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\VASHINGTON LIFE
those magnificent structures which the various insurance companies of the city have
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INSURANCE . COMPANY’S
The building of the Washington Life Insurance Company, which is shown in the accompanying illustration, is the latest addition to
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BUILDING.
from time to time erected, and which: have added in un-
told measure to the architectural beauty of the metropolis. The company, which is one of the sound, conservative. insurance institutions of
the country, was fortunate in securing for its building so admirable a site as the one at the corner of Broadway and Liberty-st.
It is within
the confines of the financial district of the city, and at the same time affords exceptional advantages for those tenants-of a general charac-
ter whose different business pursuits are of a widely diversified order. The new building ru
Thames-st. in the rear From an outside view the two lower floors have the effect of one, this
lines so as to make them appear unbroken, and by having the four columns which make the
us back from Broadway to the narrow, lane—like
being accomplished by carrying up the vertical
entrance on Liberty-st. run up to the third floor,
where they project in the form of bold, horizontal lines. The general offices of the Washington Life Insurance Company are on the third
floor. This, on the outside, has been ornamented by a cornice, which runs uniformly and unbrokenly around both sides of the building. From
the third floor up there is a block of eight stories,'showing six windox’vs each on BrOadway
floors are simple and unor-namented. The remaining ‘ ~
the structure, is in'excellént taste and design, and gives the appearance dof finish rarely brou
roof displays several dormer windoWs, which by their arrangement and style greatly add‘to‘
tom. there are nineteen stories, which give an immense amount of office space. Long before
and thirteen on the Liberty-st. side. These eight
portion of the building, consisting of fiVe or six stories. surmounting the plain part of
gut out in buildings of this height. The mansard
the general efiect. Counting from top to bot—
the building was completed the offices had been
taken, and it has been one of the most successful in this respect of the numerous ofiice buildings which have been springing up in all the
lower parts of the city for the past few years. It had been said by those well posted in the subject that the office buildings were being over-
done, and that many of them would be looking in vain for tenants. But as each successive
building is ready there seems to be a multitude
of tenants looking for desirable offices. The Washington. Lifer Building Spared no effort to prOVide for the most full and complete service in
the city, and all the most modern contrivances are to be found in connection with its rooms.
has a host of admirers, mong whom is Dr. ’Henry M.‘Field, who volunteered the opinion th
As an insurance company, the Washington Life .
at for security it had no equal in the‘world.
’rnusr - COMPANIES.’ —_
SUCCESS] OF THESE NEW FINANCIAL m.
STITUTIONS WHICH HAVE spanks"
UP IN RECENT -YEARS. ‘
DESCRIPTION on THE .mxr ADVANTAGES Ol-
mnou—nnsouncss momma To 38“- '
MAS-«LARGE suanus soups ANDS .
I CArrrAL _’-rmnrr_rwo - misses-— I' w.
1;:er comraxxns mvmn _
, THE BUSINESS- ns ‘ '
THE ci'rYJ
1
Among the large financial institutions of New-
York City~the trust companies which have: hoen
organized within the last fewyears haVe achieved
an extraordinary success} As knowledge of them
spreads there has been a constant and rapid in-
.crease in their business. Their popularity has
been extended as the public has learned what
' they really were, whom they served and the
many advantages they had to offer. The trust
company is a corporation formed for the purpose
of accepting and executing such trusts as may
be lawfully committed to it; of acting as trustee
and of receiving deposits of moneys and other
personal property; of issuing obligations, and of
loaning money on real or personal security.
0! the forty-eight trust companies doing busi-
ness in the State of New-York, thirty-two belong
to New-York City, twenty-four being located in
the Borough of Manhattan and eight in the Bor-
ough of Brooklyn. The,combined capital of the
forty-eight institutions is $34,350,000, while the
gross'surplus fund is $50,030,367.
On the morning of July 1, 1898, the combined
resources represented a total of $527,084,533.
These figures represent the important relations
which the trust companies have with the indi-
viduals, corporations, courts and public officers
. of the great Empire State and its great metrop-
olis. When it is remembered that nearly three-
fourths of this business is carried on within the
limits of the metropolis, the prominence of local
institutions of this character becomes signifi-
cant-
ONE BRANCH OF THE BUSINESS.
These companies pay interest on $379,679,900,
which goes to show the extent to which they are
used for purposes of deposit. Of the numer-
ous New-York trust-companies one has a cap-
ital of $2,500,000, several of $2,000,000, and from
that down to $500,000. There is one New—York
company with a capital of $2,000,000 and a sur-
plus of $10,000,000. , -
In full explanation of the powers of a trust
company it may be said that it can be your
banker, receiving your money on deposit, sub-
ject to check, or on certificates of deposit with
interest. It can receive your securities or other
property, giving you a receipt therefor, and col-
lecting and sending you the interest thereon. It
can receive and hold property subject to the or-
der of two or more persons, or “in escrow” to
be delivered to another upon the fulfilment of
certain conditions. It can be your general fiscal
agent to manage your property, both real and
’personal, making leases and attending to repairs
thereof, and collectingiinterest and rents for
you. It can furnish you with letters of credit
when you go abroad, or buy or sell foreign ex-
change for you while at home. It can invest the
property which you have accumulated for your
family in the safest yet most profitable manner,
giving you the benefit of the combined wisdom
of experienCed financiers. It can have your will,
assignment or application for receivership drawn
by its counsel Without Cost to you where the
company is appointed executor, assignee or re-
ceiver. ' _
OTHER FUNCTIONS.
It can be your guardian or curator when you
are under age, your agent or trustee when you
are grown, if you are sane. and your committee
or guardian if you are not; your assignee if your
bankruptcy is voluntary, and your receiver if it
is involuntary; your most valuable friend while
you live, and your executor, administrator or
testamentary trustee when you die.
The 'advantages of having a trust company
manage property as trustee, executor or guard-
ian are set forth in the following extract taken
from the prospectus of one of New—York's lead-
ing companies: . .
"The trust company which has a capital of
, $1,000,000 and a surplus of $500,000 has a guar-
antee fund of that amount for the faithful cus-
tody and management of the property intrusted
to it.
“Every trust company in the State of New—
York is under the jurisdiction of the State Bank-
~ lng Department. and a bank examiner is re—
quired by law to regularly examine each year
into its condition, conduct and affairs generally.
Yet the relations of this examiner are most
strictly confidential to «the institution; All» in-
formation of estates which is gained by such
examination is known only to the examiner, no
particulars in regard thereto being even written
down. Accordingly additional security is
gained, yet without publicity. But, further, all
estates are-within the jurisdiction and control
of the Supreme Court of the State. .
RESTRICTIONS BY LAYV.
“A trust‘company is limited by law as to the
“characterof its investment of trust funds. It
has a reputation for skill and fidelity which a.
company of good standing guards as jealously
as it does its capital. Its' management is the
combined wisdom of a large number of able
financiers. On the other hand, watch the daily
papers and note how many cases there are
Norwalk Chronicler