New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-03

value OF the EquIiables home once building. we can
hardly draw a conclusion from that basis bnt figuring
total value wonld be approximately seven million SIX
hundred thousand d1llar>, If the book value OF our
home Office were accepted at par.
cite these figures strongly bringing out the trith
OF my surce. ton concerning opinions as to caesate
values Every one is familiar win the eminent sue
cess Of The Equitable Life Assurance society. and no
one would be 50 ab,nril, unjust t. that company a.
20 alleee loss This one parcel Of real estate OF
seven million five hundred thousand dollars; or
Indeed any los at al rom ror Inc P( Saar n @oD.
sidcrati9n That IN this case a, in the matter oil the
matter Of opinOnl In fact could cite you gooi
authority real state values In New York who VIII
place oar Home once building 10 DAY at valuation in
excess oil IL cost Their are many reasons WHY ula
estimate wOuld be conservative. In the first place r..
real c,iate wa pufca-cd In 1-" and j. eNccptohal
well located. ANY one who knows ANYTHING about
the history Of realc~tatc value, In New York fr'
twenty years VIII agree that there ma, been durlns
similarly situated. Tie Ludins has not been allowed
10 decioi,,c In any particular ana 1t Void se egn
that Cur statement ~ actual cost. on" million hlhc
hundred ana fourteen thousand dollars, "as very
conservative figure.
llOLBRoOk HALL, NOW CALLED THE YOSEMITE.
ON this item loss has been made. Briefly the
facts are these In 1Ss9 we made Ian on this prop
cry when In course Of construction and after the man
10 whom the loan had been made had spent not onS
his own means "a considerable SUM. but the money
loaned him well. he failed and were obliged N
fcr'clnse the cost Of this property To IL altr lore
closing was very little more than The amount oil the
.
pa.c ed I'm the hand, of an eminent constructing engl
uccr. lie supplemented bis own KNOWLEDGE by EN-,
wa MED with Il desirable class Of tenants. ana WOMB
have pad fair return on il cost but for TWO errors
justly subject the Finance Committee 10 the charge OF
mailing bad investment Of money. In CARRYING ont
the same error precisely that the architect Of wee
President Mo'tons hotel. the Shovham.7 at Washing
for substantially the same reason. The mistake on
he architect In each case was In creating Such con
duOn that dry rot speedily DESTROYED the tlmber> ana
the buildings had 10 I've vacated at W|c. IL wa
then d,cCyeNd that in addition the foundations OF
the Loan were Insecure. and final result the whole
structure had Ia come down II was then rebuilt
most approved n">. and hcn T. not finer strlIcti"
of its class in ti, country today The absolute loss
building Ihi, charged oil and We entered the
property In our annual statement at the cost OF the
hundred twenty nine thousand and sixty SIX dol
lars the app1Is Of The Insurance Department refused
named instead and entered I'm the Insurance DC
partm nts findings. 1t Is proper that on our present
rented. net income Of xix and bali per per cent
on the value plac upon IT by the Insurance Depart.
on our valuation. seven hundred and twcnty-nin
thousand and sNty-sX dollars. do not desire To
CommIttc' in tbs matter The claim Of inflnbility
I'm the investment and the r.nvestmcnt of hundreds
Of millions Of dollars Is one have new r set up
TIE PARIS PROPERTY.
This property was purchased some years AGO under
tho supervision Of the Chairman Of our Finance Com
mittee who was on the ground at the time. His In
vcstigation as to the value Of the property most
searching and the purchase made with all due
care That the rental value Of the property has since
depccat is true, and that therc T. an apparent loss
!, true hut II the Hup'nt'nGr MAJ not ohly Sc M
and. I'M ais, lad investigated the value OF The
property Wien il was Inrha'd be- coud have n my
satisfied ms duty a an "N"nin" ana ~ tlr arm ul,
could have given you a Satisfactory r't1oh lor We