The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-04-03

There are directors who actually d.
rect, and directors who are more Orna-
mental than useful. Each year, how
ever, sees a lessening number of the
latter class. Corporate responsibilities
are too strictly enforced nowadays to
encourage the fashion OF electing
great fnanciers members Of boards OF
directors simply for the use of their
names IN most cases a director of a
railroad, a bank, or an industrial con-
Germ is the representative Of large in
terests in the property. and he finds il
worth his while to attend the meetings
and watch the course Of events close
ly.
William X Vanderbilt is director
in fifty-f0ur corporations. and when he
Is in this country he is diligent in his
attendance at board meetings lie is
also insistept on the attendance of the
other members of the boards controlled
by him. Frederick W. Vanderbilt is q
director in about .forty-f1ve different
companies and he is also a regular
attendant at board meetings. 1t is Gus
tomary with most corporations TO pay
their directors a stated amount for each
meeting, the stipend being handed to
each member of the board in the form
Of a gold piece at the close of the meet
ing. These periodical honorariums fur
nish comfortable instalments of pocket
the richest of millionaires.
Do Not Want Directorships.
Men of large financial interests are
not overanxious to become directors in
corporations, but managers Of corpora
tons are always anxious to get men
Of large financial interests to serve as
directors There is one noted capitalist
who has set his face sturdily against
invitations TO become member OF this
or that board. This man is John ID.
Rockefeller. the creator and head of the
Standard Oil company He is reputed
to be worth 100000. 600, and he has rail-
road and industrial interests in every
part of this country, yet he is a direc-
tor in only four corporations. He pre-
fers to have his brother William rep
resent the family in the various direc-
torates which control the companies
wherein Rockefeller capital is invested.
William Rockefeller is a director in
thirty different corporations.
Should Chauncey NJ. Depew be de-
prived of all executive positions and
all professional employment as a law
yer he would still be in receipt of a
comfortable income as director in
sixty three corporations. A director
receives from $40 TO $50 for each meet
ing that he attends All boards meet
at least once a month. and many
boards meet twice a month Assum-
ing that Mr.. Depew attended q month
~ meeting of each board OF which he
is a member he would receive at the
minimum rate of $40 the comfortable
sum of $500 per month or $3.50 per
year. But $40 per meeting is not q fair
average. for several of the companies
of which Mr.. Depew is a director pay
$50 for each meeting, and one, at least,
pays $50 And there are few corpora
tions that do not call their directors
together for from six to a dozen special
meetings in the course Of a year. and
the usual fee is handed out on each oc-
casion. The big life insurance compa-
MES usually pay their directors $50 for
each meeting, and not less than eight
cen meetings are held each year. The
largest express company in this coun-
try pays its directors a stated salary
Of $500 per annum.
Rr1Co11 A