Waterbury evening Democrat., 1905-06-24

1 ing from S23, ,7o7.09. the lowest. to SIG 1 535.04, the highest The statements
 which we received from the society do
 not show the payments made or ex- 1 penses incurred for alterations in and | additions to the premises occupied by the Mercantile Safe Deposit company
 prior to Sept. IT, 1890. but they do show an outlay by the society on the vaults. boxes, rooms, etc. leased by this tenant from Sept. 17. 1890. to Dec 31. 1904. inclusive. of S479. .909.4 45. The rents received from the Safe Deposit company for the same period were S4s3.3729 9i. showing a balance in fa- vor of the landlord of only S3, 463 49 But when we take into account the ex- penses for heat. light, water, janitors. watchmen. cleaning, elevators. etc. it is manifest that the society suffered a great loss. whereas the gentlemen in- terested in the Safe Deposit company , have been reaping enormous profits The capital stock of $500. GOO has been paying 29 per cent dividends. all at the expense of the parent company, and this will continue for ninety-six years to come"
 Good Thing Extended.
 The report then goes on to tell how Mr. Hyde. becoming pleased with the safe deposit business, extended the system to Boston and St. Louis. and the Equitable footed the bill. The Equitable society bought a building in Boston and leased an adjoining building for its use MT. Hyde. with his assistants. on Jan. 1. 1880. organ ized corporation under the laws of Massachusetts and named it the Equi- table Safe Deposit company. The lease to this company is S16.0o0 a year better 10 the tenant than the one to the Mercantile Safe Deposit con- pany. About Nov s. 1SSs. another corporation known as the Security Safe Deposit company was organized un- der Massachusetts laws and succeed ed to the rights of the Equitable Safe Deposit company. The Equitable had constructed new building in Boston.
 Therefore" says Mir. Hendricks. "on Nov. $. iSSS. the society entered into new lease of the basement and ground floor of the new building in addition to the space already occupied by the Equitable Safe Deposit con- pany. The Equitable society simply added the ground floor and basement to the space occupied under the old lease without receiving or apparently asking any additional rent or con- pensstion- This lease was executed on the part of the society by James W. Alexander. president. and William Alexander, vice president.
 ''No one would anticipate that such an arrangement would prove profitable 10 the society. and the expected has happened. According to a statement furnished Us by the officers of the so- ciety. the receipts of rent from the Equitable Safe Deposit company and the Security Safe Deposit company. its successor. from the year 1878 to the year 1904. both inclusive. amounted 10 Si6S.2s5-26 This statement con. tains no items of expenditure prior to Jan. Q 1891. but the expenditures and payments made by the society on ae- count of alterations and additions in and for the Security Safe Deposit com pany from that date to and including May iG. 19l4. was Sis2Os5a-5. very much more than the rent received dur iHs tlat period The Safe Deposit company has received s1es oS5 -2s. the sane as the Equitable society. and the additional sun ot SlG.Nro a year since Jan. 1, ISS1. amounting to S300y011. CT a total of SsGs .2S5 e8. while the Equi- table society has paid out many thou- sands of dollsrs for additions and i'm provsments in these vaults. safes. p'aces of deposit. more than ft has re ceivei and has also Incurred all ex- Ia1ss for Ezh-- heat water elevator. tanitcrs. watrhuea. clsaninz etc. With this sort of a jug haadIed- lease il is not s.rTrisi1E that the real estate pays the scrie-v o-lv f-5S Ter cent on rHe vh0ie building. -hilA the stock of tbe Security Safe Deposit company pays It's owners Is per cent oa it's czp4faIza- to8 of s200p-1-
 By this time Mr. Heury B. Hyte coacludei that be could improve on the Boston lease hy s4o10 a year fn -is favor as vel ss that of hIs f-snds and to the loss of the Equitable- Tbers- fore prfor to Nov. 2. 1sSS. he ca1s@i -hE Equitable soeisrr to buF an ozes buihlnz f1 g. Losis and o-zzzizei 2 ro-porzti0n which he nzue5 the Nis- !. s1rri safe Deposit company. azd oa | NS-- 2. 1SSs. the sociefy made q lease 1 b this co-Fo-atio1- By this arrzu-e- I -eat tte s0ciety rezlizef only L>S FeT l. rs1t Oa fts valuation of thE= bEild- l 1z t1uch less than the I7Tetue1ti. l -hfBs the t1snt hzs had is P-ezi=es 5-zetic.ily rs1r free and has r>csfved l Tsry Is-rs prrfrs from the t17e of is '-E-zri51 a 1r<l the <tock of f5e Ms soz1 szfs Isetpzif cozrznv vss sod b the socss-T fetezr 1e2
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