The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-11-20
The DUTY of Directors.

, s=------=-=--
The Duty of Directors.
The Wall Street Journal In recent is
sue contained an instructive article on the
Responsibility Of Directors" the pur.
pose OF which is to show that when
man takes a position OF trust, when he
permits himself to be elected as director
IN company where he must take part In
the direction Of other peoples invest
ments, he should have fair knowledge
Of the business of the corporation. and
he should give his personal and faithful
attention to Its affairs.
1T is familiar spectacle" says the
Journal, ITO see q banker who under.
stands that business thoroughly becom-
Ing q director Of railroads. business
he does not understand. The railroad
ma nbecomes a director in manufacture
ing companies thus serving as trustee
of wealth IN a business entirely outside
OF his knowledge and training. Some
men spresd themselves over SO much
ground that they serve az directors or
trustees in dozen different departments
Of business, though they are themselves
nnste ronly Of one"
derbllt is director in fifty-four corpora.
tions All hut two of Thorn arc railroad
corporations, however. and Mr.. Wander.
bit is supposed to understand the railroad
business.
President Newman. OF tho New York
Central. Is a director In flfty-elght COM
panies, but thcy also are all railroad
companies senator Depew Ia director in
sixty-nine companies. embracing railroad.
banking, mining, insurance, telegraph and
warehouse Interests. 1t adds:
John y. Rockefeller sets unique OK.
ample In the matter Of directorshlps,
Though his personal interests are larger
and more varied than those Of any other
Individual In this country, he Is dlrec'
tor of only six companies His brother.
William, IL a director In twenty.nine.
Mr.. NJ ,rgan Is undoubtedly the most i'm.
portant trustee OF wealth In the United
States, in that he represents billions OF
dollars OF investments. His directorships
number thlrty-three and include railroad,
insurance. banking, electric. steel. tele.
graph. cable. palace car and amusement
compa nles.
George J. Gould is forty-nine times a
director. being such for telegraph, rail-
road, banking, insurance, fuel and
steamship companies. e. Fl. Hartman Is
director IN forty-seven companies. em.
bracing railroad, fuel. insurance. bank
Ing, steamship and telegraph Interests
James Stillman, president OF the National
City Bank, Is. a director IN fifty-three
corporations, Including banking. railroad
copper, gas, real estate and construction
%n1n ny>1N A N
Brady is director in forty-eight COM
panies, whose business includes street
railroads, steam railroads, tobacco. gas
palace car, telegraph, banking. electric
foundry and air.brake. II. Nick. Twon1.
bly, as director, represents forty-four com.
panies, chiefly railroad, but also Including
banking, insurance, coal and opera. A. r.
Orr is a director Of thirty companies IN
six different branches OF business; H. H
Rogers OF twenty-five companies. In ten
different branches; John T. Terry Of TWEEN.
| ty-three, In six different branches; Rus
sell Sage OF twentyfour. In stx branches;
Thomas F. Ryan OF twenty-five. In five
| branches, and James Fl. Hyde OF forty
| four in eight branches.
D. O. Mills Is director OF thirty.ona
companies. engaged III eleven at
| ferent departments OF enterprise;
| Charles Stee,s OF thirty-five. In eleven
different branches, and George w. Young
OF thirty-two companies, In ten branches.
| One OF the most remarkable directors
In this country Is *. X. McLaren. who
J serves for flfty.two corporations engaged
In manufacturing, lumber, mining
lourd..es, s,ovs. steamship, eleyatng, con-
! struction. banAing. gas. railroad, coal
mercantile agency, land hardware. cash
register, zinc, chemical, clock. tirs.proos'
Ing, fruit, copper, dredging, water works
| automobile leo and other lines OF bust
| ness.
In conclusion the Journal says that the
question suggested by this exhibit Is: Can
one man serve faithfully 50 many IN
terests. and replies thai upon tho correct
answer depends the whole question OF
! dictatorship,
"One thing seems greater, however,
adds the Journal, land that Is that there
ia going to be some change IN the direc'
| ton Of increased moral. and perhaps In
creased legal responsibility. Unless the
! entire burden OF management Is thrown
/ upon the president Of the corporation, arc
I tie direct RS remain mere flgu ehesds. tn
! latter must. as a necessary qualification
| Tor service. possess a knowledge Of TIL
business, and must be willing to deHots
such time to It as TO enable them K
represent The interests OF the stockholde!I
! faithfully and we'll. Anything less thar
4 this makes drectorshtps = shana-worst
\ than that mara ouu0rCEritlAS Tor 6pecu