The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-23
Mr.. Depew's Well Earned 100000

Every policyholder OF the Equitable
who has been struggling to meet his
quarterly or semi-annual payments will
rejoice to learn from Commissioner HEN
bricks report how diligently his dollars
have been looked after away at the other
end of the chain of mutual interest. by
the eminent harmonizer and friend Of
fiduciary peace the Hon. CHArNcFy NJ,
DEPEw.
Besides being director Of the society
and member of the executive commit
tee with fees amounting to about $4,000
a year, the junior Senator from New
York figures on the books as an attorney
or counselor of the society at an annual
retainer of $4,000 This amount has
been paid to Senator DEPEw every year
since lse9-the exhibit goes back no
further than that. AS source of legal
information. advice, aid and comfort,
Mr.. DEPEw has received in the last six
years one hundred and twenty thousand
Of the dollars paid in by the policy
holders.
This interesting fact has been known
in general way to the we'll informed,
but there has been more or less of mys-
terry concerning the specific character of
the legal services rendered by Mr..
DEpEw. The testimony Of his CO.
director and fellow trustee Mr.. VALEN-
TINE P. SNYDER clears up the mystery,
at least in part. One Of the Hon. CHAUN-
cEY NJ. DEPEw's functions in the Equi-
table organization has been to see that
the high officers Of the society are not
underpaid.
The unost entatious energy with which
this duty has been performed by this
useful and deserving servant of the
policyholders is illustrated in the case Of
the notable increase Of the salaries of Mr..
HYDE and Mr. ALEXANDER effected by
Mr.. DEPEw's agency in December, 1902.
At that time Mr. ALEXANDER was draw
ing SIS, 900 year, or only half az much
again as the President Of the United
States. Young Mr.. HYDE, although then
fully four years out of college, was draw
ing a salary no larger than Mr.. ALEX
ANDER's. The matter Of adequate COM
pensation for the high toilers in the en-
ploy of the society was referred by the
executive committee to a sub committee
consisting Of Mr.. DEPEw and Mr.. SNYDER,
Christmas was approaching. In large
spirit of Christian charity and good will
to men, MIR. DEPEw drew up the SUBJ
Joined document, which we offer as an
example of terse statement and strong
yet graceful phraseology:
| THE undersigned, a committee appointed by
the executive committee for the purpose OF acting
upon the salaries OF the ofncers OF the company.
have made a careful examination OF the subjec,
and decide that In view OF the greatly Increased
labor and responsibility upon the executive of,cers
the salaries OF the president and vice president be
,ncre ased Sas ooo per snnum from and after jan l.
1905"
What follows is even more illustrative
of Mr.. DEPEw's zeal in the service of the
policyholders. Apparently Mr.. SNYDER,
while willing that young Mr.. HYDE
should receive the additional SOS, 900
yearly, had not studied the question OF
Mr.. ALExANpER's needs. Mr.. SNYDER
testimony is thus stated in Commissioner
HENpRIcKss report:
"Mr SNYDER says all he remembers of the trans.
| action Is that one day when the members Of the
executive committes were n lunch In the soc'styl