The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-12-15

The total amount of money now in
vested in behalf of policy holders by the
three great companies of New York is
nearly $3.50. 100000. The Mutual Life
has S135, 100000 OF its assets invested
in bonds-Goyernme State and NUM-
cipal. The Equitable has S126000,000,
and the New York Life $10S,000.000.
The Mutual has $70000,000 invested in
mortgages on real estate: the New York,
SAL 100000. and the Equitable, S3G000.-
Geo The New York Life owns S16,-
600. 900 worth of property; the Equitable.
$40, 900, and the Mutual $2f 100000.
The New York Life owns an entire block
in Broadway, New York, valued at SD
100000, also the whole front of a block
in Sixth avenue, between 5Sth and 18th
streets. which is valued at S2,500,000.
1t owns 100000 worth of property in
Kansas City, S1.000,000 in st. Paul,
81 100000 in Minneapolis. 100000 in
Montreal. 81 100000 in Paris. S1,000,000
in London and 100000 each in Berlin,
VIENNA. Amsterdam and Budapest.
There is scarcely city in the United
States in which these companies do not
carry mortgages. and Chicago has al
WAYS been q favorable place for such in
yestments, notwithstanding the heavy
losses that were suffered by the great
fire. The New York Life. for example,
has S260,000 invested in mortgages in
the town Of Cicero the home of many
Chicagoans, adjoining the metropolis on
the west: S3f5,000 in the building at 100
East Washington street. $1,O00,o00 in
the building at the Northeast corner of
Monroe and La Sale streets. STO0,0OO
at 307 Dearborn street. SS00,000 at the
corner of Market and Adams, $250,0O0
at the corner of Market and Monroe.
600 at the corner of LaSalle and
Jackson and similar amounts scattered
all through the business region Of the
city
During the last ten years the ten larg-
est life insurance eompanies in the count
ry have invested 1851, 000SS01 received
by them i'll premiums: during the next
ten years, assuming that the increase of
insurance will continue in the same ratio
as in the past, they will have double
that amount, or $1,000, 100000, for in
vestment. and their incomes will pile
rs with the rapidity of compound in
terest.
Each insurance company has n COM
mittee from its board of directors who
most companies have a rule requiring a
unanimous vote in favor of the purchase
of any piece of real estate or mortgage
or bond. This is for self-protecton as
well rs for safety. because the entire
committee becomes responsible and no
one Of them can throw blame upon his
colleagues. 1t is also customary to have
three appraisers report upon the value
of every piece of property purchased
or mortgaged, unknown to each other.
When il becomes necessary to forclese
mortgage or enforce q judgment upon a
debtor of the company the committee has
TO exercise the same scrutiny and decide
by unanimous vote.
Among the assets of fhe insurance
companies are many items besides stocks
and bonds and real estate. Just now
one of the large companies in New York
has q goat for sale. whose value has
been fixed at SITS. but there are no
offers. and at its next meeting action will
be taken and the board will probably di-
rect the sael of the animal at any price.
because he is rapidly eating his head of.
Imagine a group of millionaires consult
ing together over the sale of goat
The same committee is also endeavor-
ing TO dispose of lot of cheap saloon
fixtures in A village in the central part
of New York State, where they are
totally valueless because the patronage
is so small that no man can afford to