, 1877-11-27

nffaHgc tu bly II, tlIn,lght 1t wns aiivlsnllTc
,nr Pr, = to I'a.s thTng NJ name Az md from me to
!.,vinr real cslatc from corn'ration inquire
into the question ns 10 the right Of tho cospora
ton 70 acGtiirc title, mud sometimes Il bccomcs
2 fcrtHsls objection when you want tn sell.
u Fought it ut Matthews antl then sold 1t 10
the Charter tlnk, when tho time came TINT wc
wanted to Fcli, II an5lxtlY objected to take tae
tile of the Charter Oak. | eonm join n the
1T n /" n'Eai e ts to % is s 81 Is''ssss ts ssss
when We wanted TO- sell, or he might 10 dis
inr!tnc'! to 1afn In the deed without our
E.rtle him snnu., or lie might bc dead. 1
yl Tst. IT, :omm sone. sseiIman and Coy. !lnb
pio;mc'! e ffo. Gov. Hubbard said, 4 Ike
Inc thing wlt! unc exception. tlnn't ilko this
!aca n.a ol tf!e feal estate goiog through your
ns. . re2n}c WI saI yol .na'e =. ,''nctnlng
tSroash M H. lIae: si ns! R e !!ah aii eai
Oov. Hubbard; Il liko that better. Yaru Under
stand I T. SOLELY IN your nser,trt that ! htk
~ We'll, vent down to- Ncw York,
Il % tass tn t;1o"g Mr: SIC @ natne. me- Thcs toi;i
mo tnat wouldn't do; That ttterc was an OLD
statute TN tho lx,oks of New fork which pro-
vfdcd that any conveyance ot real estate inr tho
lrnellt of cort"ratfon III trust was yoid trl-
lcsh u'lIycYs!l to tho company direct. The con-
veya:tc ~ Hyde, for the buepofe Df conveying
10 the Cnmpa.,y, would be conveyance in
trust, "h!lc co'iycynnrc to inc Would l,e !llf-
terstt, lor tl,s rcasun Tint /. presumably. bad
"f The real estate. I could blly
.eil It to the Charter % oak.@e respon.lb,Iity Ity
which Hyde would not tnko hcrause It required
Iarn teltg1apllel to Guy, Hubbard to r'unc lo
Scw York. We talked tho matter orer, and
tlnaiiy catna to the tnncluslon tIn,t IL must pass
tIlsoae!, ms nnmc, and II tl"l; When so',! 1t
u tho Coai.mny It pa!d inc dollar los dollar,
cent Tor cent, 'ns. ,esuctIy what paIl Matthew'S
for Il, NJ ,aurc anil no less. Taking tic whole
trullsactlun, mortgage TRANSACTIONS, rur-
chase of tho real cs:ate, and I'LL paid Edward
Matthews Tor tllat pru1crtr+ In cnsl. mn! In a4-
IL; ;;Ss'f s ''' G:s's5HSs s 1ss sa. a'ss s
thSss 2 &, nends'' n
., Then l. wasn't such very bad bargain for
:" Wit. should think not. will c.yc the
CllArtsr Oak for that property to-day tl.9s3 0D.
less tho tnnrtgASe tncntnbranccs,-luat what 1
aud slW,oW fur the bareain. That very reai
esaate rented last year for *237,00tl Wifi over
kHl,0G whrth Of vacant rou1ns, to over 100 t1tf-
fercnt tenants. Four years ago It rented for
oyer sio0.WD. anl IN December, 1914, the prop
crty WIS appraised by Homer aforRnn, f. il.
