labOring man may pro-
vide for his family, if he will do two
things: first, put his little earnings into
savings bank, instead Of spending them
in drink, or in living beyond his means;
and second, put small insurance on his
life for the benefit of his family. As
these things come to be understood, all
classes. rich and poor, flock to our great
Companies to get their lives insured
So fast hes the business grown that 1t is
said that the capital invested in it is now
second only to that in the Savings Banks
of the country. The vast proportions
of this new branch of business is seen
also in the grand buildings erected on
Broadway for its accommodation. The
Mutual Life Insurance Company has a
large marble building at the corner of
Liberty st. The New York Life Insur-
ance Co. has purchased the site of the
old Appleton building on Broadway and
Leonard'st. The Equitable Life Assur-
ance Society of the United States, 90
Broadway, is about to erect, on the corner
of Cedar street, an edifice which will be
one of the finest architectural monuments
in our city The success of this Com
pany has exceeded the expectations of its
founders. Organized in 1859, it has
now Jan. 81 policies in force to the
amount of $1OO,OOO,OOO, which give an
annual income of S3,500,000, while its
assets already amount to nearly So, 000,-
900. It's policies issued during the fiscal
year terminating January 91st, 1868,
cover $45,0OO,OOO. This is a result
which, so far as we can learn, has never
been equalled by any company during
the same period of time, and would seem
20 cntislc Them to permanent fre-proof
accommodations. We have seen the
drawings, and can give our readers some
idea of this splendid structure.
Last October the Building Committee
issued circular to eight of our most
distinguished Architects, requesting them
to send in designs. The Architects ac-
cepted the invitation and presented plans
of much merit. After constant meetings
and long deiberation, the Committee
unanimously adopted the plans and ele-
vations presented by Messrs. Gilman and
Kendall, 80 Broadway decision which
was confirmed by the Board of Directors,
and the successful Architects are now
pushing forward the working plans as
rapidly as possible. 1t is proposed to
commence tearing down the old building
at present on the site on the first of May
next, and we are assured by the Archi-
tects that the Company will be able to
occupy their new Offices by one year from
that date.
The style chosen is the Renaissance,
which is a combination of the Italian or
Classical, with the Venetian school of
Architecture, and is that employed with
so much efect,by Baron Haussman, the
architect of the Emperor Napoleon Ill,
in the erection of the new and magnif-
cent buildings of Paris. The frontage
on Broadway of 81 feet will be divided
into five bays or openings only, and the
Cedar street front of 13S feet into nine
openings. This treatment gives large
ness and breadth Of parts seldom seen in
this country. The great breadth of the
building required a corresponding dignity
in its vertical parts, and therefore the
half story or Mezzanine treatment was
adopted, that is the division internally
into two stories where but one story is
apparent on the outside. 1t is to be
built of CONCORD GRANITE-one of the
noblest materials for large structure,
as it gives it grand and massive effect.
| Successive stories are in the Doric and
Composite orders, which are surmounted
by a balustrade, Dormer windows, and
double pitched French roof. The centre
of each front stands out in slight pro-
lection, finished with an additional story
of stone-work, and crowned with pavil-
ion or tower roof, which viii give an ele-
walton of 125 feet from the sidewalk
Over the main entrance will be placed an
allegorical group representing the Guar