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

The renort ~ the -ur.rntendcnt ~ Insurance values
the Office building, recently ewctcd by ~ IN Mime
apo, ST Paul. Kama CITY AID omaha at then cost
10 the COMPANY but a, his opinion Of the wisdom Of
the Investment 10 be- uncertain. this ansn1e"
Indicate Their /, 10 inm'dat" prospect that thcy
dhe buildngs) VIII prove Profitable ~ the Invest
mcnts Of If; Insurance CJmpanc, Should desire
Ia offer a wow Iu that connection. There aTe Two
reason, why the immediate income from these Propere'
Is smaller than may fairly expect 10 receive IN the
future. First, the bmldlnss were irEuh u'dcr normal
conditions. but were completed la the midst OF period
81 bust"-, depression in tie four Clues mentioned ana
acc0runsly W. have lad Wor tenants and lower
rents than NAV reasonably expect hereafter.
second The buiiing, were located with A view to fu
ture development III their respective cities. ANY on,
who has observed u" rapid growth Of the west VIII
appreciate the necessity Of considering the future even
building Present Ic, "nuc Was, therefore, MT 80
mnch Of a CONFEDERATION -, that the building should
Ice 90 located that the future may tend constantly
to Increase and not 10 decrease tie rent pr ducini
P,,nJ Of conr'c Thai Investment, Of til, character
mem i, practically eliminated The money expended
Of years. The iull wisdom folly OF such a
ansac,n developing only BY time You VIII i,I De
in-. ~ ALREADY Welding a, fiir return the money
inves led and / am further advised hy competent
the real estate which these buildings are situated
there has been Il net appreciation u rs schnE Vauo
OF 100000 a, shown by npprilal- made a. the close
Of 1890 aud by purchase 81 adjoining property since
made by other people. In entering ihcc PROPERTIES ri
value 10 ihr superintendent. which he accepted, We
did not take this evident Increase into account
crn building, was well cOn-idcftd, point rou 10 "a"
fact that the Investment wis entered upon after az
(, my theory that 10 j, Only fair + the mcmD' Rs ~
company like MI. tho nature Of whose business
the money 10 be- invested should 90 a. far as Is
practicable 10 those sections Of the country whence
received was invested amongst the people who paid IT,
The only theory which th"s" hulding- can he fneh
di,crcdit, the future growth Of the western state
The report notccS TAI " A. advr,emeit, 0 tr'
able value This Is cmincntly true. The t;rritnry
In which these building, serve especially 10 ndVsr,
and south Dakota. Montana Iowa Nebri'aa hnn MIL,
Missouri, Texas and Indian Territory. Inc people
int"rcOur-e With one or more Of me clucs III "hlcn
he buildings have hocn Pac'd Ihe building, nrve
attractions Of the cy In which It IS located Their
important. In 1ssG the year before the buildings
were begun, the aggregate new insurance written py
million forty seven thousand two hundred dollars
This aggregate has steadily Increased unll LOT ue
year 1901 amounted TO tw,nycght mo ond ' aiy
hundred and sixty nine thon'and nine hundred anu MY
dollars which i the largest business that was secured
IN that field during that by any NE ns com
pany. And not only the quantity OF the busines
remarkable hut it, quality was such a To MAKE u
M ~ desirable In every way Nlihont Va nnt bnyc
been obtained. ! may add. by way Of general com
mcnt real estate matters, that while the snperintend
ent notices that the company owns one huhuTeo "Iu
fOrty-scvcn parcels % real estate, ana mas hins
hundred other parcels under mortgage, oa ara
the further fact that these properties are scat-
tered not only through many states oi US t
country. hut over two continents. the nature OF JUS
duties made It necessary perhaps. TO omit Comment
on the real estate transactions ~ which pron,s nav
been realized and 10 confne himself practically TO
the four parcels which he discusses hut your inter
ests reach further, and You will naturally pc Pieann
% learn in h not only The eI haSlpr 81 b bnf
items criticised 10 the cOmpnnvS t"lal hol'"sS' o"'
also the circumstances surrounding each case, a.,
II these related facts tell yod anNthhg " is tIe
probable existence TODAY ~ a surplus ulr4.tS III On
Of fifteen million dollars. We all arcet me eupe
Iniendcnis figure, vet AZ you qua Ut. ..,nIls
Interested In the whole case are pcrhtteu between
ourselves TO view the possible eheci :" t I'm isc,s
cepted the welIknown opinion OF one OF tne heaVleS
holders Of NewYork real estate a. 20 w. h S at ., ~, e
sand dollars, and that he had ncceP,et ,le va,nc
Of cur Home Office building on a ren, p" ~, 81 hve
mar cent met. that nc hau h'cSpN -''c