New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-20
INSURANCE PALACES ~ YORK.

Within the last twenty-five years the insur-
ance companies have worked marvels in the
transformation Of the appearance Of Manhattan
Island. They have constructed many Of the
most valuable, important and conspicuous
buildings in Broadway and In other thorough
fares It is wonderful array Of stately ed
fees which are owned and occupied by these
corporations. Start at Bowling Green, and In
lower Broadway. between the Produce EX
change and Chambers-st.. the number, the dig
nity and the prominence Of insurance buildings
are extremely impressive TO New Workers and
10 visitors TO the metropolis. But the list OF
huge and lofty piles which have been put up
with insurance capital is by no means exhaust
ed within the territory from the Bowling Green
10 the vicinity of the County Courthouse High
or I'D in Broadway there are insurance build
ings Of enormous value and Of portentous size.
In other streets also the ablest architects OF
America have done some OF their poblest and
most admirable work for insurance companies.
But the prodigious development Of insurance
property is by no means limited to the owner
shin of New-York structures of elaborate archl-
lecture and representing total investments Of
tens Of millions Of dollars. Our companies are
the possessors of buildings Of much value in
the chief capitals Of Europe and in many
others of the famous cities Of the world 1t
is with insurance capital and on the basis Of
loans made by the insurance companies that
numerous city sites Of the choicest kind have
been improved, and block upon block has been
covered with hotels, with apartment-houses
and with private dwellings We're II not for
these companies and the aid which they have
given to builders and investors for many years
New-York would be to-day comparatively a
commonplace city in appearance. Were It pos
sible TO gather and TO make public all the de-
tails as to the investments of these companies.
the extent and nature of those investments
would amaze every reader
Some Of the holders OF insurance policies
nav be al times little inclined TO criticise the
exceedingly lavish expenditure seen in erect
ing buildings decorated with the rarest and
most beautiful marbles and in every way eX
hibiting unstinted outlay for luxury and beauty
but II is evident that the foremost insurance
companies of this part Of the country man
aged with signal ability, and that they are in
a spendidly prosperous condition. Even If the
cost of the magnificent edhces which they
possess runs far up into the millions In many
cases the polcy-holders feel unbounded faith
IN the security which is theirs by right. II Is
we'll known that the principal companies pay
immense salaries to their chief officials; yet II
must not be forgotten that the genius for the
effective management OF vast affairs cannot be
obtained cheaply. The men who fill the most
responsible places in these companies are men
of exceptional capacity, energy and force who
In any line Of activity 10 which they might de-
vote themselves would be sure of getting most
liberal compensation and Of amassing riches.
The extensive scale OF expenditure which is so
obvious In the operation Of these companies
tends 10 strengthen the confidence OF the pol
icy-holders, since t is evident to them all that
the corporations administered by the men who
earn the big salaries which they receive are
not likely TO be overwhelmed by disaster. The
highest order Of ability is always and every
where worthy of the most generous compensa-
ton. The insurance companies have been an
element OF the largest usefulness In the prog
ress OF this city. and the taxes which they pay
upon the property owned or controlled by them
make up a handsome percentage OF the TO-
ceipts Of the municipal treasury.
II Is safe 10 say TINT these companies are
so managed that the worst epidemic which by
any conceivable possibility could exist in any
part of this country would not shake the sta
bility Of any Of the most celebrated life nsur
ance corporations. and that no fire which is
likely 10 occur in any part Of the United States