The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-06-29

Hendricks-Hyde devoted only about
half the year to the society'S affairs,
passing the rest of the time at his res
idence in Paris.
But the young man seems to have
considered even a salary of 100000
tor half time services Improperly ii not
contemptibly small. So he proceeded
to attach himself to several of the
subsidiary corporations of the Eqult-
able-drawing $4,000 year from the
Equitable trust company, 12.5O0 from
the Mercantile trust company, SZ,ooO
from the Commercial trust company,
and $1,000 from the Mercantile safe
deposit ompany-although he was be-
ing paid 100000 to devote his time 10
the insurance company. Here was ali
aggregate yearly compensation In SAL
aries of $12S,000. Still the young man
considered himself as poorly paid, ap-
parently. He then engaged in the I'M
derWriting scheme, whereby, IN com
pany with some other members OF the
assurance societys executive commit
tee. various parcels of securities were
taken at one price and in many cases
sold to the society through hlmselt at
a higher price, the society taxing the
risk and Hyde and his associates TAX
ing the profit Young Hyde's profits
from these operations so far as they
have been traced, appear to nav
amounted to some $63,700 within
three years.
This brought his yearly income from
salaries and profits up to about $l49,~
900. Mr.. Hyde was a member of the
executive committee OF the soclely
which holds meetings three times
week. and members who attended are
paid $25 each per Notwithstanding
possible a further income for the young
man from this source of $4,000 year.
He is or was a director in some nifty
other corporations whose business Tor
the most part he could know nothing
about, being there as director fol
other reasons which are not hard to
understand, and attendance upon any
of these directors, meetings would
bring a fee of say $40 to $40. Mr.
Hendricks says his fees from thest
sources might amount to many
thousands of dollars per annum."
Some estimates make the amount $780,
900. Thus we have for him, up to this
poin'. a traceable income from S1lar-
les. etc, of nearly or quite 100000 a
year.
Nor with all this was he at ell back
ward in collecting expense accounts
from the society, although his duties,
being confined to the office in New
York, could not have involved great
expense. During five years his expense
account aggregated $500, being
several times larger than that of any
other officer" And in submitting
these expense accounts he scorned to
make itemized statements. Meantime,
his family was not forgotten. AL
though his father, Henry B. Hyde, is
supposed to\have left large fortune,
his widow has been drawing pension
of $4,000 a year since 1900-from
~ trna
further did not hesitate to extract
from the society's treasury $4,000
for his stock in the Missouri safe de-
post company. made valuable only by
the outrageous leases with the parent
society,"
And finally to cap all. this person
sells 502 shares of the stock of the
Equitable society for $500, 600, al
though it's par value is only $4,000,
600 except for illegitimate purposes in
the control of the Equitable.
Only such sources of incomes as arc
directly related to the Equitable So
ciety have here been considered. and
no notice is taken Of the charges of re-
ducing his personal and social expenses
through making use of employees OF
the society paid from the society 8
treasury. Yet in the face of all this
the young man tedTl uiiN Itiileil hS lho'
the interests of the society have ever
been and now are very near and dear
10 him. Doubtless for as a source OF
grating for his own pocket the society
has been exceedingly valuable 20 him
Altogether it is the richest thing of the
kind ever brought to public attention.
Have we here case merely OF NOR
dinate self-eSteem or something
worse? 1t may be q question, but in
the prosecutions which are evidently
to follow the theory of a self-infiatcd
nersonalitN will have no standing.