The New York herald., 1876-12-17
A HEAVY INVESTMENT.
NEW YORK PROPERTY VALUED AT THREE
MILLION DOLLARS PURCHASED BY THE
cHARTER OAK LIFE INSURANCE COMPANY.

NEW YORK PROPERTY VALUED AT THREE
MILLION DOLLARS PURCHASED BY THE
cHARTER OAK LIFE INSURANCE COMPANY.
HARTFORD, Dec 16, 1876.
One OF the largest real estate transactions
curing IL the United States has jnst been consum-
mated by tho Charter Oak Lfc Insurance Company OF
Hartford in tho purchase OF New York real estate
Broadway, Broad street, &c, TO the extent OF over
S. o00 0O0 one OF the objects OF tho company In pur
chasing this property was 10 place among us assets
In substitution for $50 600 OF the second mortgage
bonds OF the Connecticut Valley Railroad, which have
been held four fvc years past The transaction
was effected through Mr.. II. j. Furber OF New York,
financial manager of tho Charter Oak Life, who FIRST
purchased IRON tho company all their Valley Railroad
bonds Tor ST. 0i7, 900. He then bought from Mr. Ed
ward Matthew's real estate broker, OF New York tho
properly for So Ojoo oo0 On this property the Charter
Oak Life held mortgage amounting 10 $4,000
manly on tho Globe and Empire buildings, and on
Nos. rs and 81 Broadway, while there we're other
mortgages In favor oil the Mutual Lille Insurance Com
pany and others of $S0p,0 900, making an aggregate
OF about $i,400.0o0 Al this Stage OF tho trans
action The company agreed 10 give Mr.. Fufbcr
Tor the property the sum OF s5uou,0Oo, requiring
cash payment OF $50 oou addition TO the 81 900
OF bonds ana The mortgage Of $780, 900
held by the company. Tho properties thus coming
into possession OF the Charter oak Life nre extremely
valuable, and command high rentals for business pur-
poses On Broadway the buildings bonsht are Nos 3s
SO, 40. ~, 81. 60, H. I3 49, So " and &C. all below
Wall street and including the great Empire block On
Broad street the properties purchased Nos IL 10
and u, at the corner Of Exchange place also No 49,
on EXCHANGE place Nos. 81 and 81 are taken,
and New strect Nos s. :. Il, 10, %, 36 55
and ~. The entire property, as matter
oil convenience for the company In securing
returns thcrcirom, has been leased 10 Mr. Edward
Matthew's Tor years from the rsi OF May Doxt, at
annual rental Of S2l2 100 for the pay ment OF which
Mr.. Matthews has given ample security BY this pur-
chasc, which, practice. effects rnnslcr OF It's rail-
road bond assets uto New York city property, tho
Charter Oak Life To have further interest In
Tue Connecticut Valley Railroad whcn has been prnc-
tcay controlled by the company and upheld BY u Tor
years past through the Efforts Of Mr.. j. g. WaIkcy,
who President both OF the raroad ana OF the m
snrance company, bat who IL now succeeded IN the
latter by f. X W,ggin, Of Boston. The
change NJ assets regarded highly advantageous TO
the company and 10 policy holders In tnat there ~
secured real estate paying seven per cent net and
S1a, 900 interest annually amount which, In
bonds, paid nothing. The negotiations which have
resulted in this transaction have been carried forward
will full advice aud sci of Mr.. obn ". Stedman,
Insurance Commissioner oil Connecticut, aud Gov.
ernor-clcct Hubbard, tho counsel Tor the company.
Mr. Stcdman has gwen hts approval Of tho transaction
after personal inspection Of tho properly.