Luilow, ,atal Mr. ifazard, ,ot London, ,at 81 ON.
bolglt 1t On their appraisal, nnd put In the
bonds ut sl,W1,0U, atut, II anybody wants 10
buy those lM'f,ds to-day. he can buy them for
s.D,Nu. They appraised all the Matthews
Ut little over q, ,u00, Co., and Ut December. 1878,
when Matthew'S was hard Ut, he sold for casll
for an amount within az ppr cent OF what they
appraised IT at. 1}cfofe ! nlatac the trade, tho
prUperty was appraised upon Tho basis Of It's pro-
durttyencts, ovnr ami afuYs taxes, Insurance.,
n,u repairs, ut $9,U0N0O0. Fiye-atxths OF that
property Is withu 100 feet Of tho Stock E1-
change. and tnere Isn't a single ptece that Ia
bonds that draw only per cent aro practically
worth par, what Is tho reason that real cstate
s',cl. - that, bringing In per cent, lsn't worth
pnrr'
"Gcncrally speaking, Nr. Fushcr,
WHAT ARB THE COMPANIES 70 no
to get ont vi the bnu h1or into which they havo
lnlru,-sutne Justly aud sonIo unIustlyi IL
forml" ...'
for this reason: Lifc.fnsurancc companics viii,
large atnnunts Of money ttuyc Invested In loanA
upon real estate. Tie future prosperity OF tho
companies, OF course, lepen1s 10 d great ex-
tent upon the appreciation ~ valno Of real
estate. II VIC have got to tho bottom, VIC have
got to tho worst. II we haven't, M man eln
predict What te future IN tu bu for liic.nsuSaucc.
l look upon this depreciation us temporary,
growing. out OF tho peculiar condition Ut nfEaiFs.
1 LHlltk luE II 6uEE cCIlluH NfEeLluClIL EEHl
es.atu ls preferable to anything e!su, but It
wuh't do to seize upon t,c Hike this to tx d
value upon tho rtal estate helunging to life-
Insurance. company. Il Is simply impossible to
te!l what 1t W!ll bo WORTH yeurs lu1ss. There Is
company and any other financial Institution
holding rcu! cstate: Ilcro "a q bank,
million Ut real estate. lss debts
are payable immediately to Its creditors, who
may tall upun It to.tluy or Tomorrow 10 pay.
II It cannot convert that real cstutc into Eluuey,
It must break. 4 lie.tusursnce company's stil-
at'on Is entirely different: 1t owna llalf u
million Of real estate. It has obligations out
now, drawing interest At ~ pcr cont Now,
where Is there man TINT would prctcud to say
what that rca! estate will sell for to-day IN casl,
Or what 1t WILL sell fur years hence! think TINT
sounder basis now tl.aa any other inanciai ii.
stttusions, and for this reason: their
debts aro not immediate. They are
not TO be paid for q good many
years to come, an! Il makes littlo difference to
them what ths property 's worth to-day: Il
they don't want the reat estate, they can hold
1t, antl curry It until tlmvs improve"
4'is THERE NOT cIANCa Fon HKFoRM
In the cutting down OF officers salaries and
running eIpensesih
"WeIl. think the salaries and expenscs Of
other institutions will mot fall far behind those
Of l1fe-inauranr0 conipanfcs-it they do not 70
ahead. Wl.eru is tilcrc r1llroal or
other business enterprise, requiring an cqnAl
amount Of enp!tal, and where 80 inucl, is ut
stake, but whit pays ~ largo salaEtes as tho
ol!lrera Of lffe-lnsuranco companies receive
Look ut your bank Presidents, aud your Prcsl-
dents Of rallroads. They yet as high salaries.
relatively, IN New York at least, as tho ltfe-
insuru.lru officers. I think n,yseli that during
the flush tInles In l!to.fnsurancc, In lS07-'8-'0,
aul up to laTa, In tho fierce competition for
business, tic expeuacs Of management were too
largo. THERE'S 10 qucstlou about it, but tho
companies Aayu seen tho error of their ways,
and It has been, aIa IL being, corrected"
"Dsggucc," yelled one oil the portcrs at the
door, and tic Interview was brought to On end.
OIL IN PlTTSBuRG.
Spseiai Nspaleh tn 1As Ihforgo TytbHH&.
III, Nrv "a. Ill