Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1912-01-10
BILLION IN
EQUITABLE RUINS
FROM L00TERs
Police Patrol Streets as
Firemen Pour Water
Upon Debris.
CONTINUED from First Page.)


'~ -
the addresses was kept by the Mercan
tile Trust Company. 1t is not known
are it will be necessary to advertise
for the names and addresses of stock
holders.
Flames are still raging within the
ice-coated ruins of the Equitable build
ing which was destroyed yesterday
with a loss of seven lives and financial
damage estimated at from $4,000, 900 to
81, 000, 900.
The body of William Champion, a
Waterman, was found in the ruins to-
day by nremen. The body, encrusted
with Ice, lay behind he bars of The
Mercantile Safe Deposit Company. Wis
BILE from Broadway, and it was impos-
slble to remove it. h hands were
wrapped above the head, indicating
that Champion had tried to attract at
tention.
One OF the most astonishing features
of the fire was the escape of the statue
of the late Henry Fl. Hyde, founder OF
the Equitable, which stood in the ro-
tunda of the building. Aside from be
ing ~ice-coated, the statue is unframed.
Tons of debris fell round the monu-
ment, but nom struck 1t.
Millions of gallons of water are be-
ing thrown upon the ruins by light en-
gines. For two days more the firemen
will continue to flood the ruins before
it is possible for active search to be-
The latter also had valuable securities
gin for the bales of cash and securl-
tics ACtiraatAl 81 10y ~ bf11iA,, ~
one and a half billion dollars, stored
in FAULTS In the basement of the des-
troyed building.
Armed policemen from the traffic
squad and detectives are patrolling
Pine, Cedar and Nassau streets and
Broadway about the ruins to prevent
any attempt to loot thesdebris.
All the big financial houses in the
section bounded by Liberty and Wall
streets on the north and sonth and
Broadway and Nassau streets on the
west and east were guarded by squads
Of police and detectives.
Securities in the vaults actually
owned by tue Equitable amount to
between $3.50, 900, 900 and $500, 900, 900. In
addition, there was cash amounting 10
$40, 900, 900 elonging to the Equitable
Life, the Equitable Trust Company
and the Mercantile Trust Company.
stored in its steel vault beneath the
building. Stocks, bonds and cash
worth ten of millions of dollars and
owned by the banking house of August
Belmont & Co., the Union Pacific rail-
road and the Gould and Hartman
estates were also locked in the vaults
beneath the building.
Order is slowly being brought out Of
the financial chaos resulting from the
tie-up of vast numbers of stocks and
bonds in the equitable vaults. Never
theless, the confusion was still so great
today that the necessity of closing the
Stock Exchange was again under con-
sideration by the board of governors.
The ramif1cations from the tie-up of
this inallmoth sum of securities
reached into every recess of the
financial world, and the effect was felt
by all the big financial institutions.
officials of the Equitable Life AS
surance Society We're unable to make
any definite predictions as to whether
the company would carry out it's plans
to occupy a sixty-two story building,
which, if built, would be the highest
in the world. State laws passed since
the Armstrong insurance investigation
permit insurance companies to own and
hold real estate solely for the Use
and legitimate purposes of their bust
ness. Officials of the company said
they could not find use for n sixty-two
story structure. One suggestion made
today was that the company would sell
its property at 100 Broadway (he
burned site) and build elsewhere.
At the time of the fire the Equitable
Company held about 100, 900 policies for
loans, a~ggregating $780, 600. 900, which had
been made to policyholders all over the
country. These policies had been sIr-
rendered temporarily by their owners
in order to secure cash loans.
h policies were kept in steel boxes
in the Eauitable's offices. and IT is
feared that many of them have been
destroyed. However, E. e. Ritten-
house, conservation commissioner Of the
society. declared hat If any Of the
policies had been destroyed they coa!d
legally be replaced.
mo policyholder of the society will
lose a cent" said Mr.. ~Rittenhouse.
A cablegram was received today from
], P. Morgan, principal owner of the
Equitable society $ stock, who is nov
in Paris, by William A. Day, the presi-
dent. Mr.. Morgan is said u have
given the word to go ahead at once
with the work of putting up a new
home for the society.