The Portland daily press., 1899-05-20
Fees For Committee
Meetings are Common.
John E. Searles, Millionaire,
Slaves Like a Clerk.

1t is said upon good authority that mill
lions are paid out annually in New York
to directors of corporations for attending
board and committee meetings. There
are hundreds of corporations In the city,
each director of which receives from SIS
to $50 for each session he attends, either
of the board as whole, or Of q special
committee. The compensation depends
largely upon the size and importance Of
the corporation, the large insurance com.
panies paying $50 meeting, and the
smaller corporations allowing minimum
attendance fee of %.
There are perhaps in New York fifty
officers and directors of over twenty-five
corporations, whose incomes reich $751;
600 a year for attending board and COM
mittee meetings, exclusive of salaries as
president, secretary or other officer.
SOME OF THE HIGHEST PAID.
The man who Is director Of the largest
number of corporations in the city, per-
haps, is Banker Charles Fl. Coster. He
Is identified with sixty three corporations,
a large majority of them railroads. Mr..
Coster's time is over-occupied, as 1t
would be impossible for him to attend all
meetings of directors at which his name
is called or to respond at all committee
meetings at which he is supposed to be
present
Next in point of the number of corpora
tons in which they hold office are Hon.
Chauncey NJ. Depew and MIR. Cornelius
Vanderbilt. The corporations in which
they are interested are almost exclusively
railroads.
A STRONG LIST.
OF those interested in numerous COM
mercial corporations, perhaps Messrs
Samuel Sloan and William A. Nash head
the list, as each is interested in thirty
two different companies.
The following list OF directors, with the
number of corporations they represent, is
of interest:
John Jacob Aston. IS; Samuel d. Bah
cock, 49, George F. Baker. 81; August
Belmont, %; Charles Clarke. 81; Thomas
T. Eckert, is; George J. Gould, 26; Mar
cellus Hartley. IS; George Il. Nj. Harvey,
20; Coils p. Huntington, 81; Emerson
McWilliams, "a; J. Pierpont Morgan. "a;
Alexander Il. Orr, 90; ii. B. Plant, %;
Edward V. ". Kossiter, &c; Fred ".
Vanderbilt, SO; William X. Vanderbilt,
A; ii. Walter Webb, 81.
A large number of men in the city hold
Office in ten or more corporation s. All of
the directors named are president Or hold
some Office outside of their dictatorship in
part of the companies with which they
are connected. Directors of most cor
porations meet once each month and visit
committees at like intervals, but in banks
and other institutions certain committees
meet as often as once each week.
HARD-WORKED MILLIONAIRES
Mr.. John K. Searles is one of the hard
| est worked directors in New York, 1t is
hi 10 worth m
of dollars and able to retire, he slaves
more than a paid employe. working from
| twelve to fifteen hours day. He retired
recently from few of his corporate In
| tfrests.
MIR. Searles is president of three or four
| big corporations, secretary Of one. vice.
| president of two, director in thirteen or
| more and trustee for five. His various
salaries are estimated at S20o.0OO year,
and attending directors meetings alone
| is said to bring him IN something IKE 3d.
900 a year, TO say nothing of committee
meetings which net equally as much. 10
| is safe TO say that Mr.. Searles's visits to
| "board meetings are worth an average
| of S25 each.
The following is a list of some of the
companies in which Mr.. Searles is prime
mover, with his relation to each and
something of the standing of the COM
| panies aside from the railroads:
President and director american Cotton
Company, capital stock So,oOo,oo'' Wion
| many more in assets.
| President and director American Iyps
Founders Company, capital stock'
| 100000
| President and director Western
| National Bank, capital stock over ~,
| coo, coo, with IA surplus of SS2l, SUI and
| $500, 900 in undivided profits.
| Secretary and director Brooklyn
| Cooperage Company, capital stock, slOO,-
| COO with assets of over 81, 100000.
| Vice-president and director Minneapo-
| lis and st. Louis Railroad Company.
| Second vice-president and director
Union Traction and ELECTRIC Company,
capital stock 81, 800 600, but now In hands
| of receiver or reorganization.
| Director Peoples Trust Company, or
| Brooklyn, capital stock, u ,o0o,Ooo. WIN
| surplus of $3.50, COO.
| director Universal Lasting Machine
| Company, capital stock 81, GOV, O0o.
| Director Baltimore, Chesapeake anu AT
| lantic Hallway. -
Director Mercantile Trust Company,
capital stock $4,000. 900, with surplus
| of $500. coo.
Director Sprague Electric Company,
| estimated assets. S5,00O.0O0.
| Director Terminal Warehouse Company,
capital stock, $500, 900.
| director HYATT Roller Bearing Com
| puny, capital stock, 100000.
| Trustee Equitable Life Assurance Com
pany, net assets "a, 900, OO0
Trustee American Surety Company,
capital stock, 100000. with surplus of
| $3.50, 600
Trustee Brooklyn Institute of Arts and
| Sciences.
Trustee ana director Terminal Improve
ment Company, capital .stoNb SeA&a-