New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-03-22

laid byhess gentlemen in their interv.ws and In THAR
pamphlets and documents and journals for Last eight
years. the fact that Of real estate taken
under foreclosure Ia the great depression from 1873 to
1870 or $780, Mr. Hyde says our condition was seri.
ousy questioned and stability much discussed BY
assurance authorities" BY whom, pray, except your.
selves and your paid Journalists
As to the value of our real estate will simply repeat
what have said in my report Just published:
"Up January 1885, out of real estate taken under
foreclosure during the last great depression have
closed out entire properties costing 45 for
$3,69237 &c. net profit Of S426616 91 these proper.
ties by the commissioner valuation In 1879, ap
praised at 81 76s,2ls 81 which was $500 401 "a less
than their COST and SIS less than they sold for
"Thus does the evidence accumulate from year to
year. that while period Of depression and bankruptcy
may compel lender to foreclose. and hold good deal
more real estate than he for yet 1t has been well
selected the value Is there, nevertheless, and will re-
appear prices when normal conditions restored
and that to take appraisal Of real estate when there Is
no market true valuation to be submitted to until
the property sod instead Of taking Its cost the
erage standard is to take false basis and to do gross
injustice to corporation which has to make public
hbit of its affairs and suffer credit from attempt
to have such valuation forced upon it when there is
not the slightest prospect Of its having to into liquid
alton.
ave have sold about one-fourth Of the property so
appraised at advance which has wiped out nearly
twohirds Of the gross shrnkage then found The que
ton for the future may be fairly put In this ways by
the sale Of property costing $327O,00o we have
couped not only profit of $4,000 but 100000
from total shrinkage Of about 81 800 900, what may
reasonably be expected from the sale Of the remaining
$11.756,OOO as against the remaining 100000 Of
shrnkage found six years agoi Apparently there no
ground for apprehension.
Charming, do an interest rate which is entirely
adequate every condition Of business, are in
tho strongest possible position to hold, and we shall
hold real estate until 1t Is demanded OF fair prices
There is for apprehension, and need for
hurry"
Now gentlemen in view of all the facts, and in view Of
all that haSbeen done and said in your behalf against us
OF real estate will you please answer me
explicitly these things: Do you believe tho Connecticut
Mutual today has BEEN nsolvent or unsondi
DO you believe its real estate is whole. worth less
than its cost to tho Company The Companys surplus
is 81 1874 57that would have to be all wiped out,
would 1t not, before insovent unsoundf The
total shrinkage In price in 1879 by that appraisal was
$3.50 OOOO-suppose lost it all, We should have
a surplus Of 100000: Would that be insolvency
1t would leave substantially as largo a proportion
Of surplus to total assets as the Mutual Life
has to-day. But we haven't lost 1t. We have
recovered by actual sales S9200O0 of that shrinkage
with an absolute net profit OF $i26000 What do you
How much real sirnkage do you think there ever was
on i'll How much do you think remains to-day How
long you and your newspapers and agents going to
continue attacking our real estatei
REAL ESTATE INCOME COMPARED.
Mr. MoCurdy says our real estate is bringing small
income Well we collected I'm 1884 amounting to
1919 6l "a real estate at the end of the year was
Sll 755 1888 IS our q trife IA per cent
We paid out for rents ,007 AZ.
The Mutual Life received for rent In 1884 1884 223 92,
and held $40 500 OF OF real estate their rents were
trne less than rs per cent they paid out for rents
s57,11i00
The Equitable collected si71,45s so rents and held
$40 2i OF OF real sstate their rents were trie
over "A per cent; they paid out for rents sl057l7 &c.
The New-York Life collected for rents 1924 %
and held So $50 G3 OF real estate their rents
q trife less than 80 per cent.
How does the Connecticut Mutuars real estate suffer
in the eomparisoni What presumption do the facts
raise against estate and in favor OF that OF these
three companies
You all took IN good deal Of real estate by foreclosure
ut the same time did. You were not examined
as We were-we must, under the law,
be examined every three years-and you
were not so unfortunate rs we wore In having your
real estate appraised time when It would not soil 7
any figure, and any appraisal was mere guess; SO
yours was talked about ours, you ana yours
have been talking about since we have. year by
given ttlly Vi icdi
I have never any account OF yours
Have YOU done any better than havel Is because
you have able all these years TO so handle your
many millions with perfect ease, perfect satisfaction
perfect freedom from all anxiety or care on account or
all your Investments that you have felt warranted in SO
attacking all this timei
And now as to this matter of attacking
final question you and to the public What man Of
you would put your money into a bank which
was carving on a crusade against the credit
OF other banks, hiring articles to be
written in papers and anonymous pamphlets without
number and employing agents to circulate them and re-
port their contents telling part truths suppressng the
important part combining unrelated facts so as TO give
false conclusions conveying innuendo, insinuation OF
wrong rottenness and fraud, and telling straight I'M
truthsl
II YOU, gentlemen, knoW anything concerning
the Connecticut Mutual that makes It dangerous
and unworthy OF credit, speak It out
I'm such manner that you responsible; until you
are ready to that call OFF your dogs You have fought
us eight years under cover most btery every insur
ance man knows that nothing has approached this
fight In bitterness and perssency; now that you have
partly broken cover face in responsible manner in
the daylight DO done with the secret assassination OF
corporate credit which involves the comfort and welfare
OF many thousand people.
AMOUNT OF BUSINESS.
The last point which shall notice made by these
gentlemen and which Is being much WORKED Dy thelr WIFI
ora Journals and agents is that the Connecticut Mutual
does smaller business than they do or than 1t once did
na has less amount at risk After much study can find
IN this point only mode of Boosting by contrasts and
~ boastng against the Connecticut Mutual In partcu-
Arr for plenty other companies which these gentle
men and their companions have not attacked and
which their organs continually putting while striking
s are in the same boat but alarm is set up against
thsse companles on this account. There is no reason
why there should be but what reason Is there why
there should be against usi We have membership
at least six times really times rs large as is necessa
ry to give perfectly stable basis to our business and per-
fecty satisfactory results to members. 1t would