The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-17
Memories of the Christmas Of 1902

| Ine OASIS Oh sOclety -ihdtI liiiouy
Memories of the Christmas of 1902.
The beautiful story of the holiday
season OF 1902 is now familiar to all ad-
mirers of the Hon. CHAUNcEY NJ. DEPEw.
1t was at that time that the Christmas
sentiment, the real spirit Of GoD bless
lis every one, reached high water mark in
his capaoious BOSOM He could not help
doing good to somebody. So he went
to Mr.. VALENTINE P SNYDER with a
paper which that gentleman signed with
out reading, and the paper which Mr..
SNYDER signed without reading raised
the salaries of Mr.. JAMES H. HYDE and
Mr.. JAMES w. ALEXANDER from $4,000
a year each to 100000 each, the increase
taking effect from and after the joyous
New Year then at hand.
Let us 60 back to the tribute which
Mr.. SNYDER rendered to the crafty benev-
olence of his distinguished colleague on
the salary committee. Mr.. SNYDERs
statement was thus summarized in Super
intendent HENDRIcKss report:
| Mr.. SNYDER says all he remembers Of the
| transaction Is that ono day when the members Of
the executive committee were at lunch IN the so.
cie,y's dining room Senator DHpRw placed paper
before him and asked him TO sign II. and he did.
| and he thought 1t recommended the increase Of
Mr.. HrDEs salary only"
This lovelyincident occurred on Decem-
Der %, 1902, three days before Christmas.
Although the general spirit and signf1-
canoe OF Mr. DEPEws deed have now
been recognized, perhaps adequately,
by the sympathetic public, one interest,"
ing aspect Of the affair has escaped at
tention. What was the attitude of the
Equitable Life Assurance Society, con-
sidered as a soulless corporation, toward
the Depew Improvement Company at the
time when the soulful DR.. DEPEw was
exerting himself to make the Equitable
happy, in the persons Of its two highest
executive officers?
Fortunately, the exact chronology is
afforded by the testimony Of Mr.. GERALD
r. BROWN, superintendent OF the Equi-
table bond and mortgage department.
He stated to the Superintendent Of In
surance that the Equitable began fore
closure proceedings on December Is, 1901,
for the recovery of it's $3.50, 900 loan to the
Depew Improvement Company and un-
! paid interest on the same, but added that
at that time the Depew Improvement
Company was assuring the Equitable
that it's interests would be protected. MIR.
BRowN's testimony went on as follows,
the questions being by Superintendent
HENDRICKS:
%. think Mr.. DEPEw wrote me that he had
thought the appraisement ts225,oool was low but
after that we nled report Of the appraiser en-, at
$4,000. A. Yes. and that Is what started us
on the foreclosure.
%. What was the deficiency Judgment A. I
think We bid the property In. think our bid
was $4,000 and the deficiency judgment was $685..
40oss. Our claim on February was S24o 0as 40 vim
interest al per cent. from November a. 1902, the
day the judgment was taken"
Thus it appears that the Equitable at
the very time when Mr.. DEPEw was ex-
erting himself-and working SNYDER
to do good to it in the persons of MIR.
ALEXANDER and Mr.. HYDE, was actually
in the position of judgment creditor OF
the Depew Improvement Company, hav.
ing pushed its suit to judgment not thirty
days before, Did this circumstance dis
courage Mr.. DEPEw in his disinterested
scheming for Mr.. HYDEs and Mr. ALEX
ANDER's holiday happiness? Not a bit
of it! He got their salaries raised from
$4,000 to 500 900 just the same as if there
had been NO little Depew Improvement
Company squirming in the clutch Of fore
closure proceedings and wholly at the
mercy Of the giant Equitable.
We are glad to record the sequel, still
using Mr.. GERALD R. Browns testimony.
1t shows that or and after Christmas
Day Of 1902 the great creditor Of the
Depew Improvement Company could be
as merciful as the Hon. CHAUNcEY NJ
DEPEw had been benevolent to the Eoui-
table in the matter of salaries. The
judgment was not pressed. The referees
deed was not put on record. The Depew
Improvement Company got another
chance Of life and usefulness:
THE loan Is still In existence. II now amount,
to s275.7s.s4. The property has been foreclosed,
and the expenses and ACCOMPLISHING interes. since
the time OF foreclosure have run the claim I'D to
that amount.
%. How do YOU carry It as a loan II II has been
foreclosed' A. Because we haven't put the referees
deeds upon record. Ever since the foreclosure pro-
ceedings TO have the Depew Improvement Company
reorssniscd aud prss,ieaiiy take the property i,